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TCS global head of human resources S Padmanabhan is moving to Tata Power, where he would be executive director-operations. Ajoyendra Mukherjee, vice president and head of operations of TCS eastern region, will fill the position vacated by Padmanabhan. Ritu Anand has been appointed as the deputy global head of human resources. TNN

4:48 PM - It was a rough week for the market. The failed IPOs affected sentiments on the primary market. Wockhardt was the first IPO to bomb and then today Emaar MGF withdrew due to poor subscription figures. SVEC IPO has revised its price band and extended its closing date. The weekly figures are: Sensex was down 4.3% and Nifty was down 3.5%. All sectoral indices were in the negative, BSE Bankex down 6.7%, BSE Auto index down 5.3%, BSE Metal index down 5%, BSE Oil&Gas index, BSE Power index down and BSE Capital goods index, all three down 3.5%, BSE IT down 2.3%, BSE Power index down 1.5% and BSE Realty index down 0.9%.

AP
Stocks Fluctuate After Uneven Earnings
Friday February 8, 10:56 am ET
By Madlen Read, AP Business Writer
Wall Street Fluctuates As Investors Digest Earnings Data Amid Recession Fears


NEW YORK (AP) -- Wall Street fluctuated Friday, fighting for a second straight day of gains as investors sifted through a motley batch of corporate profit reports and outlooks.
Some companies, like software maker McAfee Inc. and jewelry maker Tiffany & Co., seem to be faring well despite the U.S. economic slowdown. Others, such as paper and wood product maker Weyerhaueser Co., are struggling.




The mix in corporate success has created a tough stock-picking atmosphere for investors, and makes it hard for them to determine how weak the economy is getting.

Data on Friday showing a higher-than-expected rise in U.S. wholesalers' inventories provided Wall Street with little new evidence about the economy's health. A rise can be positive, suggesting that companies are betting that demand will rise, but it can also serve as a worrisome sign that inventories are building up unintentionally because demand is waning.

The muted tenor of Friday's trading also reflected investors' reluctance to make any big moves ahead of this weekend's meeting of the Group of Seven finance ministers and central bank chiefs in Tokyo.

The Dow Jones industrial average rose 4.47, or 0.04 percent, to 12,251.47 after trading in negative territory.

Broader stock indicators rose. The Standard & Poor's 500 index rose 1.51, or 0.70 percent, to 1,338.42, while the Nasdaq composite index rose 20.61, or 0.90 percent, to 2,313.64.

AP
Alcatel-Lucent Has Loss, Scraps Dividend
Friday February 8, 10:57 am ET
By Angela Charlton, Associated Press Writer
Telecom Equipment Maker Alcatel-Lucent Reports 4Q Loss, Scraps 2007 Dividend, Expects 1Q Loss


PARIS (AP) -- Alcatel-Lucent, the Franco-American telecommunications equipment maker, posted a loss Friday of about $3.8 billion for the fourth quarter, said it would scrap its 2007 dividend and predicted a rocky 2008.



Alcatel-Lucent reported a net loss of 2.58 billion euros in the quarter ending Dec. 31, as it booked 2.52 billion euros ($3.71 billion) in write-downs related to the reduced value of assets inherited from Lucent Technologies Inc.

Still, the company said sales rose and it swung to an operating profit in the last three months of 2007.

Revenue for the fourth quarter rose to 5.23 billion euros ($7.61 billion), up 18 percent from 4.42 billion euros in the same period in 2006. That was above the 4.92 billion euros forecast by analysts.

Operating profit amounted to 303 million euros ($441 million), versus a loss of 3 million euros a year earlier. Operating profit excludes one-time items such as restructuring costs and asset sales, but is often used as a yardstick for a company's basic business activity.

The fourth quarter normally sees strong revenues for telecommunications equipment makers. But the latest figures were up from a disappointing total in the fourth quarter of 2006, during which Alcatel SA of Paris completed its acquisition of Lucent Technologies Inc. of Murray Hill, N.J.

Despite the rise in fourth-quarter sales, Alcatel-Lucent painted a somber picture for 2008. Its American CEO Patricia Russo linked the forecast to the larger global economic picture.

"While the long term prospects of our industry remain good, the macroeconomic environment has created uncertainty in our markets in the last few months," Russo said in a statement.

Rivals Telefon AB LM Ericsson and Nokia Siemens Networks, the joint venture between Nokia Corp. and Siemens AG, have already given downbeat forecasts for the market in 2008.

Alcatel-Lucent said it would suspend its 2007 dividend because of the uncertain outlook for 2008. The company predicted a first-quarter loss in 2008 because of a seasonal drop in revenue of 20 percent to 25 percent.

Alcatel-Lucent said it forecasts the global communications equipment and related services market in 2008 to be "flat to slightly up" at a constant euro-dollar exchange rate and "slightly down" at the current rate.

Russo seemed to be lowering investors' expectations for the second year of the combined operation after the company's bullish expectations for 2007. After a string of profit warnings last year, Russo faced down bouts of speculation that she or chairman Serge Tchuruk were under pressure to quit.

Russo predicted the company would recover market share in the GSM and WCDMA mobile-phone technologies in 2008. "We're going to do everything we can to gain share in 2008." WCDMA, or Wideband Code-Division Multiple Access, is a third-generation wireless technology.

Alcatel-Lucent's share price has plunged about 60 percent over the previous 12 months on the back of a string of profit warnings and concern over the growth prospects for the telecommunications equipment market in 2008.

Alcatel-Lucent were down 1.4 percent to 4.07 euros ($5.93) in afternoon trading in Paris after bobbing up and down earlier. Its U.S. shares fell 20 cents, or 3.3 percent, to $6.05 in morning trading in New York.

Alcatel-Lucent reported a net loss of 3.52 billion euros ($5.12 billion) for all of 2007. The loss stemmed primarily from the goodwill writedown.

Excluding the non-cash write-downs, Alcatel-Lucent posted an adjusted fourth-quarter loss of 48 million euros ($69.9 million) compared with a loss of 618 million for the same quarter a year earlier. The adjusted loss for 2007 was 433 million euros ($630 million) compared to a profit of 522 million euros ($760 million) in 2006.

The 2006 fourth-quarter and yearly results were unusual, however, because they were calculated based on 11 months of Alcatel earnings and one month of the combined Alcatel-Lucent.

TCS appoints Ajoy Mukherjee as Global Head of HR
2008-02-06 16:11:15

Tata Consultancy Services, a leading IT services, business solutions and outsourcing organization announced that Ajoyendra Mukherjee, has been appointed as the global head of human resources, following S. Padmanabhan’s move to Tata Power as an executive director, operations. Ritu Anand has been appointed as the deputy global head of human resources and will report to Ajoy Mukherjee in her new role.



A key member of the corporate leadership team, Mr Mukherjee, was the Vice President and head of operations, eastern region. He has successfully handled various managerial roles in the company. He has been a key architect for TCS’ growth in eastern India and has led the delivery of a number of challenging programs for TCS customers world-wide from the delivery centers located in eastern India.



“S. Padmanabhan (Paddy) has been an integral part of TCS’ success and growth in the last two decades. We are particularly appreciative of the tremendous leadership and contribution he has made in the area of HR, a function he took over four years back. On behalf of all TCSers, we wish Paddy every success in his new assignment,” said S. Ramadorai, CEO and MD. “We would like to welcome Ajoy Mukherjee in his new role which he is well equipped to perform given his vast experience in this company and industry.”



A graduate of BITS (Pilani), Mr. Mukherjee joined the company in 1980. He has held key leadership positions and headed TCS operations in Switzerland and South Africa.



Mr Mukherjee is on the board of AP Online, a joint venture between TCS and Government of Andhra Pradesh. He is also a director on the WEBEL board, a Government of West Bengal enterprise responsible for the development of Electronics & IT Industry in West Bengal. He is a member of IEEE and CSI (Computer Society of India).

Weyerhaeuser Slips To Loss In Q4 On Housing Market Woes - Update
Friday February 08, 2008 09:55:00 EST

(RTTNews) - Friday morning, Forest products firm Weyerhaeuser Co. (WY) said it slipped to a loss in its fourth quarter, hit by the U.S. housing market woes. However, adjusted earnings topped Street expectations by seven cents, though declined from last year. The company continues to see difficult market conditions in 2008.


Fourth Quarter Results


The Federal Way, Washington-based company posted fourth quarter net loss of $63 million or $0.30 per share, compared to a profit of $507 million or $2.12 per share in the same quarter of last year.


Loss from continuing operations for the quarter was $44 million or $0.21 per share, compared to a profit of $409 million or $1.72 per share in the fourth quarter of fiscal 2006.


Excluding items, the company's net income amounted to $90 million or $0.42 per share for the fourth quarter of 2007, compared to $228 million or $0.95 per share in the year-ago quarter.


On average, analysts polled by First Call/Thomson Financial expected the company to earn $0.35 per share for the quarter.


Quarterly net sales declined to $3.9 billion from $4.8 billion recorded in the equivalent quarter of the previous year. Nine Wall Street analysts had a consensus revenue estimate of $4.13 billion for the quarter.


Steven Rogel, chairman and chief executive officer of Weyerhaeuser, commented, "Two-thousand seven was a challenging year for our industry and another busy one for Weyerhaeuser." He added, "But the continuing erosion of the U.S. housing market created very unfavorable market conditions for our Timberlands, Wood Products and Real Estate businesses."


Further, the company noted that it continued implementing international repositioning and growth strategies in timberlands, improved its Containerboard Packaging business operating performance and focused on Cellulose Fibers business on specialty grades of pulp. In addition, the company closed its Fine Paper transaction with Domtar.


Segmental Review


The company's Timberland division generated net sales and revenues of $217 million, down from prior year's revenue of $238 million. Segment earnings for the quarter were $152 million, compared to $167 million in the year-ago quarter. The company expects Timberlands earnings to be lower in the first quarter of 2008 compared with fourth quarter of 2007.


Fourth quarter net sales and revenues for Wood Products segment dropped to $1.12 billion from $1.62 billion in the year-earlier quarter. The company incurred a pre-tax loss of $313 million for the latest quarter, compared a profit of $205 million earned in the same quarter of last year. The company projects no improvement in market conditions in first quarter 2008, and expects to incur significant losses in the Wood Products segment.


Cellulose Fibers division fetched net sales and revenues of $444 million, down from $541 million reported in the previous year quarter. Segment earnings for the most-recent quarter rose to $80 million from $58 million reported in the comparable quarter of the previous year. Weyerhaeuser expects slightly lower earnings for the segment in the first quarter of 2008.


Net sales and revenues for the Containerboard, Packaging and Recycling unit advanced to $1.32 billion from $1.30 billion realized in the fourth quarter of 2006. Pre-tax earnings for this segment increased to $99 million from $71 million in the prior year quarter.


For the first quarter of fiscal 2008, the company forecasts earnings for the segment to be lower than fourth quarter. Packaging shipments are expected to decline as a result of exiting low-margin business and from seasonally lower demand. Packaging and containerboard price realizations are estimated to improve. The company expects higher fiber and energy costs in the first quarter.


Weyerhaeuser's Real Estate and Related Assets segment realized quarterly net sales and revenues of $715 million, compared to $1.15 billion in the same quarter of last year. Pre-tax earnings for the real estate division plunged to $22 million from previous year's income of $293 million. The company expects a loss from this segment due to difficult market conditions for selling new homes, a seasonal reduction in single-family closings, and lower single-family margins.


Net sales and revenues for the Corporate and Other segment slightly declined to $121 million from $128 million recognized in the corresponding quarter of the previous year.

Euroshares end higher, but post weekly fall on recession fears, mixed earnings




LONDON, Feb 09, 2008 (Thomson Financial via COMTEX) -- Leading European shares ended higher, wrapping up an otherwise negative week for stocks as recession fears and a mixed bag of earnings results undermined sentiment.

The Dow Jones STOXX 50 Index was up 15.39 points, or 0.5 pct, at a provisional close of 3,167.99 while the DJ STOXX 600 Index rose 1.39 points, or 0.4 pct, to 315.53.

On the week, the STOXX 50 fell about 4 pct while the STOXX 600 dropped 3.9 pct. Mark.cotton@thomson.com mc1/rfw

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Wall Street Gives Up Gains, Turns Lower
Friday February 8, 1:51 pm ET
By Madlen Read, AP Business Writer
Wall Street Gives Up Gains, Turns Lower As Anxieties About Bond Insurers, Economy Take Over


NEW YORK (AP) -- Wall Street turned lower Friday as investors surrendered to their persistent fears about the insurers of distressed mortgage-backed bonds and their anxiety about the broader economy. The Dow Jones industrial average, which had risen in earlier trading, slumped more than 100 points.



For several weeks, the market has been shaken by the uncertainty surrounding bond insurers and whether they'll be able to handle huge losses in the value of mortgage-backed bonds. On Thursday, Moody's Investors Service lowered its rating on the bond insurer Security Capital Assurance Ltd. And at midday Friday, Fitch Ratings, another credit rating agency, put a series of mortgage-backed securities insured by MBIA Inc. on negative watch.

"The bond insurers are really on peoples' minds," said Kim Caughey, equity research analyst at Fort Pitt Capital Group. "This is a horribly complex issue."

If the ratings agencies downgrade more bonds and bond insurers, the moves could hurt the banks who own the bonds -- which "would just drive the credit markets into a downward spiral," Caughey said. "It's things happening further upstream that's making people nervous."

Financial and retail stocks, which made solid gains on Thursday, dragged the market lower Friday.

A mix of corporate earnings failed to provide much reassurance to investors. Some companies such as software maker McAfee Inc. and jewelry maker Tiffany & Co. seem to be faring well despite the U.S. economic slowdown, but others, including paper and wood product maker Weyerhaueser Co., are struggling.

The mix in corporate success has made it hard to determine how weak the economy is getting.

Data on Friday showing a higher-than-expected rise in U.S. wholesalers' inventories provided Wall Street with little new evidence about the economy's health. A rise can be positive, suggesting that companies are betting that demand will rise, but it can also serve as a worrisome sign that inventories are building up unintentionally because demand is waning.

The Dow dropped 121.36, or 0.99 percent, at 12,125.64.

Broader stock indicators also turned lower. The Standard & Poor's 500 index fell 13.61, or 1.02 percent, to 1,323.30, while the Nasdaq composite index fell 7.61, or 0.33 percent, to 2,285.42.

AP
Stocks End Mixed on Economic Worries
Friday February 8, 5:41 pm ET
By Madlen Read, AP Business Writer
Wall Street Closes Mixed, Giving Up Gains As Anxieties About Bond Insurers, Economy Take Over


NEW YORK (AP) -- Wall Street finished a dismal week with a mixed performance Friday as investors grappled with fears about insurers of distressed mortgage-backed bonds and anxiety about the broader economy.



The Dow Jones industrial average, which rose in earlier trading, fell more than 60 points, while the Nasdaq composite index managed a gain. Both ended the week down more than 4 percent, however, and it was the Dow's worst week, percentage-wise, since March 2003.

The market has been shaken in recent weeks by uncertainty surrounding bond insurers and whether they'll be able to handle huge losses in the value of mortgage-backed bonds. On Thursday, Moody's Investors Service lowered its rating on the bond insurer Security Capital Assurance Ltd. Then at midday Friday, Fitch Ratings, another credit rating agency, put a series of mortgage-backed securities insured by MBIA Inc. on negative watch.

"The bond insurers are really on people's minds," said Kim Caughey, equity research analyst at Fort Pitt Capital Group. "This is a horribly complex issue."

If the ratings agencies downgrade more bonds and bond insurers, the moves could hurt the banks that own the bonds -- and "just drive the credit markets into a downward spiral," Caughey said. "It's things happening further upstream that's making people nervous."

Financial stocks fell due to heavy selling in the corporate bond and leveraged loan markets, and meanwhile, soaring commodities prices hit retailers, said Miller Tabak equity strategist Peter Boockvar.

Crude oil prices jumped $3.66 to $91.77 a barrel on the New York Mercantile Exchange on expectations of disruptions in Nigerian exports.

Retailers, which posted poor sales figures Thursday, have said consumer spending is not only slowing because of problems in the housing market, but also because of high gasoline and food prices. Other businesses in the nation's service sector, which earlier this week reported a contraction in January, have struggled, too, with high commodities costs.

The Dow dropped 64.87, or 0.53 percent, to 12,182.13 -- above its lows of the day, but well off its highs, too. The biggest losers among the 30 Dow companies were financial companies American Express Co. and JPMorgan Chase & Co.

Broader stock indicators were mixed. The Standard & Poor's 500 index fell 5.62, or 0.42 percent, to 1,331.29, while the Nasdaq composite index rose 11.82, or 0.52 percent, to 2,304.85.

The Dow ended the week down 561.06, or 4.40 percent, while the S&P 500 index lost 64.13, or 4.60 percent, and the Nasdaq fell 108.51, or 4.50 percent.

The technology-heavy Nasdaq fared better than the other indexes Friday thanks partly to Amazon.com Inc., which authorized a $1 billion share buyback program. The online retailer rose $2.59, or 3.7 percent, to $73.50.

Government bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.65 percent from 3.73 percent late Thursday.

SCA plunged 60 cents, or 23 percent, to $2, and MBIA rose 40 cents, or 2.8 percent, to $14.60. Though MBIA's bonds were downgraded by Fitch, the market was pleased because late Thursday it boosted the size of a share offering to $1 billion from $750 million in response to oversubscription by investors.

A motley batch of corporate earnings failed to provide much reassurance to investors. Some companies such as software maker McAfee Inc. and jewelry maker Tiffany & Co. seem to be faring well despite the economic slowdown, but others, including paper and wood product maker Weyerhaueser Co., are struggling.

McAfee posted a better-than-expected fourth-quarter profit late Thursday and rose $2.92, or 9.2 percent, to $34.65. Tiffany rose $1.68, or 4.4 percent, to $39.86 after predicting fiscal 2008 earnings would beat its fiscal 2007 profit forecast, based on an expected 10 percent rise in global sales.

Weyerhaeuser swung to a fourth-quarter loss as the slumping housing market dampened demand for lumber; the company expects the downturn to extend through the year. Weyerhaeuser fell $2.37, or 3.7 percent, to $62.34.

And Alcatel-Lucent reported a $3.8 billion loss in the fourth quarter, eliminated its 2007 dividend, and predicted that 2008 would be a difficult year. Shares of the Franco-American company, which makes telecommunications equipment, fell 25 cents, or 4 percent, to $6.

The mix in corporate success has made it hard to determine how weak the economy is getting.

Data on Friday showing a higher-than-expected rise in U.S. wholesalers' inventories provided Wall Street with little new evidence about the economy's health. An increase can be positive, suggesting that companies are betting on a rise in demand, but it can also serve as a worrisome sign that inventories are building up unintentionally because demand is waning.

The dollar fell against other major currencies, while gold prices rose.

Declining issues outnumbered advancers by about 3 to 2 on the New York Stock Exchange, where consolidated volume came to 3.66 billion shares, down from 4.44 billion Thursday.

The Russell 2000 index of smaller companies fell 3.85, or 0.55 percent, to 698.93.

Overseas, Japan's Nikkei average closed down 1.44 percent. In Europe, Britain's FTSE 100 rose 1.05 percent, Germany's DAX index rose 0.50 percent, and France's CAC-40 fell 0.30 percent.

The Dow Jones industrial average ended the week down 561.06, or 4.40 percent, at 12,182.13. The Standard & Poor's 500 index finished down 64.13, or 4.60 percent, at 1,331.29. The Nasdaq composite index ended the week down 108.51, or 4.50 percent, at 2,304.85.

The Russell 2000 index finished the week down 31.60, or 4.33 percent, at 698.90.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended Friday at 13,484.95, down 606.14 points, or 4.27 percent, for the week. A year ago, the index was at 14,556.05.

Recession Anxiety Limits Stocks
By Peter A. McKay
Word Count: 771 | Companies Featured in This Article: Amazon.com, Google, Research In Motion, Apple, Microsoft, Intel, Hewlett-Packard, Merrill Lynch, J.P. Morgan Chase, Morgan Stanley, Citigroup
Markets concluded another difficult week with a mixed performance, as a surge in crude-oil prices and continuing recession jitters conspired to hold most major stock benchmarks underwater.

The Dow Jones Industrial Average dropped 64.87 points, or 0.5%, to close at 12182.13. The Standard & Poor's 500 fell 0.4%, or 5.62 points, to 1331.29, led lower by its financial and consumer-discretionary sectors, which declined 2% and 1%, respectively.

Tech stocks, lifted by a $1 billion share-buyback plan by Amazon.com, were standouts on an otherwise downbeat day. The Nasdaq Composite Index posted an 11.82-point gain, climbing 0.5% to 2304.85. Amazon shares are rosey.