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IBM Posts Gains, Sun Narrows Loss

Jan 16, 2004, 14:00 (0 Talkback[s])
(Other stories by Julie Moran Alterio)

The Journal News: IBM Shares Soar on Higher Profits, Sales

"IBM Corp. enjoyed its best day on Wall Street since 2002 yesterday after the computer giant surprised investors with better-than-expected financial results.

"IBM's shares soared to $95.65--a new 52-week high--before closing at $94.02, up $3.71. It was IBM's best closing price since April 5, 2002, when shares closed at $97.25.

"IBM earned $2.71 billion, or $1.55 a share, on revenues of $25.91 billion in the final quarter of 2003..."

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Bloomberg/International Herald Tribune: Sun Microsystems Narrows Loss in Quarter

"Sun Microsystems, which makes server computers that run corporate networks and Web sites, said Thursday that its second-quarter loss narrowed as it cut costs.

"Sun also said it would fire 300 workers and stop manufacturing at its facility in Newark, California, to reduce costs as it transfers production to factories in Hillsboro, Oregon, and Linlithgow, Scotland, a spokeswoman said. The net loss narrowed to $125 million, compared with loss of $2.28 billion in the year-earlier period, the company, based in Santa Clara, California, said. Sales for the quarter ended Dec. 28 slipped to $2.89 billion from $2.92 billion. It was the 11th straight quarterly drop in revenue for Sun. Sun improved its gross margin, the share of sales left after subtracting production costs, to 41.8 percent from 40.1 percent in the first quarter, said Steve McGowan, the company's chief financial officer. Sun is trying to sell cheaper servers running the Linux operating system to compete against Hewlett-Packard and Dell..."

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