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Newspaper
Baytown Sun
Location
Baytown, Texas, United States of America
Date
May 09, 2003
Page
12
Stocks fell for a second straight session as sluggish same store sales from Kohl’s and weak earnings forecasts weighed on sentiment. The Dow dropped 69.41 to 8491.22 while the Nasdaq, S&P 500 also declined. traders noted profit taking amid mixed signals on the economy and consumer spending.
Texas House approved Senate Bill 418 to force insurers to pay doctors within 45 days for clean claims. The measure adds penalties for non compliance and sets rules for overpayments and electronic payments while allowing insurer disputes for non conforming claims.
Oil futures extend gains amid unexpected declines in U S crude stocks and a mixed reaction to OPEC quota changes. Traders cite short-covering and technical signals as Brent and WTI advance while concerns linger over OPEC output cuts and refinery issues.
Reliant Resources Inc reports a $462 million first quarter loss or $1.59 per share, worse than estimates. Excluding one time items, continuing operations show a $56 million loss or 19 cents per share. Analysts projected a 7 cent per share loss. The company also cuts 2003 earnings outlook to 0 to 70 cents per share. Interim chief Joel Staff promises tighter leadership while a permanent CEO is sought. Shares close down 8 percent at $5.22 on the NYSE.
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