Here is a look at Wednesday's top business stories:
Wal-Mart posts record results
BENTONVILLE, Ark., Nov. 13 (UPI) -- Wal-Mart Stores Inc., the world's largest retailer, said its third-quarter net income rose to a record $1.82 billion, or 41 cents a share, from $1.48 billion, or 33 cents a share during the same period last year.
Analysts on Wall Street were expecting the retailer to report a net income of 40 cents a share, according to Thomson First Call.
Total sales during the quarter rose 11.5 percent to a record $58.8 billion.
Wal-Mart also said it expects fourth-quarter sales at stores open at least one year, or same-store sales, to be up 3 percent to 5 percent from a year earlier.
The forecast for the fiscal quarter ending in January compares with third-quarter same-store sales growth of 3.5 percent.
The outlook matches one Wal-Mart gave at the beginning of the year, but slower spending in the third quarter forced the retailer to scale back its expectations for that period to same-store sales growth of 2 percent to 4 percent.
Lee Scott, president and chief executive officer said, "In a challenging economic environment and with slowing comparable store sales growth, we achieved another quarter of record sales and earnings.
"Net income grew by almost 23 percent on a sales increase of 11.5 percent. Going into the important holiday selling season, we feel confident we are well positioned for a successful and record fourth quarter," Scott said.
The retailer said Sam's Club sales rose 6.1 percent, International sales jumped 14.4 percent and McLane sales rose 12.4 percent.
During the third quarter, the Wal-Mart Stores segment, including Supercenters, had operating profit, or profit before interest, unallocated corporate expenses, and income taxes, of $2.68 billion, an increase of 15.5 percent compared with $2.32 billion for the similar period in the previous year.
The Sam's Club segment had an operating profit of $240 million, a decrease of 2.4 percent compared with $246 million for the similar period in the previous year.
The International segment had an operating profit of $447 million for the most recent quarter, an increase of 42.4 percent compared with $314 million for the similar period in the previous year.
As of October 31, Wal-Mart operated 1,567 Wal-Mart stores, 1,243 Supercenters, 522 Sam's Clubs and 39 Neighborhood Markets in the United States.
WorldCom cuts Asian staff
HONG KONG, Nov. 13 (UPI) -- WorldCom Group, the telecoms giant currently in bankruptcy, said it will cut about 22 percent of its Asian work force as part of a regional restructuring.
The company said it will eliminate about 390 positions out of 1,800 regionwide. Most of the cuts would come in WorldCom's four principal Asia locations of Hong Kong, Singapore, Australia and Japan.
Some of the Australian reductions would occur when WorldCom moves its regional customer service operations to Singapore as part of a broader regional restructuring, the company said.
Other cuts would come in operations, as the company scaled back development of new networks, and in sales, as it exited small to medium enterprise business in some countries, she said.
"The region remains an integral part of WorldCom's global business strategy, and I am confident that we will see an overall stronger company as a result," said Seth Blumenfeld, president of WorldCom International.
WorldCom declared bankruptcy in July, after revelations emerged that the company had improperly accounted for more than US$4 billion in expenses over five quarters. Since then it has laid off thousands of workers.
Tokyo stocks drop to 19-year low
TOKYO, Nov. 13 (UPI) -- Stock prices on the Tokyo Stock Exchange fell to their lowest level in 19-years Wednesday, knocked down by broad selling amid persistent concerns over the outlook for the Japanese economy.
Japan's blue-chip Nikkei Stock Average of 225 selective issues, which rose 4.40 points Tuesday, lost 26.25 points, or 0.3 percent, to 8,438.52 -- its lowest close since April 1983. The broader Topix Index lost 3.19 points, or 0.4 percent, to 836.43.
Volume declined to an estimated 626.02 million shares from 662.62 million shares changing hands Tuesday.
Declines outpaced advances 1,108 to 278, while another 105 issues settled unchanged.
Investors gave a muted reaction to slightly better-than-expected gross domestic product data for the July-September quarter released before the market open.
Japan's economy grew 0.7 percent on quarter in the three months to September, marking the third straight quarter of expansion as stronger consumer spending overcame a drag from slipping external demand.
The expansion in GDP was slightly above the estimate of economists who forecast on average 0.5 percent growth.
Bargain-hunting in selected high-tech stocks helped offset broad selling in domestic demand-oriented stocks, limiting the Nikkei 225's downside, experts said.
Telecom carriers were higher after Japan Telecom Holdings beat market expectations in its fiscal half earnings. Japan Telecom, which saw a sharp improvement in its six-month results due to the strong performance of its J-Phone mobile service unit as well as cost-cutting measures, jumped 12.7 percent. Its rival KDDI gained 5.1 percent.
On the other hand, investors sold a broad array of domestic-oriented issues, including those in such sectors as fishery, paper, oil and construction. Paper maker Nippon Unipac Holding fell 3.9 percent. Seafood marketer Maruha lost 3.8 percent and contractor Kumagai Gumi sank 25 percent in value.
Overall sentiment was also hurt somewhat after the government late Tuesday downgraded its assessment of the economy for the first time in a year, traders said.
Among some of the other active issues, UFJ Holdings lost 1.5 percent, Japan's largest chip maker Toshiba rose 2.6 percent, Hitachi fell 3.9 percent, Fujitsu lost 1.7 percent, Nippon Steel added 1.5 percent and Mitsubishi Heavy Industries rose 2.5 percent.
Elsewhere in Asia, prices ended little changed on the Hong Kong Stock Exchange. The blue-chip Hang Seng Index settled virtually flat at 9,616.62, failing to find inspiration from Wall Street's stronger finish.
After the market closed, the Hong Kong government announced a plan to suspend land auctions for the rest of this fiscal year as part of its steps to stabilize the territory's property market, which has seen residential prices fall 65 percent from their 1997 peak.
Ahead of the announcement, Sung Hung Kai Properties added 0.4 percent but New World Development ended flat.
Cathay Pacific Airways fell 1.4 percent building on the previous day's 1.8-percent drop. The stock has been hit by growing fears that a U.S.-led war against Iraq might raise crude oil prices while dampening demand for air travel.
Prices also ended little changed on the Taiwan tock Exchange. The Weighted Index slipped 0.1 percent to 4,671.77.
Taiwan Semiconductor Manufacturing ended unchanged on reports the world's largest chip foundry lost an order to produce chips for Silicon Storage Technology, due to the Taiwan government's delay in allowing it to set up a chip plant in Shanghai.
China Steel climbed 6.4 percent following a local media report that the steelmaker will sign a manufacturing venture agreement with Sumitomo Metal Industries later this month.
Prices also ended little changed on the South Korean Stock Exchange. The key Kospi Composite Index slipped 0.1 percent to 653.85, following an economic report which raised doubts about the country's consumer sentiment.
South Korea's consumers confidence index fell to 97.1 in October from 103.9 in September, the government said. The index fell below 100 for the first time since November 2001. An index below 100 means the number of consumers expecting to reduce spending exceeds those expecting to spend more.
In trading, KT Corp. lost 0.6 percent and Korean Air ended flat.
Elsewhere around the Pacific region, stocks ended lower on the Australian Stock Exchange. The blue-chip All Ordinaries Index lost 0.4 percent to 2,932.20, led lower by a 2.3 percent decline in Qantas Airways.
