Microsoft spins the financial headlines (Nasdaq:MSFT)

Microsoft releases their quarterly earnings by touting record revenue growth. In the same press release you learn that operating income is down. The headline makes you think its all good; the details reveal a different story. It is supposed to be an earnings report not a sales report. Spin spin spin.

ATI Technologies (Nasdaq:ATYT) cranks up the corporate noise machine

ATI Technologies (Nasdaq-ATYT) has cranked up the corporate noise machine something fierce. During January they have issued twelve (by my count) press releases. Sometimes two a day. Most could be considered marketing communications. None have been filed with the SEC. If and when you issue twelve major marketing announcements is it significant from a regulatory point of view. Investors look to the future therefore new products are important. But wait a minute the annual meeting is coming up in a few days. A flurry of new announcements will focus attention in a certain way. There are some who believe that there are no accidents.

KLA-Tencor (Nasdaq:KLAC) declares dividends before announcing earnings

Jan 24 two days before it will release earnings on Jan 26, 2006. Dividend declarations before earnings are always dangerous and require more caveat emptor. A desperate management group could declare dividends before releasing bad news. Or if they do not declare the usual dividend then a signal is sent to the market without regard to the real intent of Reg FD.

Weekend Follies (Jan 21-22, 2006)

Six culprits this weekend. Companies who issue important press releases at oddball hours over the weekend. Three firms on NYSE. The Mexico Fund (MXF), Valero Energy (VLO), Pall Corporation (PLL). Two on Nasdaq. Ctrip.com (CTRP), QLT Inc (QLTI). One on Amex Queenstake Resources (QEE). Caveat Emptor