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The major indexes are slightly positive midday after the US dollar hit a four-year low against the euro. Price action has been drifting sideways for most of the session as data from ISM Services failed to inspire.Today in Paris, leaders from France, Germany, and Russia met to discuss a war resolution that will be voted on Friday. Volume is once again exceptionally light.
The Dow Jones Industrial Average ($INDU.X | Quote | Chart | News | PowerRating) is +0.33% at 7,730.36. The S&P 500 ($SPX.X | Quote | Chart | News | PowerRating) is +0.26% at 824.11. The Nasdaq ($COMPQ | Quote | Chart | News | PowerRating) is +0.13% at 1,309.50.
Leading sectors are insurance ($IUX.X | Quote | Chart | News | PowerRating), , semiconductors ($SOX.X | Quote | Chart | News | PowerRating), +1.70%, healthcare providers ($RXH.X | Quote | Chart | News | PowerRating), +1.49%, and pharmaceuticals ($DRG.X | Quote | Chart | News | PowerRating), +1.32%.
Biggest decliners are software ($GSO.X | Quote | Chart | News | PowerRating), -0.36%, consumer ($CMR.X | Quote | Chart | News | PowerRating), -0.14%, and Internet ($INX.X | Quote | Chart | News | PowerRating), -0.06%.
In economic news, ISM Services came in at 53.9 vs. expectations of 53.0.
The 10-year US Note is + 035 at 117 075.
The dollar is -0.80 at 98.36.
Gold is +1.70 at 355.00.
Crude Oil -0.62 at 36.27.
Volume is at 609,682,000 on the NYSE, and at 707,944,000 on the Nasdaq.
Market breadth is positive, with NYSE advancing issues over declining issues by a ratio of 1.03, and up volume over down volume by a 1.26 ratio. Nasdaq declining issues over advancing issues are at 1.26, and down volume is over up volume by a 1.52 ratio.
Biggest Dow gainers are:
Citgroup (C | Quote | Chart | News | PowerRating), +2.38% at 33.14, AT&T (T | Quote | Chart | News | PowerRating), +1.94% at 18.43, Johnson & Johnson (JNJ | Quote | Chart | News | PowerRating), +1.68% at 52.56, Intel (INTC | Quote | Chart | News | PowerRating) +1.62% at 16.89, Exxon Mobile (XOM | Quote | Chart | News | PowerRating), +1.43% at 34.72, SBC Communications (SBC | Quote | Chart | News | PowerRating), +1.03% at 20.67.
Stocks In The News:
Ice cream maker Dreyer's Grand Ice Cream (DRYR | Quote | Chart | News | PowerRating), -17.32% at 61.66, melted after US trade regulators voted against Nestle's move to buy the company for $2.8 billion. Deutsche Bank downgraded the company to "sell" after the announcement.
Entertainment giant Walt Disney (DIS | Quote | Chart | News | PowerRating), -1.12% at 15.87, sold off after Merrill Lynch cut its estimates on the company due to negative consumer confidence, cold weather, and terrorist threats.
Toy maker Toys "R" Us (TOY | Quote | Chart | News | PowerRating), -0.13% at 7.90, beat its fourth-quarter earnings by $0.03 per share with profits of $1.30 per share.
Software maker Oracle (ORCL | Quote | Chart | News | PowerRating), -4.97% at 11.052, is believed by Lehman Brothers to have had a tough month of sales in February, and believes the company will disappoint on their revenue numbers. The stock is leading a weak software sector today.
Shipping company United Parcel Service (UPS | Quote | Chart | News | PowerRating), -1.45% at 56.00, had its 2003 estimates cut by Morgan Stanley to $2.26 per share vs. previous estimates of $2.34 per share.
Biotech company Genzyme (GENZ | Quote | Chart | News | PowerRating), -0.74% at 30.69, missed its fourth-quarter earnings expectations by $0.01 with profits of $0.34 per share.
Beverage company Pepsi Bottling (PBG | Quote | Chart | News | PowerRating), -19.11% at 17.95, guided lower for the first-quarter, and now sees earnings per share between $0.12-0.14 vs. previous expectations of $0.20.
Office supply maker Staples Inc. (SPLS | Quote | Chart | News | PowerRating), +4.16% at 17.29, beat its fourth-quarter earnings expectations by $0.02 with profits of $0.35 per share.
danielb@tradingmarkets.com
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