These Techs Couldn’t Be Beat

February 11, 2003
Daniel Beighley

Despite
early attempts to rally, the markets eventually succumbed to the will
of the bears as price action topped out around 11 a.m. ET, then entered a down
trend that held for the rest of the session. On a positive note, select tech
issues including the semiconductors held ground in positive territory. With no
surprises from Fed Chairman Greenspan, negative sentiment appeared to be spurred
on by threatening audio tapes purported to be from Bin Laden as presented by
Collin Powell. The audio tapes called for Muslims to show solidarity against US
military action in Iraq.

There were no economic releases
for the day.

The Ten Year Note
(
TYH3 |
Quote |
Chart |
News |
PowerRating) was +070 at 114 125.

The U.S. Dollar
(
DXH3 |
Quote |
Chart |
News |
PowerRating) was +0.14 at 100.62.

Volume was slightly
below average, with the NYSE coming in at 1,273,034,000
and the Nasdaq at 1,299,726,000.

Market breadth was mostly
negative, with NYSE declining issues over advancing issues by a ratio of
1.44, and down volume over up volume by a 2.30 ratio. Nasdaq declining issues
over advancing issues came in at 1.18, and upÂ volume beat down volume by a
1.21 ratio.

The
VIX
was -0.35 at 37.35. The TRIN
was +0.94 at 1.58.

Leading the Dow lower were:

Stocks in the news:

Construction and agricultural machinery company Deere
& Company
(
DE |
Quote |
Chart |
News |
PowerRating), +3.20% at 41.80, has beat its first-quarter earnings
expectations by $0.14 per share with earnings of $0.28 per share.

Mobil phone giant Nokia
(
NOK |
Quote |
Chart |
News |
PowerRating), +1.58%
at 14.09, has been upgraded by Soundview to “outperform” from
“neutral.”

Food producer Fresh Del Monte
(
FDP |
Quote |
Chart |
News |
PowerRating),
-6.21% at 19.93, beat its fourth-quarter earnings expectations by $0.21 per
share.

Transportation company Expeditors
International
(
EXPD |
Quote |
Chart |
News |
PowerRating), +6.92% at 33.35, has beat its fourth-quarter
earnings expectations by $0.04 with profits of $0.33 per share.

Communications company Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating), +0.07% at 37.65, has announced its first ever dividend, and will
also buy back $1 billion worth of its own stock.

Video retailer Blockbuster
(
BBI |
Quote |
Chart |
News |
PowerRating), +10.26% at 14.50,Â has missed its fourth-quarter earnings
expectations by $0.01 with profits of $0.17 per share.

Household product maker Clorox
(
CLX |
Quote |
Chart |
News |
PowerRating), +0.99% at 40.41, has beat its second-quarter earnings expectations by
$0.04 with profits of $0.39 per share.

Printing and publishing company
Scholastic Corp.
(
SCHL |
Quote |
Chart |
News |
PowerRating), -22.90% at 25.95, has issued a profit
warning for the full year 2003, and has been downgraded Merrill Lynch to
“neutral” from “buy”, and by CSFB to “neutral”
from “outperform.”

Restaurant company YUM!
Brands
(
YUM |
Quote |
Chart |
News |
PowerRating), +6.10% at 23.80, has beat its fourth-quarter earnings
expectations by $0.01 with profits of $0.56 per share.

Retailer Sears
(
S |
Quote |
Chart |
News |
PowerRating),
-0.69% at 22.72, is the focus of a negative Wall Street Journal article
which says the company’s credit problems could hurt its turnaround plan.

From TM’s Momentum List, gold
mining company Royal Gold
(
RGLD |
Quote |
Chart |
News |
PowerRating), +5.26% at 26.00.

danielb@tradingmarkets.com

These Techs Couldn’t Be Beat

BUY THE FEAR, SELL THE GREED

Quick Links

Company Info

Contact

Company Resources