Here’s What Put The Brakes On This Morning’s Rally

March 3, 2003
Daniel Beighley

The
major indexes are mixed midday after factory data came up
disappointing. Price action opened higher on the heels of an ease in
international tension after Iraq destroyed some missiles and a top terrorist was
arrested, though entered a downtrend once the economic report was released.
Technology issues including the semiconductors represent weakness on the
session.

In economic news, personal income came in
at 0.3% vs. expectations of 0.4%, personal spending fell 0.1% vs.
expectations of a 0.1% rise, the ISM Index came in at 54.0 vs. an
expected 52.0, and construction spending was at 1.7% vs. an expected
o.5%.

The 10-year U.S. Note
is +050 at 116 280.

The dollar is -0.31 at
99.50.

Gold is -2.10 at 347.0.

Crude OilÂ -1.10 at
35.50.

Volume is at 568,605,000
on the NYSE, and at 637,888,000 on the Nasdaq.

Market breadth is negative,
with NYSE declining issues over advancing issues by a ratio of 1.49, and down
volume over up volume by a 1.55 ratio. Nasdaq declining issues over advancing
issues are at 1.05, and down volume is over up volume by a 1.03 ratio.

Leading the Dow are:

Stocks In The News:

Household and personal product maker
Procter and Gamble
(
PG |
Quote |
Chart |
News |
PowerRating), +0.01% at 81.87, is reported to be in talks with
German healthcare company Wella for $6 billion.

Credit card company Capital One
(
COF |
Quote |
Chart |
News |
PowerRating),
-8.78% at 28.25, announced that its chief financial officer had quit after the
SEC said it might charge him with insider trading.

Furniture maker Furniture
Brands
(
FBN |
Quote |
Chart |
News |
PowerRating), +3.19% at 18.79, has issued an
earnings warning for the first-quarter to $0.50-0.55 vs. a consensus of $0.56.Â

Business services company Equifax
(
EFX |
Quote |
Chart |
News |
PowerRating), +2.35% at 19.63, has been downgraded by Morgan Stanley to
“equal-weight” from “overweight.”

Software maker Symantec
(
SYMC |
Quote |
Chart |
News |
PowerRating), +2.85% at 42.03, has been upgraded by UBS Warburg to
“buy” from “neutral.”

Shipping company Federal
Express
(
FDX |
Quote |
Chart |
News |
PowerRating), +2.47% at 52.67, has been upgraded by JP Morgan to
“overweight” from “neutral”.

Gold mining company Royal
Gold
(
RGLD |
Quote |
Chart |
News |
PowerRating), -27.87% at 14.03, was cited in Barron’s as being
“wildly overvalued.”

Drug maker Shire
Pharmaceuticals
(
SHPGY |
Quote |
Chart |
News |
PowerRating), +4.895 at 16.50, has received an approvable
letter from the FDA for its kidney disease treatment.

danielb@tradingmarkets.com

Here’s What Put The Brakes On This Morning’s Rally

BUY THE FEAR, SELL THE GREED

Quick Links

Company Info

Contact

Company Resources