Two Popular Buys For Today

January 21, 2003
Daniel Beighley

The major indexes fell once
again to selling pressure, with defensive issues such as gold and bonds rising
amidst continuing concerns of conflict in Iraq. Despite several companies
beating their earnings expectations, buyers failed to put up a fight as price
action trended down for the entire session. The three major averages all made
their second consecutive closes below their 50-day moving averages.

In economic news, housing
starts came in at 1.835 million vs. expectations of 1.680 million.
Building permits were at 1.880 million vs. expectations of 1.710. million.Â

The Ten Year Note
(
TYH3 |
Quote |
Chart |
News |
PowerRating) was +085 at 114 020.

The U.S. Dollar
(
DXH3 |
Quote |
Chart |
News |
PowerRating) wasÂ -0.48 at 100.47.

Volume was below
average, with the NYSE coming in at
1,307,311,000 and the Nasdaq at
1,362,833,000.

Market breadth was negative,
with NYSE declining issues over advancing issues by a ratio of 2.23, and down
volume over up volume by a 5.71 ratio. Nasdaq declining issues over advancing
issues came in at 1.69, and down volume beat up volume by a 1.79 ratio.

The

VIX was +1.85 at 30.53. The

TRIN was +0.91 at 2.57.

Leading the Dow lower were:

Stocks in the news:

Healthcare facilities company Express Scripts
(
ESRX |
Quote |
Chart |
News |
PowerRating), +1.29% at 53.12, was mentioned in Barron’s as part of a
pharmaceutical-benefit managers group that will benefit once legal woes pass.

Savings bank Greenpoint Financial
(
GPT |
Quote |
Chart |
News |
PowerRating), -0.86% at 45.78, beat its quarterly earnings expectations by $0.02.

Communications services company Vodaphone
(
VOD |
Quote |
Chart |
News |
PowerRating), -0.93% at 19.15, was upgraded by Merrill Lynch to “buy” from
“neutral.”

Regional bank BB&T Corp.
(
BBT |
Quote |
Chart |
News |
PowerRating), -7.11% at
34.44, announced that it will acquire First Virginia Banks for $3.38 billion in
stock.

Automaker Ford
(
F |
Quote |
Chart |
News |
PowerRating), -0.19% at 10.14, sold off
despite reporting fourth-quarter earnings above expectations.

Chinese online media company Sohu.com
(
SOHU |
Quote |
Chart |
News |
PowerRating),
+15.02% at 10.03, rallied after reporting earnings in line with expectations.

Computer hardware maker Dell Computer
(
DELL |
Quote |
Chart |
News |
PowerRating), -0.32% at 24.75, was downgraded by UBS Warburg to “neutral” from
“buy.”

Motorcycle maker Harley Davidson
(
HDI |
Quote |
Chart |
News |
PowerRating), -8.70% at 43.00, beat its fourth-quarter earnings expectations by
$0.03 with profits of $0.49 per share.

Discount broker Charles Schwab
(
SCH |
Quote |
Chart |
News |
PowerRating), -10.73% at 10.48, missed its fourth-quarter earnings by $0.01 with
profits of $0.07 per share.

From the Dow 30 Index:

Conglomerate 3M Co.
(
MMM |
Quote |
Chart |
News |
PowerRating),
-0.53% at 125.64, beat its quarterly earnings expectations by $0.01 and has
raised its first-quarter guidance.

Automaker General Motors
(
GM |
Quote |
Chart |
News |
PowerRating),
-0.92% at 39.63, was upgraded by UBS Warburg to “buy” from “neutral.”

Drug maker Johnson & Johnson
(
JNJ |
Quote |
Chart |
News |
PowerRating), -1.46% at 53.99, beat its fourth-quarter earnings by $0.01 with
profits of $0.48.

Money center bank Citibank
(
C |
Quote |
Chart |
News |
PowerRating),
-1.79% at 36.14, beat its fourth-quarter earnings by $0.01 with profits of $0.47
per share.

danielb@tradingmarkets.com

Two Popular Buys For Today

BUY THE FEAR, SELL THE GREED

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