If You Use AOL, You’ll Be Seeing A Little More Microsoft Soon. Here’s Why…

May 29, 2003
Brice Wightman

Stocks
closed mixed Thursday, with the averages up until mid-day, when they
began their decline. The economy grew faster than expected and first-time
jobless claims fell, with the four-week moving average at a six-week low of
427,000. Despite a warning from Tech Data
(
TECD |
Quote |
Chart |
News |
PowerRating), tech stocks are leading
the charge today with semiconductors on top. Bonds are higher today after a
two-day pullback. The dollar was once again weaker.

In economic news, First-quarter
GDP was upwardly revised to +1.9 from +1.6%. This topped estimates for a
revision to 1.8%. Weekly jobless claims fell by 9,000 to 424,000. This was still
higher than expectations of 420,000. However the more closely watch four-week
moving average fell to a six week low of 427,000.

The 10-year U.S. Note
was +195 at 119 025.

The dollar was -74 at
92.84.

Gold was -0.30 at
369.30.

Crude Oil +0.08 at
29.18.

Volume is heavy at

1,685,897,000 on the NYSE, and at
2,223,266,000 on the Nasdaq.

Market breadth was
mostly positive, with NYSE advancing issues over declining issues by a ratio
of 1.13, and down volume over up volume by a 1.54 ratio. Nasdaq advancing issues
over declining issues at 1.39, and up volume over down volume is at a 2.06
ratio.

Top Dow stocks were:

Stocks in the news:

Retailer Dollar General
(
DG |
Quote |
Chart |
News |
PowerRating) was higher on heavy volume after the company reported better-than-expected
results. The company reported first-quarter earnings of 18 cents a share
compared to 15 cents a share during the same period a year ago. The results also
surpassed estimates by 2 cents. Looking forward, the company sees earnings
growth between 11 to 15% for fiscal 2003.

Ultimate Electronics
(
ULTE |
Quote |
Chart |
News |
PowerRating)
was higher on very heavy volume. The company reported a first-quarter
loss of 10 cents a share compared with a loss of 3 cents a share for the same
period a year ago. The results did top estimates calling for a loss of 13 cents
a share.

Celgene
(
CELG |
Quote |
Chart |
News |
PowerRating) was
off on more than double its average volume. The company placed a private placement of
$325 worth of convertible notes. The 1.75% notes have a conversion price of
$48.45 and will mature in 2008.

Scholastics
(
SCHL |
Quote |
Chart |
News |
PowerRating)
was lower on heavy volume. The company announced plans to cut 400 jobs or
approximately 4% of its workforce. Scholastics blamed the job cuts on the
“challenging industry and general economic conditions”.

The maker of the popular video
game series “Grand Theft Auto,” Take Two Interactive
(
TTWO |
Quote |
Chart |
News |
PowerRating)
was off on more than triple its average volume. The company reported second-quarter
results of 36 cents a share compared to 25 cents a share a year ago. The company
also topped estimates by a penny.

Tech Data
(
TECD |
Quote |
Chart |
News |
PowerRating) was
off on very heavy volume. The company reported first-quarter results of 38
cents a share compared to 60 cents a share for the same period a year ago. The
results were also 2 cents shy of analysts’ estimates. Looking into next quarter,
the company forecast results of 34 to 38 cents a share or below estimates of 41
cents a share.

Vincent Mao

If You Use AOL, You’ll Be Seeing A Little More Microsoft Soon. Here’s Why…

BUY THE FEAR, SELL THE GREED

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