This Could Send The Bears Running

December 11, 2002
Daniel Beighley

The
major indexes took to the upside for the second day in a row, with
volume once again coming in light. Technology established itself as a leader in
early action, though was unable to sustain the momentum for the second half. The
Semiconductor Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) closed in the middle of its daily range just
above its 50-day EMA, representing indecision. Tomorrow we get the numbers on
retail, which could shake things up a bit.

There were no economic releases
today.

The 10-year U.S. Note
was +135 at 114 130.

The Dollar was -0.03 at
105.37.

Volume was below
average, with the NYSE coming in at 1,230,544,000 and the Nasdaq at
1,403,820,000.

Market breadth was mixed,
with NYSE advancing issues over declining issues by a ratio of 1.22, and down
volume over up volume by a 1.02 ratio. Nasdaq declining issues over advancing
issues came in at 1.07, and up volume beat down volume by a 1.14 ratio.

The

VIX was -0.27 at 31.40. The

TRIN was -0.27 at 31.40.

Leading the Dow higher:

Stocks in the news:

Oil service company
Schlumberger
(
SLB |
Quote |
Chart |
News |
PowerRating), -1.12% at 44.86, announced that it will eliminate
1,600 jobs, taking a $2.9 billion charge of $4.96 per share.

Household products maker
Procter & Gamble
(
PG |
Quote |
Chart |
News |
PowerRating), -0.21% at 87.46, announced that it will pay $5.5
billion for the German pharmaceutical maker Beiersdorf, a division of Allianz.

Home builders Toll Brothers
(
TOL |
Quote |
Chart |
News |
PowerRating), -1.06% at 19.47,Â beat its fourth-quarter earnings expectations by
$0.04 with profits of $0.93 per share.

Insurance company WellPoint
Health
(
WLP |
Quote |
Chart |
News |
PowerRating), +2.54% at 70.80, was upgraded by Prudential to “buy” from
“hold”.

Business products maker
Kimberly-Clark
(
KMB |
Quote |
Chart |
News |
PowerRating), -2.39% at 46.78, lowered its fourth-quarter
earnings guidance to a range of $0.72-$0.76 vs. previous estimates of
$0.82-$0.86.

Food processing company Sara
Lee
(
SLE |
Quote |
Chart |
News |
PowerRating), -4.55% at 22.00, was downgraded by Prudential to “hold” from
“buy”.

In the chip sector, Intel’s
(
INTC |
Quote |
Chart |
News |
PowerRating), +0.16% at 18.16, Andy Grove said that he has not yet seen a
resurgence in demand for his company’s product.

Entertainment giant America
Online
(
AOL |
Quote |
Chart |
News |
PowerRating), -0.72 at 13.65, announced it will eliminate 300 jobs.

This Could Send The Bears Running

BUY THE FEAR, SELL THE GREED

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