Can The Markets Shake This?

December 12, 2002
Daniel Beighley

After
a higher open, the major indexes reversed course and are in slightly
negative territory at mid-day. Volume remains light, as market breadth is at
neutral. Economic data released today has failed to tilt the bull and bear
scales, though it’s anyone’s game for the second half.

In economic news, retail
sales for November were up 0.4%, which was in line with expectations, and
retail sales (ex-auto) were up 0.5% vs. an expected increase of 0.8%.
Initial claims were at 441,000 vs. an expected 378,000. Also, export
prices (ex. ag.) were up 0.1% and import prices (ex. oil) were down
0.1%.

The 10-year U.S. Note
is -020 at 114 110.

The Dollar is -0.82 at
104.50.

Volume is at 611,653,000
on the NYSE, and 790,254,000 on the Nasdaq.

Market breadth is slightly
negative, with NYSE declining issues over advancing issues by a ratio of
1.05, and down volume over up volume by a 1.13 ratio. Nasdaq declining issues
over advancing issues came are at 1.36, and up volume is over down volume by a
1.06 ratio.

Leading the Dow lower are:

Stocks in the news:

Drug maker Amgen
(
AMGN |
Quote |
Chart |
News |
PowerRating),
+5.69% at 49.96, has raised its earnings guidance for the full year 2002 with an
expected earnings per share of $1.37-$1.39 vs. a consensus of $1.36.

Also in the drug making
business, Â Bristol-Myers Squibb
(
BMY |
Quote |
Chart |
News |
PowerRating), -7.73% at 25.05, is the
subjective a negative Wall Street Journal article which reports the company used
improper accounting practices to boost profits.

Household product maker
Procter and Gamble
(
PG |
Quote |
Chart |
News |
PowerRating), +0.02% at 87.48, has raised its
earnings guidance for its second-quarter, with expectations above the $1.10
predicted by analysts.

Oil services company
Halliburton
(
HAL |
Quote |
Chart |
News |
PowerRating), -0.25% at 20.35, has been upgraded by CSFB to
“outperform” from “neutral” as the company settles its asbestos lawsuits.

Auto retailer AutoZone
(
AZO |
Quote |
Chart |
News |
PowerRating),
-6.98% at 74.10, has beat its first-quarter earnings expectations by $0.09 with
profits of $1.04.

Also in the auto retailing
group, Group One Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), -4.40% at 22.82, has reduced its
outlook for 2002 to expected earnings per share of $2.72-$2.77 vs. previous
estimates of $2.85-$2.90. The company also lowered its 2003 outlook.

Online auctioneer eBay
(
EBAY |
Quote |
Chart |
News |
PowerRating),
+0.50% at 67.93, has had its fourth-quarter earnings upped by Goldman Sachs to
$0.24 a share from $0.23 a share.

Chip maker Photronics
(
PLAB |
Quote |
Chart |
News |
PowerRating),
-1.19% at 13.31, has been downgraded by Needham to “hold” from “buy.”

In the software sector THQ-Inc.
(
THQI |
Quote |
Chart |
News |
PowerRating), -3.44% at 14.32, was downgraded by Bank of America to “market
perform” from “buy.”

Can The Markets Shake This?

BUY THE FEAR, SELL THE GREED

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