Here’s Why Retail Is Getting Marked-Up

December 30, 2002
Daniel Beighley

The
major averages were mixed on the day, with the Dow and S&P 500
slightly positive, and the Nasdaq slightly negative. Price action sold off in
early action, though pushed higher throughout the rest of the session. Most of
Wall Street appeared to be on holiday as volume and news were light. The retail
sector stuck out today, as it recovered from earlier losses on negative news,
possibly due to end-of-year mark-ups.

In economic news, the
Chicago PMI came in at 51.3 vs. an expected 53.0, existing home sales
were at 5.56M vs. an expected 5.70M.

The Ten Year Note
(
TYH3 |
Quote |
Chart |
News |
PowerRating) was +075 at 115 085.

The U.S. Dollar
(
DXH3 |
Quote |
Chart |
News |
PowerRating) was -0.74 at 102.46.

Gold
(
GCG3 |
Quote |
Chart |
News |
PowerRating) was
-5.60 at 344.10.

Crude Oil
(
CLF3 |
Quote |
Chart |
News |
PowerRating)
was -0.20 at 29.19.

Volume was above
average, with the NYSE coming in at 1,012,963,000 and the Nasdaq at
1,045,074,000.

Market breadth was mixed,
with NYSE advancing issues over declining issues by a ratio of 1.30, and up
volume over down volume by a 1.37 ratio. Nasdaq declining issues over advancing
issues came in at 1.57, and down volume beat up volume by a 3.41 ratio.

The

VIX was -1.59 at 32.56. The

TRIN was -2.47 at 0.94.

Leading the Dow higher:

Stocks in the news:

Food company Fresh Del Monte
(
FDP |
Quote |
Chart |
News |
PowerRating), -7.59% at 18.01, sold off after two directors of the company resigned
prematurely. One of the directors is Marvin Bush,Â brother of President Bush.

Computer networking company
Network Appliance
(
NTAP |
Quote |
Chart |
News |
PowerRating), -9.88% at 9.75, fell after a Barron’s
article over the weekend claimed it was overvalued.

Wireless company AT&T
Wireless Services
(
AWE |
Quote |
Chart |
News |
PowerRating), -5.40% at 5.78, said it will delay the launch
of its next-generation network due to capital expenditure issues.

Drug maker Bristol-Myers
(
BMY |
Quote |
Chart |
News |
PowerRating), -0.42% at 23.25, has had its 2002 estimates cut by Prudential to
$1.20 per share from $1.24 per share.

Also in the drug business,
Glaxo SmithKline
(
GSK |
Quote |
Chart |
News |
PowerRating), +2.47% at 36.81, had its Paxil patent held
invalid by a U.S. District Court judge., though the company has maintained its
earnings guidance for the year.

Insurance company St. Jude
Medical
(
STJ |
Quote |
Chart |
News |
PowerRating), +2.17% at 40.02,Â has been upgraded by Prudential to
“buy” from “hold” with a price target of $54 per share.

Here’s Why Retail Is Getting Marked-Up

BUY THE FEAR, SELL THE GREED

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