Here’s A Bright Spot In Retail

December 30, 2002
Daniel Beighley

Stocks
are mixed at mid-day, with lackluster trading on less-than-inspiring
news leaving the Dow and S&P 500 slightly higher, and the Nasdaq in negative
territory. The semiconductor index is making lows not seen since mid-November.

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 10-year U.S. Note
is +035 at 115 045.

The Dollar is -0.23 at
102.55.

Gold is -0.49 at 344.80.

Crude Oil is -0.35 atÂ
31.45.

Volume is at 471,733,000
on the NYSE, and 540,748,000 on the Nasdaq.

Market breadth is negative,
with NYSE declining issues over advancing issues by a ratio of 1.11, and down
volume over up volume by a 1.34 ratio. Nasdaq advancing issues over declining
issues came are at 2.21, and down volume is over up volume by a 2.94 ratio.

Leading the Dow higher are:

Stocks in the news:

Merrill Lynch has downgraded
the Internet sector to an “equal-weight” from an “over-weight” due to negative
earnings growth. The firm has also upgraded the wireless sector to “overweight”
from “equal-weight”.

Drug maker Bristol-Myers
(
BMY |
Quote |
Chart |
News |
PowerRating), -1.54% at 22.99, 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), +0.82 at 36.74, 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), +1.02% at 40.19,Â has been upgraded by Prudential to
“buy” from “hold” with a price target of $54 per share.

Here’s A Bright Spot In Retail

BUY THE FEAR, SELL THE GREED

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