10,000 and 2,000
The markets moved higher for a third straight day. After a strong open, a
trading range was established
The Dow climbed 106.42 to 9998.39, just below the psychologically significant
level; the Nasdaq rose 17.30 to 2004.75; the S&P 500 was up 8.62 to 1142.98
closing right at its 20-day moving average.
In the third straight week of declines, U.S. chain store sales fell 1/2
percent during the week ended Dec. 15, in what some economists are saying could
be the worst Christmas shopping season since the early ’80s.
General Electric
(
GE |
Quote |
Chart |
News |
PowerRating) rose after it said it would beat 2002 profit
forecast. The company also announced it is cutting 3000 jobs at GE Capital, and
is buying electronic security company Interogix Inc.
(
ILXI |
Quote |
Chart |
News |
PowerRating). GE closed at
39.72, up 1.42.
Siebel Systems
(
SEBL |
Quote |
Chart |
News |
PowerRating) jumped after Bank of America raised estimates for
Q4 and for 2002. SEBL closed at 30.94, up 3.74.
Priceline.com
(
PCLN |
Quote |
Chart |
News |
PowerRating) rose on news it will sell its products on AOL’s
websites. Since October, PCLN has been in a base. PCLN gained .69 to 6.26.
Homebuilder Lennar Corp.
(
LEN |
Quote |
Chart |
News |
PowerRating) rose after announcing their Q4 exceeded
expectations by 25%. Last week Toll Brothers
(
TOL |
Quote |
Chart |
News |
PowerRating) and Hovnanian
(
HOV |
Quote |
Chart |
News |
PowerRating)
also reported strong earnings. Housing starts rose 8.2% in October, signaling an
economic rebound in the making. LEN gained 2.75 to 44.
Circuit City
(
CC |
Quote |
Chart |
News |
PowerRating) climbed to a 52-week high after it posted an unexpected
rise in Q3 earnings. Margins improved as a result of the company’s restructuring
efforts. CC rose .16 to 23.86. Best Buy’s
(
BBY |
Quote |
Chart |
News |
PowerRating) quarterly earnings rose 40%;
the stock rose 3.55 to 72.55. Best Buy is the #1 U.S. electronics chain.
After the bell, Micron Technology
(
MU |
Quote |
Chart |
News |
PowerRating) announces earnings, (.39) expected.
Before the open Wednesday, Federal Express
(
FDX |
Quote |
Chart |
News |
PowerRating) and Morgan Stanley
(
MWD |
Quote |
Chart |
News |
PowerRating).