A Healthy Sign For The Upside

February 27, 2003
Daniel Beighley

The
major indexes are positive midday on the heels of mixed economic data
and a report that the nation’s terror-alert level is likely to be lowered. In a
healthy sign for more upside, the semis and broker dealers are providing
leadership for the day.Â Durable goods orders beat analysts’ expectations with an
increase of 3.3% due to a strong demand for communications equipment, though
jobless claims came in worse than expected. Tomorrow could produce some
market-moving action from the releases of the GDP preliminary number, Michigan
sentiment, and Chicago PMI.

In economic news, initial jobless claims
came in at 417K vs. estimates of 390K, durable orders rose 3.3% vs.
expectations of a 1.0% gain, new home sales were at 914K vs. an expected
1050K, and the Help-Wanted Index came in at an expected 40.

The 10-year US Note
is -030 at 116 030.

The dollar is +0.28 at
99.97.

Gold is -3.50 at 350.60.

Crude OilÂ +1.60 at
39.30.

Volume is at 670,721,000
on the NYSE, and at 689,230,000 on the Nasdaq.

Market breadth is positive,
with NYSE advancing issues over declining issues by a ratio of 2.10, and up
volume over down volume by a 3.20 ratio. Nasdaq advancing issues over declining
issues are at 1.33, and up volume over down volume is at a 4.43 ratio.

Top Dow gainers are:

Stocks In The News:

Biotech company Pharmaceutical Resources
(
PRX |
Quote |
Chart |
News |
PowerRating),
+4.69% at 35.91, has beat its fourth-quarter earnings estimates by $0.05 with
profits of $0.56 per share.

Also in the biotech sector, Bioreliance
(
BREL |
Quote |
Chart |
News |
PowerRating),
-15.88% at 16.90, missed its fourth-quarter earnings by $0.04 with profits of
$0.31 per share. And, Biotech company Gilead Sciences
(
GILD |
Quote |
Chart |
News |
PowerRating), +2.41%
at 33.61, had a report in the New England Journal of Medicine about its
drug Hespera effectively treading hepatitis B without the complications of other
drugs.

In the retail sector, Limited Brands
(
LTD |
Quote |
Chart |
News |
PowerRating),
+0.36% at 11.16, beat its fourth-quarter earnings expectations by $0.03 with
profits of $0.67 per share. The company also said it expects 2003 to be
challenging.

Also in the retail biz, Men’s Wearhouse
(
MW |
Quote |
Chart |
News |
PowerRating),
+17.66% at 14.06, shot up after beating its fourth-quarter estimates by $0.04
with profits of $0.50 per share.

Restaurant company Yum Brands
(
YUM |
Quote |
Chart |
News |
PowerRating), +3.01% at
23.29, has backed its first-quarter estimates though said same-store sales were
likely to fall by 5%.

Security company InVision Technologies
(
INVN |
Quote |
Chart |
News |
PowerRating),
+6.88% at 22.52, rallied after the company said it will buy German company Yxlon
International.

Software and programming company Take-Two Interactive
(
TTWO |
Quote |
Chart |
News |
PowerRating), +5.70% at 20.40, beat its first-quarter earnings expectation by
$0.04 with profits of $1.20 per share.

Broadcasting and cable TV company Comcast
(
CMCSK |
Quote |
Chart |
News |
PowerRating),
+5.13% at 26.83, has missed its fourth-quarter earnings expectations by $0.01
with profits of $0.21 per share, though posted a narrower loss on higher revenue
as it guides higher.

Medical equipment maker Cooper Industries
(
COO |
Quote |
Chart |
News |
PowerRating),
+3.74% at 28.30, beat its first-quarter earnings expectations by $0.02 with
profits of $0.44 per share.

danielb@tradingmarkets.com

A Healthy Sign For The Upside

BUY THE FEAR, SELL THE GREED

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