After The Close, Here’s Some Positive News

May 20, 2003
Vincent Mao

An increased
terror alert and a new report of Mad Cow disease sent the major
indices down slightly on Tuesday. Better than expected results from retailers Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating) and
Nordstrom
(
JWN |
Quote |
Chart |
News |
PowerRating) inspired pullback buyers. The drug sector was weak again
after yesterday’s Supreme Court ruling that allowed the state of Maine to develop
programs for lower prescription drug prices for the uninsured and poor. Merck
(
MRK |
Quote |
Chart |
News |
PowerRating), Eli Lilly
(
LLY |
Quote |
Chart |
News |
PowerRating) and Bristol-Myers Squibb
(
BMY |
Quote |
Chart |
News |
PowerRating) were all lower. The dollar
was again weak and gold continues to make way into its three-month high. Mad Cow
disease was discovered in Canada and this news sent the indices down mid-day.
The
government raised the terror threat level to “Orange” from “Yellow” in the wake
of terrorist attacks abroad and increased intelligence chatter.

The 10-year US
Note was +175 at 118 235.

The dollar was -0.48 at
93.42.

Gold was +1.7 at 368..

Crude Oil rose .45 at 29.28.

Volume was at heavy at
1,504,508,000 on the NYSE, and at
1,689,703,000 on the Nasdaq.

Market breadth was mixed,
with NYSE advancing issues over declining issues by a ratio of 1.29, and up
volume over down volume by a 1.16 ratio. Nasdaq declining issues were over
advancing
issues at 1.10, and up volume was over down volume at a 1.55 ratio.

Top Dow stocks were:

Stocks in the news:

After the close, Hewlett Packard
(
HPQ |
Quote |
Chart |
News |
PowerRating)
reported .22 for its second quarter versus .13 for the same period last year,
and beating even the most optimistic forecasts.

Agilent Technologies
(
A |
Quote |
Chart |
News |
PowerRating) traded higher
after reporting in line second quarter results. The company
reported a second quarter loss of 31 cents a share vs. a loss of 55 cents a
share in the same period a year ago. Revenue did come in higher than
expected.

Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating) was higher after the home improvement giant reported first quarter results a penny
above estimates. Home Depot reported earnings of 39 cents a share compared to 36
cents a share in the same period a year ago. The company also reaffirmed
full-year results.

Nordstrom
(
JWN |
Quote |
Chart |
News |
PowerRating) traded
higher after the company reported first quarter earnings of 20 cents a
share compared to a loss of 18 cents in the same period a year ago. The company
beat estimates by 6 cents.

Dillard’s
(
DDS |
Quote |
Chart |
News |
PowerRating) traded
lower on double its average volume. Including several one-time charges,
the company reported first quarter results of 29 cents a share or 14 cents below
estimates. Dillard’s blamed the results on the weak retail
environments.

Despite reporting fourth quarter
results in line with estimates, medical device maker Medtronic
(
MDT |
Quote |
Chart |
News |
PowerRating)
was off on heavy volume. The company also reported a 20% jump in
revenues.

href=”mailto:danielb@tradingmarkets.com”>vincentm@tradingmarkets.com

After The Close, Here’s Some Positive News

BUY THE FEAR, SELL THE GREED

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