Big Cholesterol Drug News After The Close

July 9, 2003
Vincent Mao

Stocks were
mixed Wednesday.
Â The Dow was dragged down by Altria
Group’s
(
MO |
Quote |
Chart |
News |
PowerRating) legal and competitive worries. Altria represents 3.38% of
the index. A downgrade on Alcoa
(
AA |
Quote |
Chart |
News |
PowerRating) is also weighing on the index. Cisco CEO
John Chambers said he expected IT spending to recover in the
next two to four months, and new investments by Internet and telecom firms in
the next two to six quarters. This lifted the tech-laden Nasdaq, which closed
barely in the green. Bonds were slightly higher today after a near two-month
low.

In economic news, Wholesale
Inventories in May fell 0.3% vs. an expected gain of 0.2%..

The 10-year U.S. Note
was +070 at 116 110.

The dollar fell -0.30 at
95.89.

Gold was +.70 at 344.60.

Crude Oil +0.04 at
30.92.

Volume is at
1,569,581,000
on the NYSE, and at 2,114,341,000 on the Nasdaq.

Market breadth was mixed, with NYSE declining issues over
advancing issues by a ratio of 1.17, and down volume over up volume by a 1.04
ratio. Nasdaq advancing issues over declining issues is at 1.31, and up volume
over down volume is at 1.86 ratio.

Top Dow stocks were:

Stocks in the news:

After the close, Yahoo!
(
YHOO |
Quote |
Chart |
News |
PowerRating)
announced 2nd quarter earnings of .08 vs. 03 a year ago, and boosted its FY03
outlook.

Halliburton
(
HAL |
Quote |
Chart |
News |
PowerRating)
was higher after a Financial Times report stated that
pending asbestos legislation being considered by the Senate could save the
company $3.5 billion. J.P. Morgan also upgraded the oil giant from “neutral” to
“overweight”.

Helen of Troy
(
HELE |
Quote |
Chart |
News |
PowerRating)
gained after the company reported
better-than-expected first-quarter results. The personal-care products maker
reported income excluding a one-time gain of 42 cents a share vs. estimates of
24 cents a share. The company also raised full-year guidance to $1.75 to $1.80 a
share from its previous forecast of $1.40 to $1.50. In addition, its board of
directors approved a plan to buy back up to 3 million shares.

Movie Gallery
(
MOVI |
Quote |
Chart |
News |
PowerRating)
was higher after the company raised its second-quarter outlook. The movie
rental company now expects earnings of at least 31 cents a share compared to its
previous forecast of 26 to 29 cents a share.

Altria Group
(
MO |
Quote |
Chart |
News |
PowerRating) was
lower on legal and competitive worries. An Illinois appellate panel could
overturn a $12 billion appeal that was favorable to Altria. Also there is
speculation that a potential merger between R.J. Reynolds and British-American
could develop.

Logitech
(
LOGI |
Quote |
Chart |
News |
PowerRating) was
lower on extremely heavy volume after the company warned that its
first-quarter income would be about half of its previous forecast. The company
now sees income coming in between $7 to $8 million compared to $14 million.

If you have any comments or questions, please
feel free to email me.

Vincent Mao

Big Cholesterol Drug News After The Close

BUY THE FEAR, SELL THE GREED

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