Here Is Tomorrow’s Market Mover

March 12, 2003
Daniel Beighley

The major indexes posted modest
gains for the day with technology issues leading the charge up from earlier
losses. As we remain in a news-controlled environment, things will heat up again
tomorrow with the UN voting on a new resolution for disarming Iraq. British
Prime Minister Tony Blair has proposed that Saddam Hussein go on TV to swear to
disarmament. Despite today’s gains, market breadth was mostly negative on above
average volume.

In economic news, the trade
balance showed a deficit of $41.1 billion vs. estimates of a $43.5 billion
deficit.

The Ten Year Note
(
TYH3 |
Quote |
Chart |
News |
PowerRating) was -040 at 117 150.

The US dollar
(
DXH3 |
Quote |
Chart |
News |
PowerRating) was +0.11 at 98.19.

Volume was above
average, with the NYSE coming in at 1,518,375,000
and the Nasdaq at 1,503,991,000.

Market breadth was mostly
negative, with NYSE declining issues over advancing issues by a ratio of
1.37, and down volume over up volume by a 1.05 ratio. Nasdaq declining issues
over advancing issues came in at 1.14, and up volume beat down volume by a 1.32
ratio.

The

VIX was +0.91 at 38.99. The

TRIN was -1.05 at 0.75.

Top Dow gainers were:

Stocks in the news:

Auto maker Ford
(
F |
Quote |
Chart |
News |
PowerRating), +7.27% at 7.08, rose as it
was upgraded by UBS Warburg to “neutral” from “reduce” with the belief that
recent sentiment on the stock will reverse.

Chemical manufacturing company PPG Industries
(
PPG |
Quote |
Chart |
News |
PowerRating),
+1.94% at 43.47, was upgraded to “buy” from “neutral.”

Communications equipment maker Harris Corp.
(
HRS |
Quote |
Chart |
News |
PowerRating),
-2.21% at 26.00, was downgraded by CIBC to “sector underperform” to “sector
perform.”

Electric utilities company
Duke Energy
(
DUK |
Quote |
Chart |
News |
PowerRating), +6.76% at 13.25, rallied after announcing it has
lowered its 2003 capital expenditure estimates to $3 billion from $3.2 billion.

Also in the electric utilities
business, TXU Corporation
(
TXU |
Quote |
Chart |
News |
PowerRating), +3.04% at 16.26, was upgraded by
Merrill lynch to “buy” from “neutral.”

Restaurant company and Dow
component McDonald’s
(
MCD |
Quote |
Chart |
News |
PowerRating), -0.72% at 12.38, reported that same store
sales were down 4.7% for February due to a weak economy and cold weather.

Â Networking giant Cisco
Systems
(
CSCO |
Quote |
Chart |
News |
PowerRating), -2.53% at 12.69, said that its fiscal third-quarter
sales will come in at the low end of expectations.

Chip maker Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating),
+4.54% at 14.73, was upgraded by Salomon Smith Barney to “in-line” from “underperform.”

Also in the chip biz, Altera
(
ALTR |
Quote |
Chart |
News |
PowerRating), +7.71% at 12.56, raised its first-quarter earnings guidance to
$0.08 per share vs. previous estimates of $0.07 per share.Â

Drug maker GlaxoSmithKline
(
GSK |
Quote |
Chart |
News |
PowerRating), -1.68% at 32.75, ceased trials for its drug Trizivir after it was proven
to be inferior to other combinations of drugs.

Insurer Aetna
(
AET |
Quote |
Chart |
News |
PowerRating),
+4.02% at 42.88, was upgraded by Goldman Sachs to “outperform” from “in-line.”

Retailer AnnTaylor
(
ANN |
Quote |
Chart |
News |
PowerRating),
-5.86% at 17.65, guided lower for the first-quarter after beating its
fourth-quarter estimates by $0.01.

danielb@tradingmarkets.com

Here Is Tomorrow’s Market Mover

BUY THE FEAR, SELL THE GREED

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