Here’s How Retail Numbers Are Shaping The Market

March 6, 2003
Daniel Beighley

The
major indexes lost ground this morning as an early rally ran into
selling pressure. Retailers are in the spot light as many companies report same-store
sales for February. So far no major surprises, with the Retail Index
(
$RLX.X |
Quote |
Chart |
News |
PowerRating)
trading slightly down after testing positive territory. Tonight at 8 pm ET,
President Bush will give a press conference where many expect some type of
timetable will be laid down for a potential war with Iraq.

In economic news, initial claims came in
at 430K vs. expectations of 403K, productivity revision was at 0.8% vs.
an estimate of 0.2%, and factory orders were up 2.1% vs. expectations of
1.8%.

The 10-year U.S. Note
is -020 at 117 110.

The dollar is -0.03 at
98.26.

Gold is +2.60 at 355.80.

Crude OilÂ +0.29 at
36.98.

Volume is at 676,692,000
on the NYSE, and at 698,502,000 on the Nasdaq.

Market breadth is negative,
with NYSE declining issues over advancing issues by a ratio of 2.06, and down
volume over up volume by a 3.39 ratio. Nasdaq declining issues over advancing
issues are at 1.94, and down volume is over up volume by a 2.64 ratio.

Biggest Dow losers are:

Stocks In The News:

In the chip sector National
Semiconductor
(
NSM |
Quote |
Chart |
News |
PowerRating), -4.02% at 15.52, reported earnings in line with
estimates, though revenue slightly disappointed.

Chemical manufacturing company Omincom
(
OMN |
Quote |
Chart |
News |
PowerRating), -2.43% at 3.21, has had its 2003 estimates cut by JP Morgan to $3.45
from $3.63 per share.

Food processing company Sysco
Corp.
(
SYY |
Quote |
Chart |
News |
PowerRating), -1.64% at 23.92, is the subject of negative comments in a
Wall Street Journal article which claims the company may face slow growth,
deteriorating fundamentals, and lower prices for its products.

Also in the food-processing
business, Tyson Foods
(
TSN |
Quote |
Chart |
News |
PowerRating), -9.14% at 7.75, lowered its
second-quarter earnings outlook due to difficult operating conditions.

Defense contractor Raytheon
(
RTN |
Quote |
Chart |
News |
PowerRating), -7.51% at 24.89, announced that it will payer higher costs on
divestment made three years ago, and issued a profit warning for 2004.

Clothing retailer Talbots
(
TLB |
Quote |
Chart |
News |
PowerRating), -0.34% at 23.40, has reported same-store sales down 11.7% for
February, and has guided lower for the first-quarter.

Electronics retailer Best
Buy Inc.
(
BBY |
Quote |
Chart |
News |
PowerRating), +1.16% at 26.97, announced that it will meet or exceed
its fourth-quarter estimates as it reports same store sales down 0.2% for
February.

Pet retailer Petco
(
PETC |
Quote |
Chart |
News |
PowerRating),
+2.47% at 17.43, has been upgraded by Lehman Brothers to “overweight”
from “equal-weight.”

danielb@tradingmarkets.com

Here’s How Retail Numbers Are Shaping The Market

BUY THE FEAR, SELL THE GREED

Quick Links

Company Info

Contact

Company Resources