Here’s How The Market’s Handling War News

March 24, 2003
Daniel Beighley

Bears took control for the session
as ongoing conflict in Iraq maintained its news dominance. Many traders now find
themselves in the difficult position of gauging progress in the war, as military
analysts lay out the objectives. Speculation has now turned to how long the war
will last, and what will bring clarity for victory. Markets hate uncertainty, so
it is hoped by many that the conflict is resolved quickly.

There were no sectors positive
at the close.

There were no economic releases for the day.

The Ten Year Note
(
TYM3 |
Quote |
Chart |
News |
PowerRating) was +270 at 113 160.

The US dollar
(
DXM3 |
Quote |
Chart |
News |
PowerRating) was -1.02 at 101.43.

Volume was at
1,261,968,000 on the NYSE, and
1,325,372,000 on the Nasdaq.

Market breadth was negative,
with NYSE declining issues over advancing issues by a ratio of 3.66, and down
volume over up volume by a 17.27 ratio. Nasdaq declining issues over advancing
issues came in at 3.07, and down volume beat up volume by a 10.38 ratio.

Leading the Dow down were:

Stocks in the news:

Hotel company Starwood
Hotels
(
HOT |
Quote |
Chart |
News |
PowerRating), -10.03% at 24.11, lowered its profit forecast for the rest
of the year due to “significant deterioration” brought on by conflict in Iraq.

Drug retailer giant
Walgreen’s
(
WAG |
Quote |
Chart |
News |
PowerRating), -4.14% at 30.50, announced that fiscal second-quarter
earnings came in at an expected 14% gain, though revenue slightly disappointed
with 13% growth.

Discount retail giant
Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating), -3.93% at 52.52, said that it expects earnings to come
in as expected, and sales have not been hindered by action in Iraq.

Oil and gas company Chevron
Texaco
(
CVX |
Quote |
Chart |
News |
PowerRating), -1.54% at 64.98, has evacuated and closed down its
operations in Nigeria due to ongoing fighting in the country that has taken many
lives.

Oil and gas company BP
(
BP |
Quote |
Chart |
News |
PowerRating),
-2.19% at 39.15, has been downgraded by CSFB to “neutral” from “outperform.”

Fabricated product maker
Timkin
(
TKR |
Quote |
Chart |
News |
PowerRating), -1.82% at 16.15, has had coverage initiated on it by
Timken at “overweight.”

Communications equipment maker
LM Ericsson
(
ERICY |
Quote |
Chart |
News |
PowerRating), -6.76% at 6.89, has been upgraded by Piper
Jaffray to “outperform” from “market perform.”

Communications services company
Verizon Communications
(
VZ |
Quote |
Chart |
News |
PowerRating), -4.47% at 35.85, was the focus of
positive comments in Barron’s over the weekend.

Aerospace and defense company
Alliant Tech
(
ATK |
Quote |
Chart |
News |
PowerRating), +2.80% at 50.27, was the focus of positive
comments in a New York Times article that cited the company as well
positioned to benefit from military activity.

Software company Symantec
(
SYMC |
Quote |
Chart |
News |
PowerRating), -8.15% at 39.09, has been downgraded by Piper Jaffray to “underperform”
from “market perform.”

Tobacco company Altria Group
(
MO |
Quote |
Chart |
News |
PowerRating), -4.13% at 33.59, has been ordered by an Illinois state judge to pay
$10.1 billion for deceptive advertising practices.

danielb@tradingmarkets.com

Here’s How The Market’s Handling War News

BUY THE FEAR, SELL THE GREED

Quick Links

Company Info

Contact

Company Resources