Here’s Today’s Next Market Mover

July 30, 2003
Vincent Mao

Stocks are
lower this midday.Â The major indices are
all currently in the red, but action has been particularly choppy. While both
the Dow and S&P have flip-flopped for most of the session, the Nasdaq continues
to remain slightly in the red. A lowered second-quarter revenue forecast from
Genesis Microchip
(
GNSS |
Quote |
Chart |
News |
PowerRating) as well as lower-than-expected earnings from Cree
(
CREE |
Quote |
Chart |
News |
PowerRating) are weighing on the tech-heavy index, but the Nasdaq Composite is
managing to find support at is 20-day moving average. Bonds are bouncing back
after a four-day slide. The recent sell off in bonds have pushed yields to near
one year highs. The dollar is higher today while gold is selling off.Â

In economic news today, the
Fed Beige Book, will be out at 2 p.m. could liven things up. Tomorrow we
will have Initial Claims, GDP, and the Chicago PMI.Â

The 10-year U.S. Note
is +230 at 112 080.

The dollar is +0.76 at
96.26.

Gold is -6.60 at 357.

Crude Oil +0.06 at
30.30.

Volume is 625,000,000 on
the NYSE, and 801,000,000 on the Nasdaq.

Market breadth is negative,
with NYSE declining issues over advancing issues by a 1.31, and down volume up
volume by 1.48. Nasdaq declining issues over advancing issues at 1.64, and down
volume over up volume at 1.88.

Top Dow stocks are:

Stocks in the news:

Andrx Group
(
ADRX |
Quote |
Chart |
News |
PowerRating)
is higher by 13% on more than double its average volume. The drugmaker reported
second-quarter earnings of 20 cents a share compared to a loss of 42 cents a
share in the year ago period. Its latest results topped consensus estimates by a
penny.Â

Drug research and development
company Charles River Labs
(
CRL |
Quote |
Chart |
News |
PowerRating) is trading higher by 8% after the
company reported second-quarter results that topped analysts’ estimates. Profits
jumped 26% to 42 cents a share from 34 cents in the year-ago period. Excluding
charges, the company earned 43 cents a share, topping consensus estimates of 41
cents a share.Â

J.P. Morgan upgraded financial
media giant Dow Jones
(
DJ |
Quote |
Chart |
News |
PowerRating) from “underweight” to “neutral”. J.P.
Morgan cited a “less demanding valuation and signs of life in the IPO market and
national advertising.”

Telecom equipment maker
Tekelec
(
TKLC |
Quote |
Chart |
News |
PowerRating) is higher by 15% after the company reported
second-quarter income that topped estimates by a penny. The company earned 7
cents a share compared to 11 cents a share in the year-ago quarter. Revenues
fell 7.5%.Â

Women’s apparel and accessories
retailer BeBe Stores
(
BEBE |
Quote |
Chart |
News |
PowerRating) is off by 3% after the company reported
a decrease in its fourth-quarter earnings. In its latest quarter, Bebe earned 13
cents a share compared to 15 cents a share in the year-ago period. However the
results did top estimates by a penny. Looking forward the company is expecting
results between 18 to 21 cents a share or within analysts’ estimates of 21 cents
a share.Â

Semiconductor equipment maker
Cree
(
CREE |
Quote |
Chart |
News |
PowerRating) is lower by 16% after the company missed its
fourth-quarter earnings estimate by a penny. In its latest quarter, Cree earned
15 cents a share compared to a loss of 31 cents a share in the year-ago quarter.
However revenues of $64.1 million were higher than estimates of $63.4 million.
Shares of Cree have been suppressedÂ after the filing of a $3 billion lawsuit
from its former chief executive.Â

Integrated circuit maker
Genesis Microchip
(
GNSS |
Quote |
Chart |
News |
PowerRating) is lower by 20% after the company reported
first-quarter results that topped estimates by a penny. The company earned 4
cents a share compared to a loss of 13 cents a share in the year-ago quarter.
However, the shares are under pressure today as the company sees second-quarter
sales between $44 to $48 million compared to current estimates of $55.7 million.

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

Vincent Mao

vincentm@tradingmarkets.com

Here’s Today’s Next Market Mover

BUY THE FEAR, SELL THE GREED

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