Here’s What Greenspan Said…

July 15, 2003
Vincent Mao

In economic news, the New
York Empire State Index came in at a reading of 22.6, topping expectations
of 20. Retail Sales for June rose 0.5%, besting estimates ofÂ a rise of
0.4% and excluding auto sales, retail sales rose by 0.7% compared to an expected
rise of 0.3%. Lastly, the Bank of Tokyo-Mitsubishi U.S. chainstore sales index
rose by 0.9%.Â

The 10-year U.S. Note
is -114 at 115.

The dollar is +0.68 at
97 05.

Gold is -6.50 at 341.20.

Crude Oil -0.40 at
31.20.

Volume is 755,000,000 on
the NYSE, and at 1,004,000,000 on the Nasdaq.

Market breadth is negative
on the NYSE and on the Nasdaq, with NYSE declining issues over advancing
issues by a ratio of 1.72, and downÂ volume over up volume by a 1.58 ratio.
Nasdaq declining issues over advancing issues is 1.42, and down volume over up
volume is 1.52.

Top Dow stock(s) are:

Stocks in the news:

AdtranÂ
(
ADTN |
Quote |
Chart |
News |
PowerRating) is
higher by 4.4% after the company reported second-quarter income that doubled
from year ago levels. The telecom equipment maker earned 31 cents a share and
topped analyst estimates of 27 cents a share. The company also declared a
quarterly dividend of $0.15 a share and a special dividend of $2 payable August
29.Â

Altria Group
(
MO |
Quote |
Chart |
News |
PowerRating) is
lower by 5.7% on heavy volume after an Illinois court of appeals said that a
judge exceeded his power when he lowered Altria’s bond in their $10.1 billion
appeal.Â Â

Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) is lower
by 3.8% after the aerospace giant announced that they would take a
second-quarter charge of $1.1 billion or 87 cents a share. The company
attributed the charge to weakness in its satellite business and increasing costs
in its Delta IV program.Â

Cintas
(
CTAS |
Quote |
Chart |
News |
PowerRating) is
trading higher by 3.3% after the uniform company reported fourth-quarter results
of 38 cents a share or flat compared to year ago levels. The company blamed the
results on a sluggish economy, but managed to beat estimates by a penny.Â Â

Eaton
(
ETN |
Quote |
Chart |
News |
PowerRating) is
lower by 3.1% after the company reported second-quarter earnings that be
analysts estimates. Excluding charges, the company earned $1.36 a share or 10%
higher than year ago levels. Eaton also announced that they would raise their
quarter dividend to 48 cents a share.Â

Forrest Labs
(
FRX |
Quote |
Chart |
News |
PowerRating)
is lower by 9.6% on heavy volume after the company reported in line
first-quarter results. The drug maker earned 48 cents a share compared to 33
cents a share during the same period a year ago. However the shares are under
heavy selling pressure after the company warned that they might not meet their
20% growth target.Â

Merrill Lynch
(
MER |
Quote |
Chart |
News |
PowerRating)
is higher by 4.9% after the company reported second-quarter results that handily
topped estimates. The company reported earnings of $1.05 a share compared to 66
cents a share during the same period a year ago. Merrill attributed the strong
results to renewed activity by retail clients and strong fixed income trading.Â

As always, if you have any
comments or questions, please feel free to email me.

Vincent Mao

Here’s What Greenspan Said…

BUY THE FEAR, SELL THE GREED

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