Here’s What’s Holding Sentiment

March 4, 2003
Daniel Beighley

The
major averages are under water midday with geopolitical tension
continuing to grab headlines. As the Pentagon sends more troops to the Persian
Gulf, North Korea intercepted a US spy plane, and a terrorist attack occurred in
the Philippines. This is a news-sensitive market, and players continue to feel
reluctant to commit to the long side.

There are no economic releases for the day.

The 10-year US Note
is -0.10 at 116 280.

The dollar is -0.08 at
99.10.

Gold is -2.10 at 347.0.

Crude OilÂ +1.12 at
37.00.

Volume is at 553,981,000
on the NYSE, and at 615,508,000 on the Nasdaq.

Market breadth is negative,
with NYSE declining issues over advancing issues by a ratio of 1.62, and down
volume over up volume by a 4.34 ratio. Nasdaq declining issues over advancing
issues are at 1.53, and down volume is over up volume by a 2.14 ratio.

Dragging the Dow down are:

Stocks In The News:

Broadcasting and cable TV company EchoStar
Communications
(
DISH |
Quote |
Chart |
News |
PowerRating), +6.59% at 27.66, reported that its
fourth-quarter earnings came in $0.62 ahead of expectations, with earnings of
$1.07 per share. Revenue increased 15% from an expanded subscriber base.

Chip maker Xilinx Inc.
(
XLNX |
Quote |
Chart |
News |
PowerRating),
+2.15% at 22.28, announced that it expects fourth-quarter revenue to come in at
the high end of its estimated range of $285 million to $295 million.

Shoe maker Nike
(
NKE |
Quote |
Chart |
News |
PowerRating), -0.94% at
46.24, had its 12-month price target raised by Merrill Lynch to $53 from $51 as
it expects the sales to bottom this month.

Chip maker Fairchild
Semiconductor
(
FCS |
Quote |
Chart |
News |
PowerRating), -4.46% at 7.71, has announced it expects
first-quarter revenue to come in slightly ahead of expectations, though sees
gross margins coming in below expectations.

Drug maker GlaxoSmithKline
(
GSK |
Quote |
Chart |
News |
PowerRating), -2.55% at 34.37, has lost a legal case where a federal judge has
ruled its US patent covering a form of Paxil is valid but not infringed by rival
Apotex Inc.

Retailer Pacific Sunwear
(
PSUN |
Quote |
Chart |
News |
PowerRating), +2.87% at 18.28, has beaten its fourth-quarter earnings
expectations by $0.02 per share with profits of $0.46 per share.

danielb@tradingmarkets.com

Here’s What’s Holding Sentiment

BUY THE FEAR, SELL THE GREED

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