Here’s What’s Moving The Dow Today

April 21, 2003
Daniel Beighley

The
major averages are near unchanged levels midday after price action
sold off from earlier buying pressure. Defensive stocks such as gold and silver
and oil services represent the day’s strength, with drugs also showing a slight
gain after current Dow leader Merck met its earnings. The semiconductor index is
higher after book to bill came in slightly worse than expected, with Xilinx off
its day’s highs after beating its earnings expectations. This is another big
week for earnings with one-third of all S&P 500 stocks scheduled to announce.

In economic news, leading
indicators came in at an expected -0.2%.

The 10-year US Note
is -125 at 113 265.

The dollar is +0.29 at
99.85.

Gold is +4.80 at 332.00.

Crude OilÂ +1.73 at
31.08.

Volume is at 505,926,000
on the NYSE, and at 659,447,000 on the Nasdaq.

Market breadth is positive,
with NYSE advancing issues over declining issues by a ratio of 1.23, and up
volume over down volume by a 1.45 ratio. Nasdaq advancing issues over declining
issues are at 1.05, and up volume over down volume is at a 1.35 ratio.

Strongest in the Dow are:

Stocks in the news:

Conglomerate 3M Company
(
MMM |
Quote |
Chart |
News |
PowerRating), -0.13% at 129.81, has beat its first-quarter earnings expectations by
$0.02 with profits of $1.42 per share.

Drug maker Merck
(
MRK |
Quote |
Chart |
News |
PowerRating),
+2.04% at 57.03, has reported earnings expectations in line with expectations
with profits of $0.76 per share. The company has also guided in line for the
year.

Also in the drug making
business, Bristol Myers
(
BMY |
Quote |
Chart |
News |
PowerRating), +1.91% at 22.96, was given a
positive mention in a Business Week article which said the current stock price
has attractive valuation in relation to revenue potential.

From the chip sector,
Xilinx
(
XLNX |
Quote |
Chart |
News |
PowerRating),
+0.23% at 26.13, has beat its fourth-quarter earnings expectations by $0.01 with
profits of $0.14 per share.

Software maker Oracle
(
ORCL |
Quote |
Chart |
News |
PowerRating), -0.17% at
11.98, is the subject of a negative Wall Street Journal article which questions
the company’s prospects as a growth stock.

Business services company
Automatic Data Processing
(
ADP |
Quote |
Chart |
News |
PowerRating), -2.72% at 31.89, has been downgraded by
CIBC to “sector underperform” from “sector perform”.

Appliance and tool company
Whirlpool
(
WHR |
Quote |
Chart |
News |
PowerRating), +0.71% at 54.06, has lowered its earnings outlook for
the year with new estimates of $5.90-6.10 per share vs. previous estimates of
$6.20-6.40 per share.

Security systems company
InVision
(
INVN |
Quote |
Chart |
News |
PowerRating), -4.67% at 21.43, has been downgraded by Needham to
“hold” from “buy”.

Insurance company First Health Group
(
FHCC |
Quote |
Chart |
News |
PowerRating),
+0.90% at 23.51, was the focus of a positive Business Week article which cites
the stock as having attractive valuation.

Travel services company
Sabre Holdings
(
TSG |
Quote |
Chart |
News |
PowerRating), +7.97% at 19.54, has been upgraded by CIBC to
“sector outperform” from “sector perform”.

Computer printer company
Lexmark
(
LXK |
Quote |
Chart |
News |
PowerRating), +1.01% at 69.89, has beat its first-quarter earnings by
$0.01 with profits of $0.73 per share.

danielb@tradingmarkets.com

Here’s What’s Moving The Dow Today

BUY THE FEAR, SELL THE GREED

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