Here’s Where To Look For Support

October 22, 2003
Vincent Mao

The Dow is in triple-digit
declines and could be headed to support at its 20-day moving average at 9605.67.
Meanwhile the Nasdaq is barely holding on to the 1900 psychological support
level. Its next support is also at the 20-day moving average at 1886.91. Bonds
are sharply higher today as stocks pull back from overbought conditions.

No economic news today.

10-year Bonds are +270
at 112 105.

The dollar
is -1.14 at 91.50.

Gold is +5.70 at 387.80.

Crude Oil is -0.09 at
30.23.

Volume is 901,000,000 on
the NYSE, and 991,000,000 on the Nasdaq.

Market breadth is negative,
with NYSE declining issues over advancing issues by 3.28 and down over up
volume by 3.50. Nasdaq declining issues over advancing issues at 3.28, and down
volume over up volume at 2.87.

Top Dow stocks are:

Stocks in the news:

Internet Security Systems

(
ISSX |
Quote |
Chart |
News |
PowerRating) is higher by more than 13% despite reporting a 23% drop in
quarterly earnings. For its third quarter, the network security firm earned 10
cents a share compared to 13 cents a share in the year-ago quarter. Excluding
items, the company earned 12 cents a share which was a penny above expectations.
Revenues slipped 2.9% to $61.8 million. Looking ahead, the company sees revenues
of $61 million to $66 million and earnings between 13 to 17 cents a share.
Analysts on average are looking for 13 cents a share.

Telecommunications giant
Lucent Technologies
(
LU |
Quote |
Chart |
News |
PowerRating) is higher by 4% after the company reported its
first quarterly profit in three years. The company reported fourth-quarter
results of 2 cents a share compared to a loss of 84 cents a share in the
year-ago quarter. Revenues dropped 11% to $2.28 billion.

Internet e-tailing giant
Amazon.com
(
AMZN |
Quote |
Chart |
News |
PowerRating) is trading lower by 6.7% after its latest quarterly
results. Thanks to its new sporting goods department as well as free-shipping
incentives, the company reported earnings of 4 cents a share compared to a loss
of 9 cents a share in the year -go quarter. Excluding charges, the company
earned 11 cents a share or a penny above estimates. Revenues jumped 33% to $1.13
billion, but this was below most optimistic expectations of $1.2 billion.
Looking ahead, the company is forecasting fiscal 2004 revenues of $5.75 billion
to $6.25 billion. Analysts are looking for $6.1 billion.

The world’s largest biotech
company Amgen
(
AMGN |
Quote |
Chart |
News |
PowerRating) is lower by nearly 5% after the company
reported its third-quarter results but narrowed its full-year revenue forecast.
For its third quarter, excluding one-time items, the company earned 53 cents a
share compared to 34 cents a share in the year-ago quarter. The revenues topped
expectations by 2 cents. Looking ahead, the company now sees its full-year
revenues between $7.6 billion to $7.9 billion. Previously, Amgen expected $7.5
billion to $8 billion.