How Is The Holiday Weekend Affecting Today’s Trading?

May 23, 2003
Vincent Mao

Stocks
are slightly higher this midday. The major indices are all
fractionally higher today ahead of the Memorial Day weekend. Many sectors are
showing green, with the exception of pharmaceuticals
(
DRG.X |
Quote |
Chart |
News |
PowerRating), retail
(
RLX.X |
Quote |
Chart |
News |
PowerRating), and health providers
(
HCX.X |
Quote |
Chart |
News |
PowerRating). Bonds continue their assault
to new highs, thus sending yields on the 10-year note to a 50-year low of 4.24%.
Homebuilder shares are soaring. The Dollar also fell again and broke the $1.18
per Euro level.Â

No economic news today.Â

The 10-year U.S. Note
is +55 at 118 310.

The dollar is -0.56 at
93.15.

Gold is +0.70 at 368.80.

Crude OilÂ +0.50 at
29.35.

Volume is at 634,000,000
on the NYSE, and at 818,000,000 on the Nasdaq.

Market breadth is positive,
with NYSE advancing issues over declining issues by a ratio of 1.81, and up
volume over down volume by a 1.90 ratio. Nasdaq advancing issues are over
declining issues at 1.33, and up volume is over down volume is at a 2.29 ratio.

Top Dow stocks are:

Stocks in the news:

ICN Pharmaceuticals
(
CLE |
Quote |
Chart |
News |
PowerRating) is higher by 8.4% on heavy volume. The Wall Street Journal reported
that the company is planning to take legal action to recoup compensation that
was wrongfully taken by company executives. ICN’s founder, Milan Panic, is among
those targeted.Â Â

Marvell Technology
(
MRVL |
Quote |
Chart |
News |
PowerRating) is higher by 15% on very heavy volume. Excluding charges, the
company reported first quarter results that beat estimates by 2 cents. The
company also sees full-year revenues between $760 to $790 million, compared with
analysts’ estimates of $724 million.Â Â

Autodesk
(
ADSK |
Quote |
Chart |
News |
PowerRating) is
lower by 3.8% on more than double its average volume, however, it is well off
its lows for the day. The software company reported first quarter results of 7
cents a share compared to 15 a share during the same period a year ago. Autodesk
did manage to beat estimates by 2 cents, however, the company also lowered
second quarter estimates to between 7 to 10 cents a share compared to analysts’
estimates of 13 cents a share.Â Â

The Gap
(
GPS |
Quote |
Chart |
News |
PowerRating) is
lower by 2.5%. The company reported that profits surged to 22 cents a share from
just 4 cents a share from the same period a year ago. The Gap also beat
estimates by a penny.Â

Lucent Technologies
(
LU |
Quote |
Chart |
News |
PowerRating) is trading lower by 2.3%. Merrill LynchÂ downgraded the telecom giant
from “buy” to “neutral” after the shares hit their $2.50 price target. After its
recent rally, Merrill sees limited upside potential.

Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating) is
lower by 1%. SG Cowen downgraded the company from “outperform” to “market
perform” based on increasing competition, slow subscriber growth and high
inventories.Â Â

vincentm@tradingmarkets.com

How Is The Holiday Weekend Affecting Today’s Trading?

BUY THE FEAR, SELL THE GREED

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