Look For This Market Mover Tomorrow

April 10, 2003
Daniel Beighley

The
major indexes posted gains on the day, as price action held narrow
ranges that overcame early losses by grinding higher into the close. Today’s
trading range was one of the narrowest of the year, which is coming on the heels
of the year’s record made Wednesday. Contracted price ranges can often be the
calm before explosive price ranges. Tomorrow will be a big day as PPI, retail
sales, and the University of Michigan preliminary sentiment number are to be
released. General Electric is also scheduled to announce its quarterly earnings.
The Dow and S&P 500 are trading right at their 20-day moving averages, while
the Nasdaq made its second consecutive close below this mark.

In economic news, initial
claims came in at 405K vs. expectations of 425K, and the trade balance showed
a loss of $40.3 billion vs. expectations a loss of $41.2 billion.

The Ten Year NoteÂ
was -060 at 114 115.

The US dollar was -0.33
at 100.20.

Volume was light,
with the NYSE coming in at 1,220,733,000 and the Nasdaq at 1,243,505,000

Market breadth was positive,
with NYSE advancing issues over declining issues by a ratio of 1.40, and up
volume over down volume by a 1.50 ratio. Nasdaq advancing issues over declining
issues came in at 1.07, and up volume beat down volume by a 2.27 ratio.

The
VIX
was -1.952 at 28.96. The TRIN
was -1.22 at 0.92.

Dow winners were:

Stocks in the news:

Regional bank SunTrust Banks
(
STI |
Quote |
Chart |
News |
PowerRating), +6.82% at
55.08, beat its first-quarter earnings by $0.02 with profits of $1.17 per share.
Profits were up 7.5% from a year ago.

Chip maker Applied Micro
Circuits Corp.
(
AMCC |
Quote |
Chart |
News |
PowerRating), +2.69% at 3.43, said it will eliminate 626 jobs,
or 31% of its work force.

Investment services company
T. Rowe Price
(
TROW |
Quote |
Chart |
News |
PowerRating), -2.08% at 27.27, guided lower for the
first-quarter, and now expects to earn $0.29 per share vs. a consensus of $0.34
per share.

Retailers are active today with
Â JC Penney
(
JCP |
Quote |
Chart |
News |
PowerRating), -4.28% at 18.08, guided lower for the
first-quarter, and now expects to earn $0.18-0.23 per share vs. a consensus of
$0.32. And Talbots
(
TLB |
Quote |
Chart |
News |
PowerRating), +9.35% at 28.40, has guided lower for the
first-quarter, and now expects to earn $0.48-0.51 per share vs. a consensus of
$0.54.

Sears
(
S |
Quote |
Chart |
News |
PowerRating), +5.27% at
26.56, announced that monthly same store sales were down 3.1% which was better
than expected due to a strong home improvement business.

Federated Department Stores
(
FD |
Quote |
Chart |
News |
PowerRating), +2.87% at 28.95, said that same store sales were down 6.5%, though
believes it will meet its first-quarter earnings targets.

Computer services company
GTECH
(
GTK |
Quote |
Chart |
News |
PowerRating), -3.97% at 34.80, beat its fourth-quarter earnings
expectations by $0.10 with profits of $0.72 per share.

Beverage company
Constellation Brands
(
STZ |
Quote |
Chart |
News |
PowerRating), +7.42% at 24.89, beat its fourth-quarter
earnings by $0.03 with profits of $0.44 per share.

Online company Yahoo!
(
YHOO |
Quote |
Chart |
News |
PowerRating),
+6.12% at 24.27, beat its first-quarter earnings expectations by $0.02
with profits of $0.08 per share.

Software company Infosys
(
INFY |
Quote |
Chart |
News |
PowerRating), -32.15% at 40.25, guided lower for 2004, and now expects to see
earnings per share at $1.70-1.73 vs. a consensus of $1.83. The company also said
it expects to meet first-quarter earnings, though partially blames a weak
economy on longer term targets.

Transportation company Expeditors
International
(
EXPD |
Quote |
Chart |
News |
PowerRating), -1.58% at 34.70, was downgraded by JP Morgan to
“neutral” from “overweight”.

Bookseller Barnes and Noble
(
BKS |
Quote |
Chart |
News |
PowerRating), -0.64% at 18.63, guided lower for the first-quarter, and expects a
loss between $0.07-0.11 vs. a consensus of a loss of $0.03.

Healthcare company HCA
Healthcare
(
HCA |
Quote |
Chart |
News |
PowerRating), -5.68% at 35.52, was downgraded by Bank of America to
“neutral” from “buy”.

danielb@tradingmarkets.com

Look For This Market Mover Tomorrow

BUY THE FEAR, SELL THE GREED

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