Not Since 1958…

March 11, 2003
Daniel Beighley

The
major averages are slightly positive midday after early selling had
the Dow and S&P 500 hit new lows for the year. Headlines continue to be
dominated with geopolitical affairs, as the UN deciding to delay a vote on a new
resolution for Iraq. Standing out today, long-term interest rates hit their
lowest level since 1958.

In economic news, wholesale inventories
fell 0.2% vs. an expected gain of 0.2%.

The 10-year US Note
is -010 at 117 250.

The dollar is +0.13 at
98.05.

Gold is -3.90 at 350.90.

Crude OilÂ -0.45 at
36.82.

Volume is at 685,105,000
on the NYSE, and at 651,943,000 on the Nasdaq.

Market breadth is mixed,
with NYSE advancing issues over declining issues by a ratio of 1.06, down volume
over up volume by a 1.03 ratio. Nasdaq advancing issues over declining issues
are at 1.01, and up volume over down volume is at a 1.82 ratio.

Biggest Dow advancers are:

Stocks In The News:

Mobile phone giant Nokia
(
NOK |
Quote |
Chart |
News |
PowerRating), +2.04% at 12.93, said that first-quarter revenue will come in at the
low end of expectations with its networks division posting a loss.

Aerospace company Goodrich
(
GR |
Quote |
Chart |
News |
PowerRating), -2.49% at 13.73, sold off after announcing lowering its earnings
guidance for the year.

Food-processing company
Heinz Co.
(
HNZ |
Quote |
Chart |
News |
PowerRating), +1.46% at 29.87, beat its third-quarter earnings by
$0.02 with profits of $0.54 per share.

Drug maker King
Pharmaceutical
(
KG |
Quote |
Chart |
News |
PowerRating), -22.64% at 12.30, announced that it is being
investigated by the SEC, though is not aware of any specific reasons for it.

In the airline sector, Delta
Airlines
(
DAL |
Quote |
Chart |
News |
PowerRating), -18.82% at 7.03, announced that it expects negative
revenue in the first-quarter due to “depressed consumer demand.”

Education company Sylvan
Learning Systems
(
SLVN |
Quote |
Chart |
News |
PowerRating), +28.26% at 14.66, rallied after the company
said it will now focus only on its post-secondary education, while eliminating
its K-12 business and Sylvan Ventures unit.

Travel reservations company
Sabre Holdings
(
TSG |
Quote |
Chart |
News |
PowerRating), -2.06% at 15.20, has lowered its guidance for the
first-quarter and expects earnings per share to come in at $0.38-0.42 per share
vs. previous estimates of $0.47-0.52 per share.

Home improvement retailer
Sherwin Williams Co.
(
SHW |
Quote |
Chart |
News |
PowerRating), -1.05% at 25.33, has issued an earnings
warning for the first-quarter, and now sees earnings per share at $0.20-0.23 vs.
previous estimates of $0.25.

danielb@tradingmarkets.com

Not Since 1958…

BUY THE FEAR, SELL THE GREED

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