Put Yourself On The Right Side Of This News

December 19, 2002
Daniel Beighley

At
mid-day the major averages are slightly negative, after a morning
reversal to the upside stalled and crashed. News-wise, broker/dealers surprised
with better-than-expected earnings, though apparently the market isn’t
impressed, as the broker/dealer index
(
$XBD.X |
Quote |
Chart |
News |
PowerRating) trades in negative
territory. End-of-year markups and options expiration may factor into some
unusual volatility for the markets, though fears over conflict with Iraq appear
to be the dominant theme for sentiment.

In economic news, initial
claims came in at 433,000 vs. an expected 401,000, leading indicators
rose 0.7% vs. expectations of 0.6%, and the Philadelphia Fed was at 7.2
vs. an expected 5.0.

The 10-year U.S. Note
is +140 at 103.135.

The Dollar is +0.20 at
104.30.

Gold is +0.39 at 346.60.

Crude Oil is up 0.46 at
30.90.

Volume is at 661,461,000
on the NYSE, and 921,274,000 on the Nasdaq.

Market breadth is negative,
with NYSE declining issues over advancing issues by a ratio of 1.01, and down
volume over up volume by a 1.68 ratio. Nasdaq advancing issues over declining
issues came are at 1.21, and down volume is over up volume by a 2.16 ratio.

Leading the Dow down are:

Stocks in the news:

Also in the broker business,
Prudential
(
PRU |
Quote |
Chart |
News |
PowerRating), +0.56% at 32.18, has been upgraded by Lehman Brothers
to “overweight” from “underweight”.

Personal services company
Cintas Corporation
(
CTAS |
Quote |
Chart |
News |
PowerRating), +1.60% at 46.74, has missed its
second-quarter earnings by $0.01 with profits of $0.37 per share.

Retailer Bed Bath & Beyond
(
BBBY |
Quote |
Chart |
News |
PowerRating), +4.54% at 33.80, beat its third-quarter earnings expectations by
$0.02 with profits of $0.25 per share.

Tobacco company Phillip
Morris
(
MO |
Quote |
Chart |
News |
PowerRating), +0.76% at 40.98, received a favorable ruling from a
California Supreme Court judge who reduced a $28 billion jury award to a lung
cancer victim to $28 million.

Discount store operator
Right Aid
(
RAD |
Quote |
Chart |
News |
PowerRating), +21.10% at 2.64, beat earnings expectations when it
reported a smaller than expected loss due to an increase in its pharmacy same
store sales.

Conglomerate Honeywell
(
HON |
Quote |
Chart |
News |
PowerRating),
+1.26% at 24.00, said that expects to take a charge of $1.9 billion in the
fourth-quarter due to asbestos claims.

Put Yourself On The Right Side Of This News

BUY THE FEAR, SELL THE GREED

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