Put This On Your Watch List

January 16, 2003
Daniel Beighley

After
a whipsaw open through positive and negative territory, the major
averages are mixed mid-day, with key economic data being digested. Despite
better-than-expected numbers on jobless claims and the Philly Fed Index, the
market has failed to bring in serious buyers. Meanwhile, the earnings parade
continues without any shockers. After the close today, software titan Microsoft
will announce its earnings, which always poses as potential market mover.

In economic news, initial
claims came in at 360K vs. an expected 395K, core CPI came in at
-0.3% vs. expectations of 0.1%. CPI came in at 0.1% vs. an expected 0.2%.
And the Philadelphia Fed came in at 11.2 vs. an expected 9.0.

The 10-year U.S. Note
is -135 at 112 290.

The Dollar is -0.34 at
101.35.

Gold is +2.70 at 353.80.

Crude Oil is +0.31 at
33.52.

Volume is at 715,895,000
on the NYSE, and at 856,949,000 on the Nasdaq.

Market breadth is mixed,
with NYSE advancing issues over declining issues by a ratio of 1.42, and up
volume over down volume by a 1.20 ratio. Nasdaq declining issues over advancing
issues came are at 1.10, and down volume is over up volume by a 2.44 ratio.

Top Dow gainers are:

Stocks in the news:

Internet portal Yahoo!
(
YHOO |
Quote |
Chart |
News |
PowerRating),
-4.03% at 18.79, beat its fourth-quarter earnings expectations by $0.02 with
profits of $0.08. The company has guided in-line for the full year 2003, though
has been downgraded by CSFB to “underperform” from “neutral” due to valuation.

Biotech firm Genetech
(
DNA |
Quote |
Chart |
News |
PowerRating),
+10.34% at 38.85, met its fourth-quarter earnings estimates, and has reported
stronger sales. The company has been upgraded by Thomas Weisel to “buy” from
“attractive.”.

In the drug-making business,
Abbott Labs
(
ABT |
Quote |
Chart |
News |
PowerRating), +2.58% at 38.93, has missed its fourth-quarter
earnings expectations by $0.01 with profits of $0.55 per share. The company has
also lowered guidance for the full year 2003, IDEC Pharmaceuticals
(
IDPH |
Quote |
Chart |
News |
PowerRating),
+9.25% at 36.51, pre-announced its fourth-quarter earnings $0.04 above
expectations with profits of $0.26 per share, and Forest Labs
(
FRX |
Quote |
Chart |
News |
PowerRating),
-2.56% at 53.25, beat its third-quarter earnings expectations by $0.02with
profits of $0.47 per share.

In the software sector,
Symantec
(
SYMC |
Quote |
Chart |
News |
PowerRating), +2.32% at 47.12, beat its third-quarter earnings
expectations by $0.08 with profits of $0.47 per share.

Money center bank Bank One Corporation
(
ONE |
Quote |
Chart |
News |
PowerRating),
reported that its earnings rose 55% due to credit losses as net charges falling
13%, and non-performing loans falling 7.6%. And, FleetBoston Financial
(
FNF |
Quote |
Chart |
News |
PowerRating),
-1.19% at 34.00, rose after it reported that it made a profit for the year,
recovering from last years losses brought on by Argentina’s crisis.

Air carrier Delta Airlines
(
DAL |
Quote |
Chart |
News |
PowerRating), +0.63% at
12.83, reported a smaller-than-expected loss for the fourth-quarter, as revenues
rose 16%.

Aerospace and defense company Boeing
(
BA |
Quote |
Chart |
News |
PowerRating),
+0.93% at 33.66, rallied on news that it won a $3 billion contract from Virgin
Blue, beating out rival Airbus.

Computer hardware maker Apple
(
AAPL |
Quote |
Chart |
News |
PowerRating), +1.32%
at 14.62, sold off after reporting its second quarterly loss in a row.

danielb@tradingmarkets.com

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