These Two Things Are Keeping Us Down Today

February 25, 2003
Daniel Beighley

Stocks
opened lower this morning on the heels of a North Korean missile test
that spooked foreign markets, then were taken down another notch after consumer
confidence disappointed. Price action staged a reflex rally off the lows of the
day, though at midday trades in the middle of its range. A potential retest of
the October lows is once again a hot topic among traders.

In economic news, consumer confidence
disappointed with a 64.0 reading vs. an expected 77.0, and existing home
sales came in at 6.09 million vs. an expected 5.80 million.

The 10-year US Note
is +115 at 116 020.

The dollar is +0.03 at
99.77.

Gold is -2.20 at 354.10.

Crude OilÂ +0.22 at
36.70.

Volume is at 698,593,000
on the NYSE, and at 670,766,000 on the Nasdaq.

Market breadth is negative,
with NYSE declining issues over advancing issues by a ratio of 1.97, and down
volume over up volume by a 4.68 ratio. Nasdaq declining issues over advancing
issues are at 2.05, and down volume is over up volume by a 7.12 ratio.

Biggest Dow losers are:

Stocks In The News:

Broadcasting and cable TV company Clear Channel
Communications
(
CCU |
Quote |
Chart |
News |
PowerRating), +0.21% at 34.67, sold off after beating its
fourth-quarter earnings expectations by $0.03 with profits of $0.30 per share.

Operator of Macy’s and Bloomingdale’s, Federated
Department Stores
(
FD |
Quote |
Chart |
News |
PowerRating), +0.56% at 24.96, posted earnings $0.04 ahead of
expectations with profits of $1.99 per share.

Natural gas company El Paso Energy
(
EP |
Quote |
Chart |
News |
PowerRating), +9.89%
at 5.00, announced that it will sell its Mid-Continent natural gas and oil
reserves to Chesapeake Energy
(
CHK |
Quote |
Chart |
News |
PowerRating), , for $500 million. El Paso said
it intends to raise $2.9 billion from sales of its non-core business and lower
its dividend payments in an effort to turnaround.Â

Financial services company H&R Block
(
HRB |
Quote |
Chart |
News |
PowerRating),
+0.30% at 37.31, said its profits have quadrupled from a year ago with earnings
up 31%.

Scientific and technical instrument company Beckman
Coulter
(
BEC |
Quote |
Chart |
News |
PowerRating), -1.55% at 31.71, has had coverage initiated on it by RBC
Capital Markets at “underperform.”

Healthcare and facilities company Ameripath
(
PATH |
Quote |
Chart |
News |
PowerRating),
-4.47% at 19.46, has missed its fourth-quarter earnings expectations by $0.07
with profits of $0.32 per share.

Software maker Verisign
(
VRSN |
Quote |
Chart |
News |
PowerRating), -3.16% at 7.06,
has been upgraded by UBS Warburg to “buy” from “neutral.”

Home builder Hovnanian
(
HOV |
Quote |
Chart |
News |
PowerRating), +1.01% at 31.97,
beat its first-quarter earnings expectations by $0.31 with profits of $1.35 per
share.

Retailer Kohl’s
(
KSS |
Quote |
Chart |
News |
PowerRating), +2.15% at 48.93, has had
its price target reduced by CSFB to $45 from $70.

Home improvement retailer Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating), -1.31%
at 21.89, beat its fourth-quarter earnings expectations by $0.03 with profits of
$0.30 per share.

Accessory retailer Coach
(
COH |
Quote |
Chart |
News |
PowerRating), +2.08% at 32.36,
has raised its third-quarter earnings guidance to $0.29 per share from previous
guidance of $0.25 per share.

danielb@tradingmarkets.com

These Two Things Are Keeping Us Down Today

BUY THE FEAR, SELL THE GREED

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