This Can Only Be Taken As A Positive

February 25, 2003
Daniel Beighley

After
a lower open and continued selling on the heels of disappointing
economic news, the market staged an impressive rally that brought it into
positive territory at the close. The consumer confidence report released this
morning was at its lowest level in almost 10 years, so it can only be seen as a
good thing when the market shakes it off. Volume put in a good showing compared
to recent action, though was still average.

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 Ten Year Note
(
TYH3 |
Quote |
Chart |
News |
PowerRating) was +060 at 115 285.

The US dollar
(
DXH3 |
Quote |
Chart |
News |
PowerRating) was +0.17 at 99.91.

Volume was average,
with the NYSE coming in at 1,451,882,000 and
the Nasdaq at 1,396,634,000.

Market breadth was positive,
with NYSE advancing issues over declining issues by a ratio of 1.39, and up
volume over down volume by a 1.61 ratio. Nasdaq advancing issues over declining
issues came in at 1.10, and up volume beat down volume by a 1.10 ratio.

The
VIX
was -0.65 at 36.12. The TRIN
was -1.20 at 0.86.

Biggest Dow gainers were:

Stocks in the news:

Retailer American Eagle
Outfitters
(
AEOS |
Quote |
Chart |
News |
PowerRating), -2.62% at 14.86, said that their fourth-quarter
earnings came in at 54 cents a share, or $0.01 ahead of analysts’ expectations.

Broadcasting and cable TV company Clear Channel
Communications
(
CCU |
Quote |
Chart |
News |
PowerRating), +2.25% at 35.38, 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), +2.90% at 25.54, 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), -4.82% at 8.09, 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 turn around.Â

Financial services company H&R Block
(
HRB |
Quote |
Chart |
News |
PowerRating),
+3.52% at 38.51, 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), +0.74% at 32.45, has had coverage initiated on it by RBC
Capital Markets at “underperform.”

Healthcare and facilities company Ameripath
(
PATH |
Quote |
Chart |
News |
PowerRating),
-3.09% at 19.74, 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), +0.41% at 7.32,
has been upgraded by UBS Warburg to “buy” from “neutral.”

Home builder Hovnanian
(
HOV |
Quote |
Chart |
News |
PowerRating), +4.04% at 32.93,
has beat its first-quarter earnings expectations by $0.31 with profits of $1.35
per share.

Retailer Kohl’s
(
KSS |
Quote |
Chart |
News |
PowerRating), +3.00% at 49.34, has had
its price target reduced by CSFB to $45 from $70.

Home improvement retailer Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating), +2.97%
at 22.84, beat its fourth-quarter earnings expectations by $0.03 with profits of
$0.30 per share.

Accessory retailer Coach
(
COH |
Quote |
Chart |
News |
PowerRating), +7.16% at 33.97,
has raised its third-quarter earnings guidance to $0.29 per share from previous
guidance of $0.25 per share.

danielb@tradingmarkets.com

This Can Only Be Taken As A Positive

BUY THE FEAR, SELL THE GREED

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