This Is Today’s Relative Strength…

March 12, 2003
Daniel Beighley

Stocks
are lower midday in another low-volume grind. Price action has held a
steady downtrend for the entire morning, as speculation over a rumor released in
the pre-market that Bin Laden had been captured continues to be the day’s big
news. Meanwhile, the British Parliament has raised the possibility that it might
not participate in a war with Iraq. Market breadth is decidedly negative, though
the often bellwether semiconductors are showing relative strength in slight
positive territory.

In economic news, the trade balance showed
a deficit of $41.1 billion vs. estimates of a $43.5 billion deficit.

The 10-year US Note
is +005 at 117 195.

The dollar is -0.043 at
98.04.

Gold is -3.10 at 347.50.

Crude OilÂ +0.78 at
37.50.

Volume is at 660,593,000
on the NYSE, and at 684,935,000 on the Nasdaq.

Market breadth is negative,
with NYSE declining issues over advancing issues by a ratio of 2.25, and down
volume over up volume by a 3.48 ratio. Nasdaq declining issues over advancing
issues are at 2.06, and down volume is over up volume by a 2.31 ratio.

Leading the Dow down are:

Stocks In The News:

Electric utilities company
Duke Energy
(
DUK |
Quote |
Chart |
News |
PowerRating), +6.06% at 13.162, rallied after announcing it has
lowered its 2003 capital expenditure estimates to $3 billion from $3.2 billion.

Also in the electric utilities
business, TXU Corporation
(
TXU |
Quote |
Chart |
News |
PowerRating), +4.24% at 16.45, was upgraded by
Merrill lynch to “buy” from “neutral.”

Restaurant company and Dow
component McDonald’s
(
MCD |
Quote |
Chart |
News |
PowerRating), -1.44% at 12.29, reported that same-store
sales were down 4.7% for February due to a weak economy and cold weather.

Â Networking giant Cisco
Systems
(
CSCO |
Quote |
Chart |
News |
PowerRating), -3.76% at 12.53, said that its fiscal third-quarter
sales will come in at the low end of expectations.

Chip maker Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating),
+2.82% at 14.49, has been upgraded by Salomon Smith Barney to “in-line” from “underperform.”

Also in the chip biz, Altera
(
ALTR |
Quote |
Chart |
News |
PowerRating), +4.20% at 12.15, has raised its first-quarter earnings guidance to
$0.08 per share vs. previous estimates of $0.07 per share.Â

Drug maker GlaxoSmithKline
(
GSK |
Quote |
Chart |
News |
PowerRating), -2.79% at 32.28, has ceased trials for its drug Trizivir after it was
proven to be inferior to other combinations of drugs.

Insurer Aetna
(
AET |
Quote |
Chart |
News |
PowerRating),
+1.55% at 41.86, has been upgraded by Goldman Sachs to “outperform” from
“in-line.”

Retailer AnnTaylor
(
ANN |
Quote |
Chart |
News |
PowerRating),
-7.84% at 17.28, has guided lower for the first-quarter after beating its
fourth-quarter estimates by $0.01.

danielb@tradingmarkets.com

This Is Today’s Relative Strength…

BUY THE FEAR, SELL THE GREED

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