This Stock Was Halted In After-Market Trading

June 27, 2003
Vincent Mao

Stocks
fell Friday, with the Dow
closing just shy of the 9000 mark for the first time in three weeks. The
University of Michigan’s June consumer sentiment index fell to 89.7, which beat
estimates, but was down from May’s 92.1
level. Bonds continued their sell off, and both the dollar and gold were stronger.
According to Trim Tabs, equity funds had outflows of $1.5 billion this past
week, compared with inflows of $5.4 billion the week before.

In economic news, the
Michigan Consumer Sentiment Index for June came in at a reading of 89.7
compared to estimates of 87.2. However, this was the still lower than May’s read
of 92.1. Personal Income in May rose 0.3% as expected.

The 10-year U.S. Note
was -040 at 117 020.

The dollar was +0.10 at
95.07.

Gold was + 0.40 at
345.30

Crude Oil was +0.16 at
29.27.

Volume was
1,234,514,000
on the NYSE, and 1,524,924,000 on the Nasdaq.

Market breadth is mixed,
with NYSE declining issues over advancing issues by a ratio of 1.10, and down
volume over up volume by a 2.18 ratio. Nasdaq declining issues over declining
issues at 1.18, and up volume over down volume is at a 1.60 ratio.

Top Dow stocks were:

Stocks in the news:

Neuberger Berman
(
NEU |
Quote |
Chart |
News |
PowerRating) was halted after the close. Wednesday the
company said it was in talks with Lehman Bros.

Roslyn Bancorp
(
RSLN |
Quote |
Chart |
News |
PowerRating)

agreed to a merger with New York Community
Bancorp. The stock swap deal is valued at approximately $1.6 and will lead to
the creation of the biggest S&L in New York.

Elan
(
ELN |
Quote |
Chart |
News |
PowerRating) slid after Standard & Poor’s lowered the drug maker’s credit rating from B- to
CCC after Elan’s delay in filing its annual report. S&P commented that the delay
could put the company in default.

Eli Lilly
(
LLY |
Quote |
Chart |
News |
PowerRating) was
lower after Merrill Lynch downgraded the stock from “buy” to “neutral”.
Merrill cited valuation concerns and added that they have concerns over sales of
its Zyprexa drug. In addition, Merrill reduced Lilly’s 2004 estimates from $2.98
to $2.92.

Huntington Bancshares
(
HBAN |
Quote |
Chart |
News |
PowerRating)
was lower on heavy volume. The shares are under pressure today after the
company announced that the SEC is launching an investigation into its accounting
practices.

Nike
(
NKE |
Quote |
Chart |
News |
PowerRating) fell 9% on heavy volume after the company reported
worse-than-expected fourth-quarter results. The footwear and apparel maker
reported results of 92 cents a share up from 77 cents a share for the same
quarter a year ago. Nike’s results were a penny shy of consensus estimates.
Merrill Lynch also downgraded the stock from “neutral” to “buy”.

Genentech
(
DNA |
Quote |
Chart |
News |
PowerRating)
gained after the FDA granted the company “Fast Track” status for its
colon cancer drug, Avastin.

The focus Monday will be on
window-dressing, and third-quarter guidance season gets into gear. Finally, next
week is an important cycle period.

Please feel free to contact me
with your suggestions or questions.

Vincent Mao

This Stock Was Halted In After-Market Trading

BUY THE FEAR, SELL THE GREED

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