Two Things Traders Will Be Looking At Today

May 6, 2003
Vincent Mao

Stocks
are moderately higher this midday, the major indices have all taken out
yesterday’s highs. Both the Dow and S&P are up more than 0.75%. Despite a
downgrade on Adobe Systems
(
ADBE |
Quote |
Chart |
News |
PowerRating) and a warning from J.D. Edwards
(
JDEC |
Quote |
Chart |
News |
PowerRating),
the Nasdaq is leading the pack as it is higher by 1.23%. The Nasdaq also has
taken out its December highs and the S&P is just 20 points away from its
December highs. Volume is a little on the light side this time of day as
investors are awaiting the FOMC decision on interest rates which is due out at
2:15 EST. The Fed is expected to leave the fed funds rate unchanged at 1.25%
Investors will also be awaiting the Fed bias on the economy. Bonds are slightly
lower. Networking giant Cisco Systems
(
CSCO |
Quote |
Chart |
News |
PowerRating) is due to report after the
close.

In economic news, the FOMC’s
decision on the direction of interest rates, will be releasted at 2:15 EST.
No change in rates is expected.Â

The 10-year U.S. Note
is -25 at 114 305.

The dollar is -0.47 at
96.53.

Gold is +0.70 at 343.20

Crude Oil -0.68 at 25.81

Volume is 682,000,000 on
the NYSE, and at 984,000,000 on the Nasdaq.

Market breadth is slightly
positive, with NYSE advancing issues over declining issues by a ratio of two
to one, and up volume over down volume by a 2.87 ratio. Nasdaq advancing issues
over declining issues are at 1.64, and up volume over down volume is at a 3.57
ratio.

Top Dow stocks are:

Stocks in the news:

Gillette
(
G |
Quote |
Chart |
News |
PowerRating) reported
first-quarter results that were up 19% from the same period a year ago and also
beat estimates by a penny. The stock was up early in the session, but reversed
and is consolidating near the 20- and 50-day moving averages.

Enterprise software maker
J.D. Edwards
(
JDEC |
Quote |
Chart |
News |
PowerRating) warned that second-quarter results would come in
below expectations. The company is expecting revenues to come in between $200
million to $205 million below estimates of $214 million. J.D. Edwards will
report results on May 29.Â

MBIA Inc.
(
MBI |
Quote |
Chart |
News |
PowerRating)
reported better-than-expected first-quarter results of $1.13 per share vs.
estimates of $1.08 per share.Â Â

Shares of Marvel Enterprises
(
MVL |
Quote |
Chart |
News |
PowerRating) are up over 13% on over four times its average volume. The company
reported first quarter results of $0.57 per share handily topping estimates of
$0.37 per share. The company had recorded a loss of $0.23 per share in same
period a year ago.Â

Insurance giantÂ Metlife
(
MET |
Quote |
Chart |
News |
PowerRating) reported first-quarter results that missed estimates by $0.03.

Online health and medical
information providerÂ WebMD
(
HLTHI |
Quote |
Chart |
News |
PowerRating) is off 15% on more than double
its average volume. The company reported quarterly results of $0.37 per share,
beating estimates of $0.31. However the company also said that results for full
year 2003 could come in at the low end of estimates.Â

vincentm@tradingmarkets.com

Two Things Traders Will Be Looking At Today

BUY THE FEAR, SELL THE GREED

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