Volume Could Be Low Today, Here’s Why

March 28, 2003
Daniel Beighley

The
major averages are slightly negative midday, after prices moved
higher from lower opens while briefly testing positive territory. With war in
Iraq dominating speculation, volume is light with many players reluctant to take
positions into the weekend. Defensive issues are strong with gold and bonds in
positive territory.

In economic news, Michigan sentiment was
at 77.6 vs. estimates of 75.0, personal income rose 0.3% vs. estimates of
a 0.2% increase, and personal spending came in at unchanged vs. estimates
of no change.

The 10-year U.S. Note
is +140 at 114 115.

The Dollar is -0.61 at
101.51.

Gold is +3.00 at 331.40.

Crude OilÂ +0.33 at
30.70.

Volume is at
531,617,0000 on the NYSE, and at 678,690,000 on the Nasdaq.

Market breadth is negative,
with NYSE advancing issues over declining issues by a ratio of 1.18, and down
volume over up volume by a 1.15 ratio. Nasdaq declining issues over advancing
issues are at 1.05, and down volume is over up volume by a 1.43 ratio.

Biggest Dow losers are:

Stocks in the news:

Internet infrastructure company
Cisco Systems
(
CSCO |
Quote |
Chart |
News |
PowerRating), -1.84% at 13.25, had its April to July revenue
estimates cut by UBS Warburg in anticipation of weaker sales in February and
March.

Tobacco company Altria
(
MO |
Quote |
Chart |
News |
PowerRating),
-2.19% at 32.57, announced that it will appeal a ruling from the Italian
antitrust authority over misdealing with the Italian state tobacco company.Â Â Â

Broadcasting and cable TV
company EchoStar
(
DISH |
Quote |
Chart |
News |
PowerRating), -0.63% at 29.64, is down in the pre-market
after a Wall Street Journal article reported the company will enter the
residential Internet connection business with SES Global SA.

Trucking company Swift
Transportation
(
SWFT |
Quote |
Chart |
News |
PowerRating), -7.06% at 15.78, has lowered their first-quarter
earnings expectations to $0.07-0.11 vs. a consensus of $0.15.

Metal mining company Inco
Limited
(
N |
Quote |
Chart |
News |
PowerRating), +3.88% at 18.70, has been upgraded by Morgan Stanley to
“overweight” from “equal-weight”.

Media company New York Times
(
NYT |
Quote |
Chart |
News |
PowerRating), -1.13% at 44.29, has issued a profit warning for its first-quarter,
and now expects to earn $0.42-0.45 per share vs. previous estimates of $0.44.

Gold miner Newmont Mining
(
NEM |
Quote |
Chart |
News |
PowerRating), +6.79% at 26.23, has beat its fourth-quarter earnings by $0.02 with
profits of $0.19 per share.

Biotech firm Invitrogen
(
IVGN |
Quote |
Chart |
News |
PowerRating), -1.77% at 31.46, has had coverage initiated on it by Morgan Staley
at “underweight”.

Clothing retailer Jones
Apparel
(
JNY |
Quote |
Chart |
News |
PowerRating), -2.03% at 27.42, has been downgraded by Merrill Lynch to
“neutral” from “buy”.

danielb@tradingmarkets.com

Volume Could Be Low Today, Here’s Why

BUY THE FEAR, SELL THE GREED

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