Watch For This Key Level

June 2, 2003
Vincent Mao

Stocks
are sharply higher this midday. The major indices are off to a very
positive start, thanks to the better-than-expected ISM numbers. Positive trial
results from several biotech firms and Goldman Sachs raising estimates on
several airline issues including AMR
(
AMR |
Quote |
Chart |
News |
PowerRating) and Continental
(
CAL |
Quote |
Chart |
News |
PowerRating) also
contributed to the rally. All major indices are sharply higher today with the
Dow
(
$INDU |
Quote |
Chart |
News |
PowerRating) showing triple-digit gains and just 3.59 points away from the
9,000 mark. There are no sectors in the red as all sectors including gold is in
the green. Bonds are selling off after the ISM numbers. The dollar is slightly
up after Present Bush’s comments on a strong dollar policy.Â Â

Weak today are None .

In economic news,
Construction Spending in April fell 0.3% vs. an expected gain of 0.2%. This
was the third straight month of declines. ISM Index for May rose to 49.4
from April’s 45.4. This was better than the expected reading of 48.5. However,
this was the third month that the Â index had been under 50. (Readings above 50
indicates expansion.)

The 10-year U.S. Note
isÂ -200 at 118 140

The dollar is +0.8 at
93.39

Gold is +0.80 at 365.60

Crude OilÂ +1.10 at 30.66

Volume is heavy at
795,000,000 on the NYSE, and at 1,294,000,000 on the Nasdaq.

Market breadth is very
positive, with NYSE advancing issues over declining issues by a ratio of
2.87, and up volume over down volume by a 5.95 ratio. Nasdaq advancing issues
over declining issues at 2.01, and up volume over down volume is at a 7.34
ratio.

Top Dow stocks are:

Stocks in the news:

Biovail
(
BVF |
Quote |
Chart |
News |
PowerRating) is
higher by 3% and trading at a new 52-week high. The company purchased the rights
to Ativan and Isordil drugs from Wyeth
(
WYE |
Quote |
Chart |
News |
PowerRating). Ativan is used in the
treatment of anxiety disorders while Isordil is used to prevent angina. Biovail
will pay $130 million for the rights plus payments over three years.Â Â

Genetech
(
DNA |
Quote |
Chart |
News |
PowerRating) is
trading higher by over 10% on double its average volume. The company reported
better than expected results from its colon cancer drug, Avastin. Results from
clinical trials showed a 50% increased in survival rates for patients taking
Avastin plus chemotheraphy.Â

Imclone Systems
(
IMCLE |
Quote |
Chart |
News |
PowerRating)
is higher by 22% on very heavy volume. The shares are on fire today after the
company reported positive results of its experimental cancer drug, Erbitux.Â

Mylan Labs
(
MYL |
Quote |
Chart |
News |
PowerRating) is
higher by 10% after receiving FDA approval for its heartburn drug, Omeprazole.
Omeprazole is the general version of AstraZeneca’s top selling Prilosec.Â

Pixar
(
PIXR |
Quote |
Chart |
News |
PowerRating) is
higher by 3% on heavy volume. The animation company’s film “Finding Nemo”, was
the nation’s topÂ grossing movie over the weekend.Â

Vincent Mao

Watch For This Key Level

BUY THE FEAR, SELL THE GREED

Quick Links

Company Info

Contact

Company Resources