Watch This Sector

July 24, 2003
Vincent Mao

In economic news, Initial
Jobless Claims fell by 29,000 to 386,00. Economists had expected claims to come
in at 415K. It was the first time since the week of February 8 that claims have
been below 400,000.Â

The 10-year U.S. Note
is -185 at 113 030.

The dollar is +0.11 at
95.71.

Gold is +2 at 360.6.

Crude Oil -1.59 at
30.19.

Volume is 794,000,000 on
the NYSE, and 993,000,000 on the Nasdaq.

Market breadth is positive,
with NYSE advancing issues over declining issues by 1.73, and up volume over
down volume by 1.76. Nasdaq advancing issues over declining issues is 1.54, and
up volume over down volume is 1.66.

Top Dow stock(s) are:

Stocks in the news:

Despite reporting
better-than-expected second quarter earnings and revenues, AFLAC
(
AFL |
Quote |
Chart |
News |
PowerRating)
is trading lower by 3% today. For the second quarter, the company earned 40
cents a share compared to 40 cents a share during the same period a year ago.
The results topped analysts’ estimates by 3 cents. Revenues of $2.9 billion also
topped estimates of $2.8 billion.Â

AT&T
(
T |
Quote |
Chart |
News |
PowerRating) is higher by
6.4% after the Dow component reported second-quarter results that easily topped
estimates. Ma Bell earned 68 cents a share compared to a loss a year ago.
Analysts had expected the company to earn 53 cents a share. The company also
announced that it would raise its quarterly dividend by 5 cents. In addition,
the company announced plans to buy back up to $2 billion in debt.Â

Biotech giant Biogen
(
BGEN |
Quote |
Chart |
News |
PowerRating)
reported second-quarter results of 38 cents a share compared to 29 cents during
the year-ago quarter. The results topped expectations by 2 cents. Biogen also
reaffirmed full-year estimates of $1.72 to $1.85. However the shares are under
pressure today after results of a Phase III trial of its Crohn’s disease drug,
Antegren, did not meet expectations.Â

Shares of chip maker Cirrus
Logic
(
CRUS |
Quote |
Chart |
News |
PowerRating) is trading lower by 6% after the company posted a
wider-than-expected first-quarter loss. Cirrus reported a loss of 29 cents a
share compared to a loss of 19 cents a share in the year-ago quarter. Analysts
had been looking for a loss of 14 cents a share.Â

Shares of Citrix Systems
(
CTXS |
Quote |
Chart |
News |
PowerRating) are lower by more than 18% after the company reported second-quarter
results excluding items of 18 cents a share compared to 7 cents a share in the
year-ago quarter. The results were a penny better than consensus estimates.
However the company also warned that third-quarter results could come in below
estimates. Citrix is expecting to post third-quarter results between 15 to 17
cents a share compared to analysts’ estimates of 17 cents a share.Â

Computer Associates
(
CA |
Quote |
Chart |
News |
PowerRating)
is trading higher by almost 14% after the company unexpectedly returned to
profitability in its latest quarter. The company reported first-quarter results
of 2 cents a share compared to a loss of 11 cents a share in the year-ago
quarter. Excluding charges, the company earned 14 cents a share, beating
estimates of 9 cents a share.Â

Video game maker Electronic
Erts
(
ERTS |
Quote |
Chart |
News |
PowerRating) are higher by 8.5% after the company reported a 148% jump
in quarterly profits. Due to strong sales of titles such as “NBA Street Vol. 2”
and Def Jam Vendetta, the company earned 12 cents a share compared to 5 cents a
share in the year-ago quarter. The company also raised second-quarter guidance
to between 35 to 42 cents a share compared to consensus estimates of 40 cents a
share.Â

Homebuilder Pulte Homes
(
PHM |
Quote |
Chart |
News |
PowerRating) is trading higher by 4.5% after the company reported
better-than-expected second-quarter results and raised full-year guidance. For
the second quarter, the company earned $1.95 a share compared to $1.45 in the
year ago quarter. The company also raised full year projections to $9 to $9.25
from $8.37.Â

If you have any comments or
questions, please feel free to email me.

Vincent Mao

vincentm@tradingmarkets.com

Watch This Sector

BUY THE FEAR, SELL THE GREED

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