What Intel Said After The Close…

July 15, 2003
Vincent Mao

Stocks were
down Tuesday.
Retail sales and the Empire State Index came in better than expected
early in the day, setting the tone, but the highs were made early on. Merrill Lynch
(
MER |
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PowerRating),
Johnson & Johnson
(
JNJ |
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PowerRating), and FleetBoston Financial
(
FBF |
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PowerRating) all checked in
with better-than-expected earnings reports. Greenspan is testifyied before the
House Financial Services Committee. The Fed chairman sees growth ahead and
maintains that rates will stay low. Bonds
sold off and are at new two-month lows.

In economic news, the New
York Empire State Index came in at a reading of 22.6, topping expectations
of 20. Retail Sales for June rose 0.5%, besting estimates of a rise of
0.4% and excluding auto sales, retail sales rose by 0.7% compared to an expected
rise of 0.3%. Lastly, the Bank of Tokyo-Mitsubishi U.S. chainstore sales index
rose by 0.9%.

The 10-year U.S. Note
fell -1135 at 115 005.

The dollar was +0.85 at
97 22.

Gold slid -4.80 at 343

Crude Oil fell Â -0.03
at 31.59.

Volume was
1,519,390,000 on
the NYSE, and 1,923,183,000 on the Nasdaq.

Market breadth was negative, with NYSE declining issues over advancing
issues by a ratio of 2.01, and down volume over up volume by a 1.92 ratio. Nasdaq declining issues over advancing issues is 1.22, and down volume over up
volume is 1.51.

Top Dow stock(s) were:

Stocks in the news:

Adtran
(
ADTN |
Quote |
Chart |
News |
PowerRating) fell after the company reported second-quarter income that doubled
from year ago levels. The telecom equipment maker earned 31 cents a share and
topped analyst estimates of 27 cents a share. The company also declared a
quarterly dividend of $0.15 a share and a special dividend of $2 payable August
29.

Altria Group
(
MO |
Quote |
Chart |
News |
PowerRating)
slid after an Illinois court of appeals said that a
judge exceeded his power when he lowered Altria’s bond in their $10.1 billion
appeal.

Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) was lower after the aerospace giant announced that they would take a
second-quarter charge of $1.1 billion or 87 cents a share. The company
attributed the charge to weakness in its satellite business and increasing costs
in its Delta IV program.

Cintas
(
CTAS |
Quote |
Chart |
News |
PowerRating) rose after the uniform company reported fourth-quarter results
of 38 cents a share or flat compared to year ago levels. The company blamed the
results on a sluggish economy, but managed to beat estimates by a penny.

Eaton
(
ETN |
Quote |
Chart |
News |
PowerRating) lost after the company reported second-quarter earnings that be
analysts estimates. Excluding charges, the company earned $1.36 a share or 10%
higher than year ago levels. Eaton also announced that they would raise their
quarter dividend to 48 cents a share.

Forrest Labs
(
FRX |
Quote |
Chart |
News |
PowerRating)
fell after the company reported in line
first-quarter results. The drug maker earned 48 cents a share compared to 33
cents a share during the same period a year ago. However the shares are under
heavy selling pressure after the company warned that they might not meet their
20% growth target.

Merrill Lynch
(
MER |
Quote |
Chart |
News |
PowerRating)
was higher after the company reported second-quarter results that handily
topped estimates. The company reported earnings of $1.05 a share compared to 66
cents a share during the same period a year ago. Merrill attributed the strong
results to renewed activity by retail clients and strong fixed income trading.

What Intel Said After The Close…

BUY THE FEAR, SELL THE GREED

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