What’s Better Than Gold?

February 5, 2003
Daniel Beighley

The major indexes are positive
midday, as Colin Powell’s testimony to the UN coincided with buying pressure.
Price action opened higher for the day, then sold off to the day’s lows by 10:00
a.m. ET where the current uptrend was established. After making fresh lows on
the open, the US dollar has rebounded and has been pushing higher throughout the
session, while gold has given back some gains.Â

In economic news, ISM Services came in at
54.5 vs. expectations of 56.0.

The 10-year U.S. Note
is -195 at 113 265.

The Dollar is +0.41 at
99.70.

Gold is +1.0 at 380.00.

Crude OilÂ -0.65 at
36.05.

Volume is at 699,169,000
on the NYSE, and at 732,115,000 on the Nasdaq.

Market breadth is positive,
with NYSE advancing issues over declining issues by a ratio of 1.73, and up
volume over down volume by a 2.47 ratio. Nasdaq advancing issues over declining
issues are at 1.23, and up volume over down volume is at a 5.91 ratio.

Leading the Dow are:

Stocks In The News:

Aluminum giant Alcoa
(
AA |
Quote |
Chart |
News |
PowerRating), +3.88% at 20.07, has been upgraded by Prudential to “buy” from “hold.”

Communications services company
Sprint FON
(
FON |
Quote |
Chart |
News |
PowerRating), +4.37% at 12.90, missed its fourth-quarter earnings
expectations by $0.01 with profits of $0.37 per share.

Money center bank U.S.
Bancorp
(
USB |
Quote |
Chart |
News |
PowerRating), -0.62% at 20.87, announced that it is considering selling
its regional brokerage arm, Piper Jaffray, after acquiring it five years ago.

Tire maker Goodyear Tire &
Rubber
(
GT |
Quote |
Chart |
News |
PowerRating), -13.26% at 3.73, said that it will eliminate its quarterly
dividend as it struggles with rising costs and debt.

Specialty engineering company
Illinois Tool Works
(
ITW |
Quote |
Chart |
News |
PowerRating), +1.15% at 61.33, has been upgraded by
Salomon Smith Barney to “outperform” from “underperform.”

Insurance company Fidelity
National
(
FNF |
Quote |
Chart |
News |
PowerRating), -4.01% at 32.31, has been downgraded by Morgan Stanley
to “underweight” from “equal-weight.”

Credit rating agency Moody’s
(
MCO |
Quote |
Chart |
News |
PowerRating), +2.74% at 43.14, has beat its fourth-quarter earnings expectations by
$0.03 with profits of $0.45 per share.

Broadcasting and cable TV
company Emmis Communications
(
EMMS |
Quote |
Chart |
News |
PowerRating), +4.51% at 22.22, has been
upgraded by UBS Warburg to “buy” from “neutral.”

Computer services company
Computer Sciences
(
CSC |
Quote |
Chart |
News |
PowerRating), +7.32% at 33.00, has beat its third-quarter
earnings expectations by $0.01 with profits of $0.61 per share.

Online travel company
Hotels.com
(
ROOM |
Quote |
Chart |
News |
PowerRating), +11.22% at 42.93, missed its fourth-quarter earnings
expectations by $0.01 with profits of $0.37 per share.

Food processing company Hain
Celestial Group
(
HAIN |
Quote |
Chart |
News |
PowerRating), +20.42% at 14.92, beat its second-quarter
earnings expectations by $0.01 with profits of $0.25 per share.

In the biotech sector,
Myriad Genetics
(
MYGN |
Quote |
Chart |
News |
PowerRating), -2.12% at 11.50, was downgraded by Morgan
Stanley to “equal-weight” from “overweight.”

Natural gas company El Paso
Corp.
(
EP |
Quote |
Chart |
News |
PowerRating), -25.00% at 6.00, cut its quarterly dividend by 81% and
reduced its earnings outlook for 2003 to $1.00 per share vs. a consensus of
$1.32.

Casino and gaming company
Harrah’s Entertainment
(
HET |
Quote |
Chart |
News |
PowerRating), -1.76% at 34.58, missed its fourth-quarter
earnings expectations by $0.03 with profits of $0.54 per share.

Retailer Linens’ n Things
(
LIN |
Quote |
Chart |
News |
PowerRating), +2.04% at 24.00, beat its fourth-quarter earnings by $0.03 per share
with profits of $0.90 per share.

danielb@tradingmarkets.com

What’s Better Than Gold?

BUY THE FEAR, SELL THE GREED

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