When The Number Comes Out, Remember This…

June 25, 2003
Vincent Mao

Stocks
are modestly higher this midday.Â The major indices are putting in a
broad-based rally ahead of the Fed’s decision on interest rates, which is
expected at 2:15 p.m. EST. Stocks are rather lively today ahead of the Fed’s
decision as better-than-expected reports from the housing sector overshadowed a
weak durable goods report. Tech stocks are leading today, thanks to a rebound in
Cisco Systems. Could we see the Fed cut rates for the thirteenth time today?
Remember that what will be more important than the actual rate cut will be the
Fed’s comments on the condition of the economy. Bonds are lower today. Gold is
slightly higher after a three-day pullback.

Weak today are Services
(
$GSV.X |
Quote |
Chart |
News |
PowerRating), -0.54%.

In economic news, the May
Durable Goods fell by 0.3% vs. an expected rise of 1%. This was the second
month of declines.Â Existing Home Sales in May increased by 1.2% to an
annualized rate of 5.95 million ahead of the expected 5.90 million rate. Lastly,
New Home Sales jumped 12.5% to an annualized rate of 1.16 million topping
estimates of 1.04 million. This was the biggest one-month increase since
September 1993.Â

The 10-year U.S. Note
isÂ -005 at 119 075.

The dollar is -0.896 at
93.97.

Gold is +3.20 at 349.90.

Crude Oil +1.04 at
29.82.

Volume is again light
this midday at 613,000,000 on the NYSE, and at 693,000,000 on the Nasdaq.

Market breadth is positive,
with NYSE advancing issues over declining issues by a ratio of 2.10, and up
volume over down volume by a 3.21 ratio. Nasdaq declining issues over advancing
issues at 1.63, and up volume over down volume is at a 4.53 ratio.

Top Dow stocks are:

Stocks in the news:

Amkor Technology
(
AMKR |
Quote |
Chart |
News |
PowerRating)
is higher by10% after Soundview upgraded the stock from “neutral” to
“outperform”. Soundview based the upgrade on the belief that Amkor will beat its
second-quarter estimates. Soundview also raised its target price frpm $9 to
$16.Â Â

ATI Technologies
(
ATYT |
Quote |
Chart |
News |
PowerRating)
is higher by 15% on very heavy volume after reporting better-than-expected
third-quarter results. The computer graphics chip maker reported earnings of 5
cents a share compared to a loss of a penny a share during the same period a
year ago. ATI’s results also topped estimates by a penny.Â

Christopher & Banks
(
CBK |
Quote |
Chart |
News |
PowerRating)
is higher by 11% on heavy volume after the women’s apparel retailer reported
first-quarter results that topped estimates.Â The company reported earnings of
44 cents a share compared to 37 cents a share for the same period a year ago.
The results were 2 cents better than the consensus estimates.Â

Human Genome Sciences
(
HGSI |
Quote |
Chart |
News |
PowerRating)
is higher by 3.5% gave the company clearance to begin testing of its ABthrax
drug. ABthrax is used for the prevention and treatment of anthrax infections.Â

Palm
(
PALM |
Quote |
Chart |
News |
PowerRating) is
higher by 7% on double its average volume after the company reported a
smaller-than-expected fourth-quarter loss. The portable hand-held computer maker
reported a loss of 51 cents a share compared to 95 cents a share during the same
quarter a year ago. Analysts had been expecting a loss of 93 cents a share.Â

Carnival Corp.
(
CCL |
Quote |
Chart |
News |
PowerRating)
is offÂ by 2% on heavy volume after the company missed its second quarter
estimates. The cruise operator reported results of 19 cents a share compared to
33 cents a share for the same quarter a year ago. The results were 3 cents shy
of analyst estimates. The company also warned that third-quarter results would
likely be between 83 to 87 cents a share compared to consensus estimates of 93
cents a share.Â

Verity
(
VRTY |
Quote |
Chart |
News |
PowerRating) is
off 26% on very heavy volume. The company reported fourth-quarter results of 11
cents a share compared to 9 cents a share for the same quarter a year ago. The
results were 2 cents shy of estimates. Verity also warned that due to
challenging global conditions, first-quarter results are likely to be between 3
to 5 cents a share compared to estimates of 11 cents a share.Â

Â vincentm@tradingmarkets.com

When The Number Comes Out, Remember This…

BUY THE FEAR, SELL THE GREED

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