Where The Money Was Made Tuesday

In economic news, consumer confidence came in at
97.1 vs. the 101.0 expected by market analysts.

Market breadth was positive,
with NYSE advancing issues over declining issues by a ratio of 1.13, and up
volume over down volume by a 1.38 ratio. Nasdaq advancing issues over declining
issues came in at 1.07, and up volume beat down volume by a 1.94 ratio.
The

VIX was up 1.42 at 35.15. The

TRIN was up 0.35 at 0.76.

Above average volume on the NYSE and below average
volume on the Nasdaq had the Dow, the S&P 500, and the Nasdaq trading in
narrow ranges on their 20-day moving averages. The Semiconductor Index
(
$SOX.X |
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PowerRating),
up 2.85%, rallied for the second day in a row, and has come within striking
distance of its 20-day moving average. The Broker/Dealer Index
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PowerRating)
up 0.31%, closed in a “doji” formation just above its 20-day MA.

Biotech company Biogen (BGEN),
up 0.66% at 36.19, announced that its drug developed to fight Crohn’s disease
failed to meet its goals for Phase III testing.

Software and programming company Computer Associates
(
CA |
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PowerRating), up
12.06% at 9.75, announced that it will voluntarily begin to record stock options
rewarded to employees as expenses.

Chip maker Motorola
(
MOT |
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PowerRating), down 0.90% at 11.98, said they expect
their fourth-quarter earnings to come in a penny less than current First Call
estimates, while the third quarter is on track to meet targets.

In the energy sector, Dynegy
(
DYN |
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PowerRating), up 0.45% at 1.74, reported
second-quarter earnings in-line with estimates, though reduced its full-year
outlook due to substantial declines in commodity prices and lower liquidity
levels in the energy business.

Brokerage Merrill Lynch
(
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PowerRating), up 0.68% at 36.50, was in the news
today as a company representative told a Senate Panel that its dealing with
Enron were “appropriate and proper.”

Auto retailer Sonic Automotive (SAH),
down 14.58% at 20.50, beat its second-quarter earnings expectations with profits
of 71 cents per share. The company has also raised its outlook for the rest of
the year.

Oil and gas company Chevron Texaco
(
CVX |
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PowerRating), up 7.91% at 39.82,
missed its second-quarter earnings targets as net charges for special items
totaled $753 million, including a $531 million write-down from the company’s
investment with Dynegy.

Apparel and accessories company Coach (COH),
down 4.85% at 23.52, beat its June-quarter earnings expectations by 1 penny with
profits of 18 cents per share. The company has also raised it outlook for the
year.

Electric utilities company Entergy (ETR),
up 7.91% at 39.82, beat its second-quarter earnings expectations by 4 cents with
profits of  $1.17 per share. The company has also reaffirmed its full-year
outlook.

Also in the electric utilities business, Mirant
(
MIR |
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PowerRating), up 34.69%
at 3.96, posted earnings ahead of analysts expectations, though warned that 2003
will not be as profitable as 2002.

From TM’s proprietary

Implosion List, computer networks company Black Box Corporation
(
BBOX |
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PowerRating),
down 5.92% at 34.80.