Busy Week — Here’s What’s On Tap

July 14, 2003
Brice Wightman

No economic news to report but
Fed Chairman Alan Greenspan will give his testimony on the state of the economy
on Tuesday and Wednesday. Both IBM and Microsoft report this week, which is also
options expiration. Most of the major banks report this week, and Intel and
Teradyne report Tuesday.

The 10-year U.S. Note
was -195 at 116 140.

The dollar was +0.24 at
96.37.

Gold was -.60 at 347.20.

Crude Oil -0.09 at
31.19.

Volume is
1,431,091,000
on the NYSE, and 1,976,627,000 on the Nasdaq.

Market breadth was positive, with NYSE advancing issues over declining
issues by a ratio of 2.01, and up volume over down volume by a 4.66 ratio.
Nasdaq advancing issues over declining issues is at 2.01, and up volume over
down volume is at 7.00 ratio.

Top Dow stock(s) were:

Stocks in the news:

American Home Mortgage
(
AMHM |
Quote |
Chart |
News |
PowerRating)
rose after the company announced that it will buy Apex Mortgage
Capital
(
AXM |
Quote |
Chart |
News |
PowerRating) in a $186 million stock deal. Under the terms, Apex
shareholders will receive 0.32 share of American Home Mortgage for each
outstanding share. American Home also raised guidance for both fiscal 03 and 04.
The company now sees fiscal 2003 resulting between $3.95 to $4.05 vs. estimates
of $3.23. For 2004, the company is forecasting earnings between $3.05 to $3.15
versus estimates of $2.56.

Bank of America
(
BAC |
Quote |
Chart |
News |
PowerRating)
gained after the company reported second-quarter results that surpassed
expectations. The company earned $1.80 vs. estimates of $1.57. Earnings jumped
28%. B of A attributed the results from its strong consumer lending and credit
card business.

Cigna
(
CI |
Quote |
Chart |
News |
PowerRating) traded
lower after the company lowered its second quarter and
full year estimates. The company now sees second quarter results between $1 and
$1.15 a share versus analysts estimates of $1.48. For the full year, the company
now sees results between $5 to $5.25 versus analysts estimates of $6.01.

Citigroup
(
C |
Quote |
Chart |
News |
PowerRating) rose after the Dow component reported second-quarter results
that topped estimates. The company reported earnings of 83 cents a share or 3
cents better than consensus estimates. Citigroup also upped its dividend to 35
cents a share from 20 cents a share.

Gilead Sciences
(
GILD |
Quote |
Chart |
News |
PowerRating)
rose after the company lifted its second-quarter sales. Due to
strong sales of its Viread drug, the company now sees sales between $236 to 239
million compared to estimates of $171 million.

Intel
(
INTC |
Quote |
Chart |
News |
PowerRating)
traded up after Merrill Lynch upgraded the semiconductor giant from ”
neutral” to “buy”. Merrill based its upgrade on its expectations of better
margins due to a shift to notebook computers. Intel will report results
tomorrow.

Busy Week — Here’s What’s On Tap

BUY THE FEAR, SELL THE GREED

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