If You Bought This Stock Today, Your Trade May Be Cancelled

Stocks are
trading lower on disappointing data.
US
unemployment rate fell to 5.9%. Non-farm payroll grew by 57,000, much lower
than the expected gain of 150,000. The dollar is trading lower on the
disappointing news. Intel
(
INTC |
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reported strong demand for its
microprocessors, and predicted fourth-quarter revenue would be at the high end
of its previous forecast. Intel also warned of a $600 million charge related to
its wireless communication and computing group. Albertson’s
(
ABS |
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reported a 51% drop in earnings for the third-quarter due to labor disputes in
Southern California. Sales rose by 1.6% to $8.8 billion. The Nasdaq halted
trading temporarily in Corinthian Colleges
(
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PowerRating)
due to
extraordinary trading activity and is canceling all trades in COCO between 10:46
AM and 10:58 AM ET. The company said it knows of no events to account for the
sell-off in its stock.

Dow -37.25 9894.21
S&P 500 -3.65 1066.45
Nasdaq -19.05 1949.28

The day’s leading sectors are
Amex Gold Bugs
(
HUI.X |
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PowerRating)
+2.56%, Gold and Silver [XAU.X|
XAU.X]
+1.76%, Oil Services
(
OSX.X |
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News |
PowerRating)
+1.33%, Utility
(
$UTY.X |
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,
+1.14%.

Weak today are Airlines
[XAL.X|
XAL.X] -2.40%, Semis [SOX.X|SOX.X]
-1.36%.

Economic news releases included
hourly earnings, up 0.1%, nonfarm payrolls, up by 57,000, and an unemployment
rate of 5.9%.

10-year Notes are +290
at 113 060.

The dollar
is -0.41 at 89.22.

Gold is +2.70 at 406.00.

Crude Oil is -0.51 at
30.75.

Volume is 550,000,000 on
the NYSE, and 887,000,000 on the Nasdaq.

Market breadth is mixed.

NYSE Issues
Advancing 1526 Up Vol
221
Declining 1474 Down Vol 258
Ratio 1.04 1.15
Nasdaq
Advancing 1047 Up Vol
252
Declining 1835 Down Vol
453
Ratio 1.81 1.84

Top Dow stocks are:

Caterpillar
(
CAT |
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,
+1.94% at 76.71, SBC Comm [SBC|SBC
],
+1.84% at 24.47, Wal-Mart
(
WMT |
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PowerRating)
,
+0.73% at 53.43, and Home Depot
(
HD |
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, +0.70% at 35.08.

Stocks in the news:

Caterpillar
(
CAT |
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was upgraded by Smith Barney on expectations of improvements in the company’s
power generation, mining equipment and heavy construction equipment
divisions. Analyst Raso expects mining equipment sales to rise 15%-20% in 2004
and full-year earnings to reach $4.58 per share.

JetBlue
(
JBLU |
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PowerRating)
shed
17% as it warned investors of lower fourth-quarter operating margins from rising
capacity in the airline industry. Bear Sterns reduced its estimates for JBLU to
15 cents a share, and Lehman Brothers downgraded the company.

The FDA approved Johnson &
Johnson’s

(
JNJ |
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PowerRating)
Risperdal. Last year, worldwide sales of the
schizophrenia drug reached $2.15 billion.

Cosmetic manufacturer
Elizabeth Arden

(
RDEN |
Quote |
Chart |
News |
PowerRating)
reported higher sales of $321.3 million for the
last quarter, with net income falling to $19.3 million.

Brice
Wightman

bricew@tradingmarkets.com