Three Big Earnings Reports Due Tomorrow Morning

September 22, 2003
Brice Wightman

Stocks fell
Monday after a plunge in the dollar.
The US Dollar Index
(
DXZ3 |
Quote |
Chart |
News |
PowerRating) fell to a three-month low. At this past
weekend’s G7 meeting, ministers and central bankers said, “We emphasize that
more flexibility in exchange rates is desirable for major countries or economic
areas to promote smooth and widespread adjustments in the international
financial system, based on market mechanisms.” This seemed to be a signal to
traders to sell the dollar. A weaker dollar may discourage
international investors from putting money in US securities. Also, foreign made
goods will be more expensive to Americans. Bonds fell while gold gained.

John Reed, former Citigroup
Chairman, was named interim NYSE CEO. His salary will be $1.

No economic reports today.

The 10-year U.S. Note
was -140 at 112 035.

The dollar fell 0.96 at
94.00.

Gold was +1.10 at
388.10..

Crude Oil gained 0.10 at
27.19.

Volume is
1,248,442,000 on
the NYSE, and 1,701,685,000 on the Nasdaq.

Market breadth was negative,
with NYSE declining issues over advancing issues by 2.79, and down over up
volume by 4.5; Nasdaq declining issues over advancing issues at 1.93 and down
volume over up volume at 3.62.

Top Dow stocks were:

Stocks in the news:

NPS Pharmaceuticals
(
NPSP |
Quote |
Chart |
News |
PowerRating)
slid nearly 10% after CIBC World Markets downgraded the stock from
“Sector Perform” to “Sector Underperform”. CIBC based the downgrade on the
company’s “PaTH” clinical study.

Communications giant
Motorola
(
MOT |
Quote |
Chart |
News |
PowerRating) gained 9% after the resignation
of CEO Christopher Galvin, after differences with the board. Although Galvin was
credited with returning the company to profitably, he was criticized for being
slow to competitive threats. Merrill Lynch also upgraded the stock from
“Neutral” to “Buy”.

Used car retailer CarMax
(
KMX |
Quote |
Chart |
News |
PowerRating) slid 1.9% after the company guided third-quarter projections
below consensus estimates. CarMax reported second-quarter results of 37 cents a
share compared to 30 cents a share in the year-ago quarter. The results topped
analysts’ estimates by a penny. Revenues jumped 14% to $1.24 billion. However,
the company’s third-quarter projection of between 19 to 21 cents a share is
slightly below consensus forecast of 22 cents a share.

The world’s largest retailer
Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating) lost 1.84% after the company said that September
sales are near the high end of its 3% to 5% projections, however they are still
below August’s levels. Hurricane Isabel did negatively impact 100 of its
stores.

If you have any comments or
questions, please feel free to email me.

Brice Wightman

bricew@tradingmarkets.com

Three Big Earnings Reports Due Tomorrow Morning

BUY THE FEAR, SELL THE GREED

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