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Charles Schwab & Co., Inc.
Midday Market View(TM) for Monday, July 30, 2001 as of 1:00PM EDT Information provided by Standard & Poor's ================================================================ U.S. INDICES (1:00 p.m. EDT) ---------------------------------- Market Value Change DJIA 10,402.20 - 14.40 Nasdaq Comp. 2,028.20 - 0.87 S&P 500 1,205.41 - 0.41 ---------------------------------- NYSE Advancing Issues 1,484 NYSE Declining Issues 1,455 NYSE Trading Volume 469 mln NASDAQ Advancing Issues 1,524 NASDAQ Declining Issues 1,936 NASDAQ Trading Volume 718 mln ================================== U.S. TREASURIES ---------------------------------- Value Yield Change 1-year bill 3.44% n/a 5-year note 4.59% unch 10-year note 5.10% - 1/32 30-year bond 5.54% + 3/32 The tables above look best when viewed in a fixed-width font, such as "Courier." ================================================================ U.S. TRADING SUMMARY Dull trading seen this morning continued into midday as the major indices took a rest after last week's barrage of second-quarter earnings reports. Indeed, the averages have taken a breather ahead of important economic data due tomorrow. Additionally, more key data is due throughout the week. On the industry front, semiconductor manufacturers, drug makers and computer software firms were outperforming. However, the electrical equipment, telecom and manufacturing sectors were under pressure. By midday, all the major indices continued to hover around unchanged levels as trading volume remained thinner than usual. ---------------------------------------------------------------- U.S. TREASURY SUMMARY Treasuries fluctuated to either side of unchanged in a compact range trade this morning. Mild softness in stocks was keeping a bid in the yield curve, but volume has been light as few traders are looking to take large positions ahead of key economic data due later in the week. Indeed, personal income and consumer confidence data are on tap for tomorrow, while a key report on manufacturing health is due on Wednesday. Yet, traders will mainly be looking ahead to Friday's critical employment report. By midday, all maturities had moved slightly into the red ---------------------------------------------------------------- CURRENCY SUMMARY The dollar is little changed from morning levels against both the yen and the euro as there has been no market moving information. Most of the excitement came overnight, as the greenback shot higher versus the yen, charging to 125 yen per dollar from around 123.5 yen. At midday, the dollar was trading just above the 125 yen level and around 0.875 dollars per euro. ---------------------------------------------------------------- MAJOR COMPANY / INDUSTRY NEWS (All prices as of 1:05 p.m. EDT) ** Microsoft (MSFT: 66.63, + 1.16) appears to be in a major battle with AOL Time Warner (AOL: 45.56, + 0.42) to prevent it from acquiring AT&T Corp.'s (T: 20.34, - 0.14) cable business, according to the Financial Times of London. The paper reported that the software titan views AOL Time Warner as its first rival in the consumer Internet arena, especially so after Comcast's (CMCSK: 37.55, + 0.58) bid for AT&T Broadband appeared to fail. An acquisition of AT&T Broadband would give AOL control of roughly 40% of the U.S. market and about 29 million subscribers. Microsoft has about $50 billion in cash and cash equivalent investments that it could use to thwart AOL, including encouraging other bidders to out negotiate AOL Time Warner. ** GE Capital, the financial services arm of General Electric (GE: 43.74, - 0.91), has agreed to buy Heller Financial (HF: 52.88, + 16.98) for about $5.3 billion in cash. This represents about a 50% premium for Heller based on the Friday closing price of its stock. GE looks to realize a gain in its core businesses from Heller's equipment leasing and real estate finance operations. The deal is expected to pass regulatory hurdles and would be a victory for GE in light of the firm's busted merger with Honeywell (HON: 37.10, - 0.27) just a month ago. ** Williams Cos. (WCG: 2.16, + 0.16) reported fiscal second-quarter profits that were much higher than what Wall Street expected as oil refining margins improved and natural gas prices surged. The company posted a profit of $339.5 million, or $0.69 per share, versus $351.8 million, or $0.78 per share a year earlier. Analysts expected Williams to earn about $0.54 per share on average. Second-quarter revenues rose to $2.8 billion from $2.3 billion. ** Adobe Systems (ADBE: 41.27, - 1.79) warned Wall Street on Monday that revenues have decreased due to the economic slowdown contributing to slower-than-expected sales. The company expects to meet its profit-per-share estimates, excluding items. The Street expects Adobe to earn $0.28 per share for its upcoming quarter. Adobe is expected to report its results on Sept. 13. ---------------------------------------------------------------- RESEARCH SPOTLIGHTS ** Lazard Freres upgraded shares of P&O Princess Cruises (POC: 21.25, + 0.75) from an outperform to a buy rating. ** Commerzbank upgraded shares of NRG Energy Inc. (NRG: 20.10, - 0.50) from an accumulate to a buy rating. ** Research Capital upgraded shares of Pivotal Corp. (PVTL: 9.69, - 0.56) to a buy rating. ################################################################ Log in using the links below to: Access your account: https://investing.schwab.com/trading/start?SANC=CCBodyi&NeedCASelValue=Y View your Email Alert customization options: https://investing.schwab.com/trading/start?SANC=EAMyAlerts Perform research or request a market quote: https://investing.schwab.com/trading/start?SANC=Quotes Place a trade order: https://investing.schwab.com/trading/start?SANC=TradeStock To visit Schwab's home page, use this link: http://www.schwab.com/ ----------------------------------------------------------------- To unsubscribe or modify your Email Alert customization options, log in using the link below or copy and paste it into your browser's address window: https://investing.schwab.com/trading/start?SANC=EAMyAlerts Now you can receive graphics Email Alerts in HTML format, using helpful, full-color graphics and active Web links that connect you directly to information you want. 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