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Charles Schwab & Co., Inc.
Midday Market View(TM) for Friday, June 1, 2001 as of 1:00PM EDT Information provided by Standard & Poor's ================================================================ U.S. INDICES (1:00p.m. EDT) ---------------------------------- Market Value Change DJIA 10,915.10 + 3.20 Nasdaq Comp. 2,135.06 + 24.57 S&P 500 1,256.18 + 0.36 ---------------------------------- NYSE Advancing Issues 1,484 NYSE Declining Issues 1,466 NYSE Trading Volume 521 mln NASDAQ Advancing Issues 1,868 NASDAQ Declining Issues 1,640 NASDAQ Trading Volume 815 mln ================================== U.S. TREASURIES ---------------------------------- Value Yield Change 1-year bill 3.53% n/a 5-year note 4.91% - 1/32 10-year note 5.35% + 5/32 30-year bond 5.70% + 20/32 The tables above look best when viewed in a fixed-width font, such as "Courier." ================================================================ U.S. TRADING SUMMARY The NASDAQ's price action remains something of a conundrum for traders as volatile action has characterized the performance of the tech heavy index. After an initial rally on payroll figures that were not as weak as feared, and a subsequent selloff later in the session on weaker-than-expected manufacturing data, the NASDAQ clawed its way back to its highs of the day. Indeed, bargain hunters continue to support the index by buying on the dips. The gains on the NASDAQ have also helped bring the Dow and S&P 500 off early lows. Sectors outperforming during today's session included the semiconductors, computer software, drugs and healthcare providers. Insurance providers, telephone and electric power companies were the worst-performing sectors. ---------------------------------------------------------------- U.S. TREASURY SUMMARY Treasuries were broadly higher across the board in midday trading. Initially, a stronger-than-expected payroll report weighed on the longer-dated issues, but poor manufacturing data helped the bond turn the corner and rally sharply higher. Subsequent weakness in the stock market was also supportive for Treasuries, though the shorter-dated issues remained constrained by beliefs the Federal Reserve is nevertheless nearing the end of its current interest-rate easing cycle. ---------------------------------------------------------------- CURRENCY SUMMARY The euro failed to breach the 0.850 level, with the common currency now likely to trade within a narrow range for the remainder of the session. Dealers report European selling interest near the highs. The euro was trading around 0.846 dollars per euro by midday, just off session lows. As for the yen, the dollar remains around the 119 yen level. ---------------------------------------------------------------- MAJOR COMPANY / INDUSTRY NEWS (All prices as of 1:05 p.m. EDT) ** General Motors' (GM: 56.75, - 0.15) proposal to buy Daewoo motors of Korea has come under fire from Daewoo's workers union. Five representatives from Korea left for the U.S. to protest the GM bid along with union representatives from the United States. For many years, unions have strongly resisted any selling of key businesses to foreigners due to the fear of mass layoffs at the companies that are taken over. ** Tyco International (TYC: 56.93, - 0.52), a conglomerate that makes a diverse array of items from smoke detectors to medical supplies along with managing a finance business, reported that it plans to sell $2.2 billion in common stock in a public offering to repay current debt. Tyco grows its business through acquisitions of other companies, but servicing the accumulated debt of these purchases can weigh on profits. Tyco will sell 39 million shares, and the offering is scheduled to close on June 6. Lehman Brothers will be the lead underwriter. ** Vivendi (V: 63.48, - 0.32) agreed on Friday to buy educational publisher Houghton Mifflin (HTN: 59.51, + 4.95) for $2.2 billion in cash and debt. The French entertainment conglomerate will offer $60 per share for a 10% premium over Houghton's closing price on Thursday. Houghton Mifflin is the last independent educational publishing firm. Vivendi has been on a buying binge of late as it looks to shore up its global leadership positions at all of its media and content businesses. ---------------------------------------------------------------- RESEARCH SPOTLIGHTS ** Merrill Lynch upgraded shares of Novellus Systems (NVLS: 49.96, + 2.06) from an intermediate-term neutral to an intermediate-term accumulate rating. ** Buckingham Research upgraded shares of Value City Department Stores (VCD: 10.45, + 0.20) to an accumulate rating and gave a $15 price target. ** Morgan Stanley upgraded shares of Watson Pharmaceuticals (WPI: 62.88, + 2.78) to a strong buy rating and gave a $78 price target. ################################################################ 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. Use the link below to log in and change your email format preference: https://investing.schwab.com/trading/start?SANC=EAEditEmailAddr ---------------------------------------------------------------- Notice: All email sent to or from the Charles Schwab corporate email system may be retained, monitored and/or reviewed by Schwab personnel. (1000-8752) Copyright 2001 Standard & Poor's MMS Inc. All rights reserved. Standard & Poor's MMS services are for personal use only. Commercial use or redistribution in any form, print or electronic, is prohibited. Distribution by Quris, Inc.
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