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Charles Schwab & Co., Inc.
Midday Market View(TM) for Tuesday, June 5, 2001 as of 1:00PM EDT Information provided by Standard & Poor's ================================================================ U.S. INDICES (1:00p.m. EDT) ---------------------------------- Market Value Change DJIA 11,148.70 + 87.20 Nasdaq Comp. 2,225.17 + 69.24 S&P 500 1,280.06 + 12.95 ---------------------------------- NYSE Advancing Issues 1,829 NYSE Declining Issues 1,141 NYSE Trading Volume 616 mln NASDAQ Advancing Issues 2,247 NASDAQ Declining Issues 1,275 NASDAQ Trading Volume 993 mln ================================== U.S. TREASURIES ---------------------------------- Value Yield Change 1-year bill 3.57% n/a 5-year note 4.85% + 8/32 10-year note 5.30% + 10/32 30-year bond 5.65% + 15/32 The tables above look best when viewed in a fixed-width font, such as "Courier." ================================================================ U.S. TRADING SUMMARY Technology stocks continue to gain steam from this morning's rally, which was triggered after a duo of tech companies, Xilinx and Comverse Technology, boosted hopes that the bad news on technology spending may be coming to an end. This helped bolster investor confidence despite the weak economic data that was released this morning. Semiconductors, networkers and software stocks all powered the NASDAQ higher for an almost 3% gain. General market sectors bucking the upward trend were mostly defensive in nature and included electricity, natural gas and tobacco shares. While it took them a little while longer to join the tech party, both the Dow and S&P 500 crept higher throughout the morning. ---------------------------------------------------------------- U.S. TREASURY SUMMARY Treasuries were enjoying another day in the green at midday as a bout of weak economic data helped all maturities rally and mostly ignore the gains in the stock market. Trading remained thin and lackluster as typical summer doldrums continued to thwart liquidity. Shorter-dated issues received a boost from the Federal Reserve's purchase of Treasury bills. Longer-dated issues have been cheered from weakness in the factory orders report and data on the non-manufacturing sector. ---------------------------------------------------------------- CURRENCY SUMMARY The euro has managed to recover to around the 0.850 dollar level, with dealers reporting a U.S.-based fund behind the move higher. While it may be a bit premature, currency intervention tends to work better when it goes along with the market. As such, today's bounce from cycle lows could give the European Central Bank the latitude to intervene and boost the value of the euro. The dollar is little changed versus the yen when compared with morning levels. The pair is trading at about 120.3 yen. ---------------------------------------------------------------- MAJOR COMPANY / INDUSTRY NEWS (All prices as of 1:05 p.m. EDT) ** Lucent Technologies (LU: 8.62, + 0.62), which recently spurned a takeover offer from Alcatel (ALA: 26.15, + 0.77), plans to speed up cost-cutting measures. However, specifics of the cost-cutting plan were not revealed. Henry Schacht, the firm's chief executive and chairman, also said that Lucent does not plan to go after other merger possibilities. In his comments at an industry trade show, he reaffirmed fiscal guidance for the fiscal third quarter, saying that the firm should see a modest revenue improvement compared with the second quarter. ** Nortel Networks (NT: 13.73, - 0.25) will link with software titan Microsoft (MSFT: 72.30, + 1.52) in order to combine technologies and bring such broad-ranging services as e-mail and supply-chain management to phone carriers that can then sell the Internet-related services. The blending of technologies is designed to streamline data center operations and has been in advanced testing and joint research for about 12 months. Such testing was implemented in order to ensure product compatibility. ** Blockbuster (BBI: 21.52, - 0.29), the largest video-rental chain in the world, is offering to settle lawsuits that stemmed from customers paying inflated fees for overdue video rentals with the company unfairly profiting as a result. The offer to settle 23 class-action lawsuits entails Blockbuster offering both refunds and certificates for free video rentals as well as $1 off coupons for non-food items. Given the time and money required to defend the lawsuits, Blockbuster decided to settle the cases. ** General Mills (GIS: 42.83, + 0.03), maker of such breakfast staples as Wheaties, Total and Cheerios, is increasing its prices by an average of 2%. The price hike will amount to about $0.06 or $0.07 a box and is the result of higher energy, ingredient and packaging costs. General Mills last increased prices in April 1999, when the company hiked prices by 2.5%. ---------------------------------------------------------------- RESEARCH SPOTLIGHTS ** Goldman Sachs upgraded shares of SAP AG (SAP: 37.46, + 0.96) from a market outperformer rating to their European recommended list. ** Lehman Brothers upgraded shares of J.C. Penney (JCP: 22.77, + 2.09) from a buy to a strong buy rating. ** Needham & Co. upgraded shares of Sypris Solutions (SYPR: 7.29, - 0.93) from a hold 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. 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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