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Charles Schwab & Co., Inc.
Midday Market View(TM) for Wednesday, June 6, 2001 as of 1:00PM EDT Information provided by Standard & Poor's ================================================================ U.S. INDICES (1:00p.m. EDT) ---------------------------------- Market Value Change DJIA 11,106.60 - 69.20 Nasdaq Comp. 2,224.52 - 9.14 S&P 500 1,274.18 - 9.39 ---------------------------------- NYSE Advancing Issues 1,158 NYSE Declining Issues 1,756 NYSE Trading Volume 567 mln NASDAQ Advancing Issues 1,406 NASDAQ Declining Issues 2,134 NASDAQ Trading Volume 1.05 bln ================================== U.S. TREASURIES ---------------------------------- Value Yield Change 1-year bill 3.55% n/a 5-year note 4.83% - 3/32 10-year note 5.27% unch 30-year bond 5.65% + 3/32 The tables above look best when viewed in a fixed-width font, such as "Courier." ================================================================ U.S. TRADING SUMMARY Stocks vacillated this morning around unchanged levels before falling into negative territory. An earnings warning from Hewlett-Packard took the wind out of buyers' sails as the NASDAQ quickly headed south. Both the Dow and S&P 500, weak from the start of the session, erased almost all of their gains from Tuesday as they extended their losses. Traders continued to worry about the health of the economy and decided that taking profits after the recent stock market run-up was the better choice. ---------------------------------------------------------------- U.S. TREASURY SUMMARY Almost all maturities of Treasuries were lower at midday. However, stock market weakness has provided some support. The profit-taking began in the overnight session in Asia and continued through this morning's open in the U.S. Economic data remained nonexistent, so traders were forced to rely on vacillations in the equity market and technical analysts to help guide them through the illiquid session. By midday, shorter- and middle-dated issues were in the red while longer-dated issues managed to climb out of negative territory. ---------------------------------------------------------------- CURRENCY SUMMARY The British pound sterling has led the way to across-the-board dollar gains. Worries that a re-elected Labour government would make an early push for European Monetary Union entry has provided the catalyst for sterling selling. A report in the U.K. Independent that Labour would push for an early referendum, later denied by Prime Minister Tony Blair, helped fuel the panic sterling selling, which spilled over into other European currencies. Moreover, worries over upcoming European data and ongoing European Central Bank policy credibility issues have also weighed on the euro, pushing the common currency to session lows versus the dollar. Meanwhile, the dollar is holding firm just above 120 yen. ---------------------------------------------------------------- MAJOR COMPANY / INDUSTRY NEWS (All prices as of 1:05 p.m. EDT) ** Hewlett-Packard (HWP: 28.97, - 1.08) announced that sales in its latest fiscal quarter may be weaker than the company anticipated. Hewlett-Packard stated that slow corporate spending had spread beyond the United States and Europe and now is a threat to the firm's sales in Latin America and Asia. Further cost-cutting measures will be put into effect, but the tech giant did not give details. ** British Airways (BAB: 53.00, - 1.05) and AMR Corp.'s (AMR: 38.15, - 0.01) American Airlines have restarted talks in order to revive their previous discussions about a joint venture, according to the Financial Times. To determine what conditions could be imposed on the duo, the two have begun speaking with regulators in Brussels, London and Washington. Both airlines are looking to gain approval for the venture in order to share revenues and profits on transatlantic services. Original talks began five years ago for the same type of venture, but the plans were shelved when both airlines were unwilling to give up 300 highly prized takeoff and landing spots at London's Heathrow airport. ** Newport News Shipbuilding (NNS: 64.00, - 0.34) announced that it has reaffirmed its backing of General Dynamics' (GD: 78.13, - 1.99) takeover bid. General Dynamics and Newport News officials are expected to meet with the Justice Department and Pentagon officials today in order to discuss details of the potential merger. Newport News said that General Dynamics' bid offers better value than the unsolicited bid by Northrop Grumman (NOC: 89.59, - 0.65). ** Circuit City Stores (CC: 15.54, - 0.27) now expects a profit instead of a loss in the fiscal first quarter due to strong revenues from its CarMax Auto Group (KMX: 15.19, - 1.26). The electronics chain stated that it should post a profit of $0.04 per share, which is a welcome deviation from the $0.03 per share loss most analysts had expected. ---------------------------------------------------------------- RESEARCH SPOTLIGHTS ** Lehman Brothers upgraded shares of Procter & Gamble (PG: 65.44, + 1.36) from a market performer to a buy rating. ** Wells Fargo Van Kasper upgraded shares of Sycamore Networks (SCMR: 11.30, - 0.25) from a buy to a strong buy rating. ** Goldman Sachs upgraded USX-U.S. Steel Group (X: 21.00, - 0.74) from a market under-performer to a market performer 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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