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Charles Schwab & Co., Inc.
Midday Market View(TM) for Thursday, June 7, 2001 as of 1:00PM EDT Information provided by Standard & Poor's ================================================================ U.S. INDICES (1:00p.m. EDT) ---------------------------------- Market Value Change DJIA 11,018.80 - 51.40 Nasdaq Comp. 2,230.80 + 13.07 S&P 500 1,266.72 - 3.31 ---------------------------------- NYSE Advancing Issues 1,319 NYSE Declining Issues 1,605 NYSE Trading Volume 575 mln NASDAQ Advancing Issues 1,682 NASDAQ Declining Issues 1,817 NASDAQ Trading Volume 879 mln ================================== U.S. TREASURIES ---------------------------------- Value Yield Change 1-year bill 3.56% n/a 5-year note 4.84% - 4/32 10-year note 5.30% - 11/32 30-year bond 5.71% - 24/32 The tables above look best when viewed in a fixed-width font, such as "Courier." ================================================================ U.S. TRADING SUMMARY U.S. stocks have reversed direction by midday, as the Dow and S&P 500 fell into the red while the NASDAQ pared its early gain. Early optimism has given way to caution, as investors mull a variety of earnings preannouncements. Intel's impending midquarter financial update, scheduled after the close of today's session, also looms large. This is the first time in its history that Intel will give a midquarter update and some in the market are concerned that the semiconductor behemoth may reduce forecasts for its second quarter. However, shares of Intel are leading the NASDAQ higher, as many in the market remain optimistic that the firm will report good news. Not surprisingly, shares of semiconductor manufacturers are the best-performing issues in the S&P 500 at midday. Banks and financials are the worst-performing issues in the index. ---------------------------------------------------------------- U.S. TREASURY SUMMARY Profit-taking continues in the Treasury markets as all maturities suffer declines. Bullish economic data put a bid in Treasuries earlier this morning after a larger-than-expected rise in initial jobless claims and firmer-than-anticipated wholesale inventory data helped boost the longer-dated issues. Treasuries initially gained on the back of the economic releases, but profit-taking quickly took over. Further, supply added a little additional pressure as corporate issuance was becoming active once again. By midday, all Treasuries were under pressure with longer-dated issues under-performing shorter-dated maturities. ---------------------------------------------------------------- CURRENCY SUMMARY The U.S. dollar has taken a knock after a U.S. trade group responded to U.S. Treasury Secretary Paul O'Neill's strong U.S. dollar reiteration by seeking clarification of this policy and stating that the U.S. should not condone foreign exchange manipulation by trade partners - a swipe at Japan and the European Central Bank "condoning a weak euro." The dollar has fallen to around the 0.850 dollar per euro level and slipped back to around 119.8 yen. ---------------------------------------------------------------- MAJOR COMPANY / INDUSTRY NEWS (All prices as of 1:05 p.m. EDT) ** Cendant Corp. (CD: 17.98, - 0.50) is close to buying Galileo International (GLC: 30.00, + 0.50) for $3 billion in both cash and stock, according to The Wall Street Journal. Cendant is the world's largest travel and hotel franchiser. Galileo is an electronic travel-reservation service. The companies are in the final stages of negotiations, with a deal likely to be announced as early as next week, according to the article. Cendant appears to be offering about $34 per share for Galileo. Cendant owns hotel brands Ramada Inn and Howard Johnson along with car rental service Avis. Cendant confirmed that it is in talks with Galileo, but declined to reveal the terms. ** Toys R Us (TOY: 27.96, - 0.19) is going after Wal-Mart's (WMT: 51.01, + 0.26) and K-Mart's (KM: 10.72, - 0.02) businesses in smaller markets of about 75,000 people by opening abbreviated stores that will sell some products from all three types of Toys R Us' retail establishments. This new store will carry up to five times the number of toys that its competitors keep in stock and feature selections from Toy R Us, Babies R Us and Kids R Us merchandise. ---------------------------------------------------------------- RESEARCH SPOTLIGHTS ** Thomas Weisel Partners upgraded shares of Citrix (CTXS: 28.54, + 0.58) from a market performer to a buy rating. ** Goldman Sachs upgraded shares of Mitchell Energy and Dev Corp. (MND: 52.90, + 0.66) from a trading buy to their recommended list. ** BB&T Capital Markets upgraded shares of Culp Inc. (CFI: 4.09, - 0.07) from a hold to a strong 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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