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Charles Schwab & Co., Inc.
Midday Market View(TM) for Wednesday, May 16, 2001 as of 1:00PM EDT Information provided by Standard & Poor's ================================================================ U.S. INDICES (1:00p.m. EDT) ---------------------------------- Market Value Change DJIA 11,024.80 + 151.90 Nasdaq Comp. 2,111.01 + 25.43 S&P 500 1,263.78 + 14.34 ---------------------------------- NYSE Advancing Issues 1,800 NYSE Declining Issues 1,159 NYSE Trading Volume 653 mln NASDAQ Advancing Issues 1,878 NASDAQ Declining Issues 1,681 NASDAQ Trading Volume 1.01 bln ================================== U.S. TREASURIES ---------------------------------- Value Yield Change 1-year bill 3.66% n/a 5-year note 4.97% - 2/32 10-year note 5.48% + 4/32 30-year bond 5.88% + 13/32 The tables above look best when viewed in a fixed-width font, such as "Courier." ================================================================ U.S. TRADING SUMMARY Stocks staged an impressive comeback after a slew of negative earnings reports and preannouncements had the NASDAQ on the ropes in very early trading. Lowered expectations from both Applied Materials and Sprint dominated the market at the open, but a nonthreatening report on consumer prices spurred optimism that the Fed has room to further lower interest rates without igniting inflation. The NASDAQ quickly recouped all of its early losses and surged into the green by more than 1%. Defensive buying in the Dow helped the index push above the psychologically important 11,000 level for the first time since February. ---------------------------------------------------------------- U.S. TREASURY SUMMARY Treasuries were mixed at midday with the bond outperforming on a rebound from yesterday's oversold condition and from a bullish Consumer Price Index report. The long bond was particularly strong as it rebounded from the prior session's loss of more than a point. The Consumer Price Index added to the positive sentiment as its slightly softer numbers alleviated some inflation fears. But the rally in equities has kept the shorter-dated issues under some pressure. Other debt supply has also weighed on the short to intermediate issues, with a number of large deals hitting the market. ---------------------------------------------------------------- CURRENCY SUMMARY The U.S. dollar is little changed from morning levels against the euro and the yen. Indeed, the dollar is trading around the 123.6 yen per dollar level and at about the 0.885 dollar per euro level. The dollar was pushed lower against the euro overnight on concerns over U.S. economic conditions. ---------------------------------------------------------------- MAJOR COMPANY / INDUSTRY NEWS (All prices as of 1:05 p.m. EDT) ** Shares of Krispy Kreme Doughnuts (KREM: 57.49, + 8.09) are surging after the firm reported better-than-expected earnings for its fiscal first quarter and upped estimates for 2002 and 2003. The doughnut chain announced that earnings increased to $5.7 million, or $0.20 per diluted share, versus $3 million, or $0.13 per share, in the same quarter last year. Analysts had expected the company to earn $0.17 per share. Revenues rose to $87.9 million from last year's $70.9 million. Moreover, Krispy Kreme stated that full-year 2002 earnings will hit $0.08 above the current First Call estimate and 2003 earnings will hit $0.14 above the consensus analyst estimate. ** Weak customer sales didn't stop luxury jeweler Tiffany & Co. (TIF: 33.54, - 0.15) from posting rising first-quarter profits and beating Wall Street expectations on an ex-items basis. Tiffany reported earning $30.8 million, or $0.20 per diluted share, versus $30.4 million, or $0.20 per share in the same quarter last year. Wall Street expected the firm to earn $0.18 per share on an ex-items basis. Sales dropped 3% to $336.4 million. However, note that Tiffany's profit from operations was $28.6 million, or $0.19 per share. Such a figure represents a 6% decline in income from the same quarter last year. ** TD Waterhouse Group (TWE: 10.93, - 0.43), the nation's second-largest discount brokerage firm, announced that profits plunged in the fiscal second quarter as investors shied away from both trading and margin borrowing during a rocky period for equities. Waterhouse reported net income of $6.5 million, or $0.02 per share, versus raking in $76.6 million, or $0.20 per share, in the same quarter last year. ---------------------------------------------------------------- RESEARCH SPOTLIGHTS ** ABN Amro upgraded shares of BEA Systems (BEAS: 36.67, + 2.63) from an add to a buy rating. ** Robertson Stephens upgraded shares of Sonic Automotive (SAH: 12.67, + 0.62) from a buy to a strong buy rating. ** Raymond James upgraded shares of Public Storage Inc. (PSA: 26.97, + 0.02) from a market performer 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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