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Charles Schwab & Co., Inc.
Midday Market View(TM) for Wednesday, May 23, 2001 as of 1:00PM EDT Information provided by Standard & Poor's ================================================================ U.S. INDICES (1:00p.m. EDT) ---------------------------------- Market Value Change DJIA 11,168.90 - 88.30 Nasdaq Comp. 2,280.24 - 33.61 S&P 500 1,295.80 - 13.58 ---------------------------------- NYSE Advancing Issues 1,095 NYSE Declining Issues 1,869 NYSE Trading Volume 628 mln NASDAQ Advancing Issues 1,368 NASDAQ Declining Issues 2,261 NASDAQ Trading Volume 1.05 bln ================================== U.S. TREASURIES ---------------------------------- Value Yield Change 1-year bill 3.68% n/a 5-year note 4.95% + 2/32 10-year note 5.41% - 4/32 30-year bond 5.81% - 15/32 The tables above look best when viewed in a fixed-width font, such as "Courier." ================================================================ U.S. TRADING SUMMARY A six-day winning streak is on the canvas after morning trading has left the major U.S. equity indices well in the red. Profit-taking and concerns over Republican Senator James Jeffords' probable defection from his party have hit equities hard. The result of such a defection would be a huge power shakeup within the Senate. Indeed, it would be a large blow to President Bush's and the Republican Party's ability to write and pass legislation. Technology shares, which have been the biggest winners over the past few weeks, were predictably the hardest hit. Semiconductors, along with the biotechnology and the auto sector, have suffered the brunt of investor worry. Defensive sectors were mainly outperforming during Wednesday's session with tobacco, household products and food stocks in the green. ---------------------------------------------------------------- U.S. TREASURY SUMMARY Treasury prices were mixed at midday, as longer-dated issues reversed early gains while shorter-dated issues outperformed. News that Republican turncoat Jeffords may delay his exit speech until Thursday when he returns to Vermont "to be among his people" may have played a role. News that he could disrupt the tax-cut bill saw Treasuries rally this morning, but wires suggest he may be making his cross-over date effective after the Senate vote anyway. Shorter-dated issues have benefited from the broad-based stock slump to outperform longer-term counterparts. ---------------------------------------------------------------- CURRENCY SUMMARY The U.S. dollar has slumped further against the yen, trading to almost the 120 yen level. Meanwhile, the euro has managed to stabilize around the 0.860 dollar level. The main catalyst for the euro's losses was the failure of the European Central Bank to cut interest rates at today's meeting. ---------------------------------------------------------------- MAJOR COMPANY / INDUSTRY NEWS (All prices as of 1:05 p.m. EDT) ** Ford (F: 25.04, - 0.94) is looking to a total of three other tire manufacturers to supply its latest recall of 13 million tires. But while Goodyear Tire & Rubber (GT: 29.63, - 0.77), Michelin, and Continental Tire and Rubber will supply replacement tires, Ford's long-term tire supplier has yet to be named. Ford stated that the latest 13 million tire recall was precautionary and pre-emptive in nature due to the car maker's latest findings that those tires had higher failure rates than competitors'. Ford plans to replace all 15-, 16- and 17-inch Wilderness AT tires on its Explorer and Expedition SUVs along with the Ranger series and some F-150 pickup trucks. ** Aerospace giant Boeing (BA: 66.71, - 1.29) is in talks with Britain's BAE Systems about a joint venture to supply tanker aircraft to the U.S. military, according to the Financial Times. BAE is the world's fourth-largest defense equipment maker and such a merger would push the companies closer together. The market for military tanker aircraft is valued at about $50 billion, and this deal could be worth as much as $19 billion. ** Wachovia Corp. (WB: 65.09, - 0.61) asked hostile suitor SunTrust Banks (STI: 61.28, - 0.56) to kill its unsolicited takeover bid as Wachovia's board decided to continue its planned $13 billion merger with First Union (FTU: 31.50, - 0.20). For its part, SunTrust stated that it will continue its hostile takeover bid and that it shall sue both Wachovia and First Union over an important provision of their planned merger. ---------------------------------------------------------------- RESEARCH SPOTLIGHTS ** Goldman Sachs added Dell Computer (DELL: 27.36, + 1.42) to their recommended list and gave a price target of $32. ** First Union upgraded shares of Clear Channel Communications (CCU: 62.59, - 1.39) from a buy to a strong buy rating. ** A.G. Edwards upgraded shares of Professional Detailing (PDII: 86.45, + 0.37) from a maintain to an accumulate 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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