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Charles Schwab & Co., Inc.
Email Alert Midday Market View(TM) for Tuesday, November 20, 2001 as of 12:30PM EST Information provided by Schwab Center for Investment Research and Bridge U.S. INDICES (12:30 p.m. EST) ---------------------------------- Market Value Change DJIA 9,902.07 - 74.39 Nasdaq Comp. 1,901.93 - 32.49 S&P 500 1,144.84 - 6.22 ---------------------------------- NYSE Advancing Issues 1,356 NYSE Declining Issues 1,570 NYSE Trading Volume 587 mln NASDAQ Advancing Issues 1,278 NASDAQ Declining Issues 2,044 NASDAQ Trading Volume 953 mln ================================== U.S. TREASURIES ---------------------------------- Value Yield Change 6-month bill 1.98% n/a 5-year note 4.14% unch 10-year note 4.81% - 3/32 30-year bond 5.26% - 13/32 The tables above look best when viewed in a fixed-width font, such as "Courier." ================================================================ STOCKS LOWER MIDDAY U.S. equities are lower midday following mixed second tier economic data and retail sector earnings reports. The U.S. trade deficit dropped sharply in September and the index of leading economic indicators rose. Meanwhile, Target Corp. (TGT,36,f2) and Staples Inc. (SPLS,18.76,f1) met profit estimates, while Deere & CO (DE,38) beat expectations. U.S. Treasuries are trading lower and European markets are posting declines. As of 11:51 a.m. EST, the Dow Jones Industrial Average was down 0.65%, while the Nasdaq was down 1.22%. The S&P 500 Index was down 0.43%. Semiconductors and communication equipment issues paced the decliners while oil related shares led the advancers. Shares of Deere & Co. are lower after the largest U.S. farm equipment maker reported a 4Q operating loss of $0.45 per share, $0.01 better than the First Call consensus, on a 6.5% drop in sales as the weak economy hurt production and shipments. The company also said it intends to eliminate a Tennessee plant and its 300 workers, and cut 10% of its headquarters' employees amid expectations for declining 1Q sales. Target Corp. is trading lower after reporting release of 3Q operating earnings of $0.25 per share, matching analysts' expectations per First Call, driven by higher sales and profits at the Target discount chain. The retailer reported sales rose 8.6% with same-store sales increasing 1.5%. Target's CEO also said, "we believe our strategies position us well to deliver reasonable growth in earnings per share in the fourth quarter." Staples Inc., the second largest office-supply retailer, said fiscal 3Q profits rose nearly 8% to $0.20 per share, matching the First Call consensus estimate, on a 1.1% rise in sales to $2.83 billion. The company credits the elimination of unprofitable merchandise and its cost-management efforts for the quarter's results, despite a slump following the September attacks. Staples says it sees fiscal 4Q results of $0.25-$0.27 per share, as compared to the Street's $0.25 per share consensus estimate. ---------------------------------------------------------------- TREASURY AND ECONOMIC SUMMARY Treasuries are flat midday following this morning's economic data. The U.S. trade deficit fell sharply in September to $18.69 billion from September's $27.11 billion due primarily to the anomalous effects of insurance claims related to September's attacks, which reduced services imports by $11 billion, according to the Commerce Department. Analysts per Dow Jones Newswires were expecting a narrowing in the trade deficit to $26.00 billion. Overall, imports plunged 14.0% to $95.99 billion while exports declined 8.5% to $77.29 billion. The Conference Board's index of leading economic indicators for October rose 0.3% following September's 0.5% decline, better than the flat reading expected per Bloomberg. The index, designed to measure economic performance over the upcoming 3-6 month period, saw seven of its 10 component measures record positive readings. The index of coincident indicators, designed to measure current activity, dropped 0.2% in October following a flat reading in September, while the index of lagging indicators fell 0.3% after September's 0.2% decline. ---------------------------------------------------------------- WORLD MARKETS European markets are lower midday with the Bloomberg European 500 down 1.48% as of 11:51 a.m. EST. Telecom and financials led the decliners while energy and travel/leisure issues paced the advancers. Contributing to the decline, the Organization for Economic Cooperation and Development lowered its growth forecast for the euro-zone economy to 1.4% in 2002 from its previous 2.7% estimate in May and said more monetary easing may be warranted. The euro is higher against the U.S. dollar, potentially helped by reports that China's central bank intends to add the currency to its forex reserves, which are the second largest worldwide. Crude oil got a boost after the Mexican energy minister said that an agreement could soon be reached for non-OPEC producers to reduce output by 500,000 barrels per day. Jeffrey Reeve, Market Analyst ================================================================ LOGIN to access your account: https://investing.schwab.com/trading/start ---------------------------------------------------------------- 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 ---------------------------------------------------------------- Notice: All email sent to or from the Charles Schwab corporate email system may be retained, monitored and/or reviewed by Schwab personnel. (0801-11478) Information provided by Bridge Information Systems. Copyright 2001 Bridge Information Systems. Charles Schwab & Co., Inc. ("Schwab") is a member of the NYSE. Schwab Capital Markets L.P. is a member of the NASD and SIPC. Schwab Capital Markets L.P. is also a subsidiary of The Charles Schwab Corporation and is a market maker in approximately 5000 securities. Schwab Center for Investment Research ("SCIR") is part of Charles Schwab & Co., Inc. The information contained herein is obtained from sources believed to be reliable, but its accuracy or completeness is not guaranteed. This report is for informational purposes only and is not a solicitation, or a recommendation that any particular investor should purchase or sell any particular security. Schwab does not assess the suitability or the potential value of any particular investment. All expressions of opinions are subject to change without notice. The Charles Schwab Corporation, Schwab, Schwab Capital Markets L.P. and its officers, directors, employees, consultants and/or members of their families may have a position in, and may from time to time, purchase or sell any of the mentioned or related securities including derivatives in such securities. At any given time, Schwab specialists, or Schwab Capital Markets L.P. market makers, may have an inventory position, either "long" or "short" in any security mentioned in this report as a result of their specialist/market making functions, respectively. (C)2001 Charles Schwab & Co., Inc. F1 Schwab Capital Markets L.P. makes a market in this security. F2 Schwab is a specialist in this security. F3 Schwab has managed or co-managed a public offering in this security within the last three years. F4 An employee of Schwab is a Director of this company. F5 An analyst covering this stock has an investment position. This service is for personal use only. Commercial use or redistribution in any form, print or electronic, is prohibited. Distribution by Quris, Inc.
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