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Charles Schwab & Co., Inc.
Email Alert Midday Market View(TM) for Monday, November 26, 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 9,932.10 - 27.61 Nasdaq Comp. 1,918.53 + 15.33 S&P 500 1,150.86 + 0.52 ---------------------------------- NYSE Advancing Issues 1,382 NYSE Declining Issues 1,607 NYSE Trading Volume 511 mln NASDAQ Advancing Issues 1,671 NASDAQ Declining Issues 1,741 NASDAQ Trading Volume 837 mln ================================== U.S. TREASURIES ---------------------------------- Value Yield Change 6-month bill 2.03% n/a 5-year note 4.30% + 7/32 10-year note 4.92% + 15/32 30-year bond 5.31% + 21/32 The tables above look best when viewed in a fixed-width font, such as "Courier." ================================================================ STOCKS SHED EARLIER GAINS U.S. stocks are mixed but generally lower following a report by the National Bureau of Economic Research indicating that the U.S. officially fell into a recession in March of this year, citing a plethora of economic indicators. Although economic and corporate news was sparse following the holiday weekend, early post-Thanksgiving results in the retailing sector, including record sales at Wal-Mart Stores (WMT,55,f2&f4), hinted that consumer spending may be more resilient than previously expected. Lucent Technologies (LU,7.93,f2) is suffering from analyst downgrades. Treasuries were higher as bottom-fishers stepped up in the absence of any salient economic data and European markets are mixed late in the day. As of 11:55 a.m. EST, the Dow Jones Industrial Average is down 0.4%, while the Nasdaq is up 0.7%. The S&P 500 index is down 0.1%. Energy-related and communication equipment stocks are leading the decliners, while semiconductor, wireless and auto issues are among the best performers. Shares of Wal-Mart were lower even as the discount retailing giant reported a single-day record for sales of $1.25 billion on Friday after its Holiday Blitz promotion attracted bargain-hunters to its stores. Most of the holiday buying appeared to be narrow in scope, with shoppers favoring the deep-discount retailers over department stores. According to TeleCheck Services Inc., same store sales in the U.S. rose 2.4% on Friday. In related news, Pier One Imports (PIR,14.41) got a boost after it raised its same-store sales forecast for November to an increase of 6%-8% and increased its 3Q earnings forecast to $0.21-$0.23 per share from the previous $0.19-$0.21 per share guidance. Shares of Lucent Technologies were under pressure after the communication networking company was downgraded by analysts at two major brokerage houses. An ABN AMRO analyst lowered his 2002 earnings forecast to a loss of $0.53 per share from the previous $0.39 per share loss estimate, while an analyst at Morgan Stanley cited capital spending cuts and regulatory issues as concerns. ---------------------------------------------------------------- TREASURY AND ECONOMIC SUMMARY Bonds are higher across the curve as bargain-hunters stepped in following the recent declines in Treasuries. Earlier, NBER said that the 10-year U.S. economic expansion officially ended in March of this year and a recession has officially ensued. Uplifting comments from St. Louis Federal Reserve Bank President William Poole that the U.S. is starting to display signs of a recovery did little to stem the upward momentum in Treasuries, despite Poole's reference to rising equity prices, a firming housing market, and stronger retail sales. ---------------------------------------------------------------- WORLD MARKETS European markets are mixed late in the session, shedding earlier gains as U.S. markets meandered in and out of positive territory. The Bloomberg European 500 index is down 0.07% as of 11:55 a.m. EST. Telecom equipment and mining stocks are the best-performing issues, while energy stocks are pacing the decliners. Nokia (NOK,25,f2) and Ericsson (ERICY,5.74,f1) shares were higher after Morgan Stanley increased its forecast for worldwide wireless phone unit sales by 5.4% to 390 million phones in 2001 and by 3.6% to 435 million phones in 2002. In other equity news, Deutsche Lufthansa AG's (DLAKY,14.00) CEO said that he sees "no signs of recovery" in passenger traffic, though he does anticipate an eventual pick up in demand. The euro remained in positive territory against the dollar but retreated from earlier highs. Crude oil is trading lower as Russia continues to act defiant toward any meaningful production cut, choosing to wait until Dec. 10 instead to plan production for 2002. William Johnson, 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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