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Charles Schwab & Co., Inc.
Midday Market View(TM) for Thursday, July 19, 2001 as of 1:00PM EDT Information provided by Standard & Poor's ================================================================ U.S. INDICES (1:00 p.m. EDT) ---------------------------------- Market Value Change DJIA 10,613.10 + 43.30 Nasdaq Comp. 2,061.31 + 45.14 S&P 500 1,216.05 + 8.34 ---------------------------------- NYSE Advancing Issues 1,745 NYSE Declining Issues 1,194 NYSE Trading Volume 774 mln NASDAQ Advancing Issues 2,108 NASDAQ Declining Issues 1,310 NASDAQ Trading Volume 1.07 bln ================================== U.S. TREASURIES ---------------------------------- Value Yield Change 1-year bill 3.43% n/a 5-year note 4.64% - 4/32 10-year note 5.12% - 6/32 30-year bond 5.54% - 11/32 The tables above look best when viewed in a fixed-width font, such as "Courier." ================================================================ U.S. TRADING SUMMARY Stocks remained in the green at midday, although off intraday highs. Profit-taking pulled the headline indexes lower during midmorning trading while weak data on the manufacturing sector weighed further at the noon hour. However, optimism over the outlook for corporate profits has kept a bid in the market. Outperforming stocks were primarily from the technology sector with software makers, semiconductor manufacturers and the telecommunications equipment producers all showing strong gains. Sectors bucking the broad-based upward trend included shares in media firms, financials and banks. By midday, the NASDAQ was consolidating near its intraday lows, but was still 2.2% higher on the session. Elsewhere, the Dow gained 0.4% and the S&P 500 rose 0.7%. ---------------------------------------------------------------- U.S. TREASURY SUMMARY After their major gains yesterday, Treasuries were taking a break, holding slightly in negative territory as profit-taking weighed on all maturities. Economic data released early this morning was, on balance, somewhat negative for Treasuries, but pressure from the broad-based stock rally had more of a depressive impact. Yet, trading remained very subdued and orderly as traders booked profits from the previous days' gains. A bounce across the yield curve occurred briefly at the noon hour on a weak piece of manufacturing data, but the gains were short lived as traders used the rally to sell and book more profits. By midday, Treasuries remained modestly in the red as the short-dated issues under-performed the bond. ---------------------------------------------------------------- CURRENCY SUMMARY The dollar continued to lick its wounds after yesterday's declines. By midday, the greenback was chopping around the 123.4 yen level and trading just above the 0.870 dollar per euro level. The European Central Bank's decision to leave rates unchanged helped the dollar this morning, but the greenback remains well off its best levels of the week versus the euro. ---------------------------------------------------------------- MAJOR COMPANY / INDUSTRY NEWS (All prices as of 1:05 p.m. EDT) ** Sprint Corp. (FON: 22.73, + 0.80) reported profits that beat Wall Street estimates for its fiscal second quarter. The third-largest long distance provider in the U.S. announced that it earned $290 million, or $0.33 per share, versus $365 million, or $0.41 per share, in the same quarter last year. Wall Street was looking for Sprint to earn $0.28 per share, based on the First Call survey of analysts. Revenues, however, slipped to $4.31 billion from $4.45 billion in the same quarter last year. ** Eli Lilly (LLY: 77.68, + 0.93) reported fiscal second-quarter earnings on Thursday that beat current Wall Street estimates as sales of its leading drug Prozac and various diabetes care products surged. The eighth-largest drug manufacturer in the U.S. said that earnings rose to $828 million, or $0.76 per share, versus $666 million, or $0.61 per share a year earlier. Wall Street was looking for the company to earn $0.74 per share. ** It looks as though the merger between PepsiCo (PEP: 46.45, - 0.54) and Quaker Oats (OAT: 87.35, - 0.44) is in trouble. Attorneys at the Federal Trade Commission are recommending that the agency file court papers to block the purchase of Quaker by Pepsi. Concerns have arisen over the fact that Pepsi would acquire Quaker's Gatorade brand drink and thus dominate the sports-beverage market. ** Dell (DELL: 28.29, + 1.09) announced that upcoming earnings that will be in line with current analyst expectations. The PC-making titan expects to report earnings of $0.16 per share on revenues of about $7.6 billion for the period ending Aug. 3. This figure excludes a $700 million charge Dell will take as part of an already implemented restructuring program. ---------------------------------------------------------------- RESEARCH SPOTLIGHTS ** CIBC World Markets upgraded shares of AmSouth Bancorp. (ASO: 19.54, + 0.33) from a hold to a buy rating. ** UBS Warburg upgraded shares of Siebel Systems (SEBL: 35.48, - 2.16) from a buy to a strong buy rating. ** Tucker Anthony Sutro upgraded shares of KLA-Tencor Corp. (KLAC: 51.96, + 3.12) from an under-performer to a market performer 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. 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