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Charles Schwab & Co., Inc.
Midday Market View(TM) for Tuesday, August 7, 2001 as of 1:00PM EDT Information provided by Standard & Poor's ================================================================ U.S. INDICES (1:00 p.m. EDT) ---------------------------------- Market Value Change DJIA 10,418.20 + 16.90 Nasdaq Comp. 2,024.93 - 9.33 S&P 500 1,200.69 + 0.21 ---------------------------------- NYSE Advancing Issues 1,529 NYSE Declining Issues 1,419 NYSE Trading Volume 524 mln NASDAQ Advancing Issues 1,578 NASDAQ Declining Issues 1,848 NASDAQ Trading Volume 750 mln ================================== U.S. TREASURIES ---------------------------------- Value Yield Change 1-year bill n/a n/a 5-year note 4.65% - 1/32 10-year note 5.16% - 2/32 30-year bond 5.60% - 1/32 The tables above look best when viewed in a fixed-width font, such as "Courier." ================================================================ U.S. TRADING SUMMARY Stocks remain mired around unchanged levels at midday in lackluster August trading. Stocks initially lost ground on selling left over from yesterday's negative action, but bargain-hunters quickly snapped up shares. This helped boost the headline indexes back into positive territory ahead of Cisco Systems' highly anticipated earnings report due after today's session ends. However, with little conviction, the gains fizzled and stocks were back to unchanged by midday. Sectorwise, semiconductor manufacturers, networkers and personal computer makers were all under-performing on the session as jitters over Cisco's report kept traders on edge in the technology arena. Outperforming industries on the day included the banks, electrical equipment and retail stores. ---------------------------------------------------------------- U.S. TREASURY SUMMARY Treasuries were unchanged to slightly lower in price by midday with shorter-dated securities under-performing due to a major amount of supply hitting the market. The Treasury kicks off its quarterly refunding auction with the sale of $11 billion in 5-year notes, in addition to the $10 billion sale of 1-month bills. While the auction is supposed to go well, the overall level of supply has had a suppressive effect on the short end of the yield curve, keeping prices close to yesterday's levels. Elsewhere, the mild vacillations of stocks have mostly been ignored by Treasuries as trading action remains thin and relatively lackluster. ---------------------------------------------------------------- CURRENCY SUMMARY The dollar has moved little versus the yen or the euro since this morning, as it trades around 0.878 dollars per euro and 123.8 yen. The only event of note so far has been the productivity data, which has given the dollar some support. ---------------------------------------------------------------- MAJOR COMPANY / INDUSTRY NEWS (All prices as of 1:05 p.m. EDT) ** MetLife Inc. (MET: 29.22, - 0.10) reported fiscal second-quarter profits that beat Wall Street estimates by $0.01 as operating profits rose about 12%. Profits came from its institutional business, car and home insurance units. The No. 1 life insurer by premiums earned, before one-time items, $419 million, or $0.54 per share, versus $374 million, or $0.48 per share, from the year-earlier period. Wall Street expected MetLife to earn $0.53 per share on average. ** Procter & Gamble (PG: 70.41, - 0.34) reported fiscal fourth-quarter earnings that beat Street projections. The consumer products giant earned $837 million, or $0.60 per share, before special items versus $777 million, or $0.55 per share a year earlier. Analysts had expected a profit of $0.59 per share. Procter makes such brands as Vidal Sassoon shampoo and Tide detergent. ** Barr Laboratories (BRL: 82.05, + 3.10) reported fiscal fourth-quarter earnings that more than doubled. The drug maker just barely missed estimates, though, as costs related to legal action weighed. Barr earned $18.5 million or $0.49 per share versus $8.4 million or $0.23 per share in the year-ago quarter. Analysts had expected Barr to earn $0.50 per share on average. Barr recently began selling a generic version of the drug Prozac. ---------------------------------------------------------------- RESEARCH SPOTLIGHTS ** UBS Warburg upgraded shares of Healthextras Inc. (HLEX: 9.00, + 0.60) from a hold to a buy rating. ** Bear Stearns upgraded shares of Dendrite International (DRTE: 11.67, - 0.02) from an attractive 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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