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Charles Schwab & Co., Inc.
Email Alert Midday Market View(TM) for Friday, December 28, 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 10,131.94 + 0.63 Nasdaq Comp. 1,988.15 + 11.73 S&P 500 1,159.91 + 2.78 ---------------------------------- NYSE Advancing Issues 1,740 NYSE Declining Issues 1,218 NYSE Trading Volume 428 mln NASDAQ Advancing Issues 1,888 NASDAQ Declining Issues 1,576 NASDAQ Trading Volume 649 mln ================================== U.S. TREASURIES ---------------------------------- Value Yield Change 6-month bill 1.83% n/a 5-year note 4.42% - 4/32 10-year note 5.10% - 8/32 30-year bond 5.53% - 29/32 The tables above look best when viewed in a fixed-width font, such as "Courier." ================================================================ MARKETS MIXED AMID POSITIVE DATA U.S. equities are mixed midday, off morning highs, amid a plethora of economic data and very limited equity news. Consumer confidence, new home sales and initial jobless claims came in higher than expected. U.S. Treasuries are lower and European markets are higher. As of 11:49 a.m. EST, the Dow Jones Industrial Average is down 0.1%, while the Nasdaq Composite Index is 0.4% higher. The S&P 500 Index is up 0.1%. Biotech, airline and energy shares are pacing the advancers while consumer products and transportation issues are leading the decliners. Shares of Allegheny Energy (AYE,35) are lower following news that it anticipates earnings of $3.60-$3.70 per share in 2001 and flat 2002 profits, lower than the First Call consensus of $3.90 per share and $4.15 per share, respectively. Chip equipment provider Nanometrics Inc. (NANO,21,f1) is down after saying it sees 4Q sales falling 25% from 3Q levels, worse than its previous flat 4Q forecast, as a result of the slowing economy and excess inventories among its customers. ---------------------------------------------------------------- TREASURY AND ECONOMIC SUMMARY U.S. Treasury prices are lower at the long-end following the release of this morning's stronger-than-expected economic data. In positive economic news, the Conference Board's index of consumer confidence rose to 93.7 in December, much better than Bloomberg's 83.0 estimate and November's revised 84.9 reading. The present situation index, which evaluates current economic conditions, increased to 96.9 from 96.2 while the forward-looking future expectations index jumped noticeably from 77.3 in November to 91.5 in December. Overall, the report reflects a significant boost in consumer optimism regarding the U.S. economy. The Chicago Purchasing Managers' Index, a precursor to the National Association of Purchasing Management index to be released Monday, rose to 41.4 in December, well below the 45.0 estimate per Bloomberg but higher than November's 41.1 reading. The index indicates contraction in the region's manufacturing sector at a slightly slower rate than in November. The new orders index rose to 43.9 from 41.4 while the inventories component fell to 33.8 from 36.3, suggesting inventory depletion will eventually lead to new production. The prices paid sub-index rose to 46.8 from November's 40.1. In a sign of continued resiliency in the housing markets, new home sales for November rose 6.4% to 934,000, better than the 880,000 level expected per Dow Jones Newswires. The supply of new homes fell to 4.0 months from October's 4.3 months. November existing home sales increased 0.6% to a 5.21 million unit annual rate, slightly higher than the 5.16 million unit rate analysts were expecting per Bloomberg. Initial jobless claims for the week ended Dec. 22 increased by 7,000 to 392,000. Analysts were expecting an increase to 400,000 according to Dow Jones Newswires. The four-week moving average of claims fell to 413,250 from 438,500 while continuing claims for the week ended Dec. 15 rose 23,000 to 3,700,000. Durable goods orders for November declined 4.8%, slightly less than the 5.0% decrease expected per Dow Jones Newswires. October durable goods orders were revised lower to a 12.5% increase from the 12.7% rise previously reported. Excluding a 69.8% drop in defense orders following October's joint strike fighter contract, durable goods orders increased 2.7%. Orders excluding transportation rose 1.1% as aircraft and aircraft parts orders fell 57.9%. ---------------------------------------------------------------- WORLD MARKETS European markets are higher with the Bloomberg European 500 index up 1.3% as of 11:49 a.m. EST, led by technology-related shares. In economic news, French unemployment rose to 9% in November, the highest level in a year. The euro-zone M3 money supply grew at an 8% rate in November, potentially reducing chances for European Central Bank interest-rate cuts. Marking the first time a foreign commercial bank will own part of a mainland Chinese bank, European lender HSBC Plc (HBCYF,11.5) announced it intends to purchase an 8% stake in the Bank of Shanghai. The euro is trading slightly lower versus the U.S. dollar. Crude oil is higher on news that OPEC officially agreed to reduce output by 1.5 million barrels per day starting Jan. 1. 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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