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Charles Schwab & Co., Inc.
Email Alert Midday Market View(TM) for Wednesday, November 21, 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 9,827.00 - 74.38 Nasdaq Comp. 1,859.74 - 20.77 S&P 500 1,134.68 - 7.98 ---------------------------------- NYSE Advancing Issues 1,102 NYSE Declining Issues 1,830 NYSE Trading Volume 543 mln NASDAQ Advancing Issues 1,361 NASDAQ Declining Issues 1,875 NASDAQ Trading Volume 883 mln ================================== U.S. TREASURIES ---------------------------------- Value Yield Change 6-month bill 2.02% n/a 5-year note 4.29% - 15/32 10-year note 4.95% - 21/32 30-year bond 5.35% - 15/32 The tables above look best when viewed in a fixed-width font, such as "Courier." ================================================================ STOCKS LOWER IN PRE-HOLIDAY SESSION U.S. equities are trading lower midday amid mildly positive economic data and mixed equity news. Jobless data and consumer sentiment figures released this morning were slightly better than expected, while biotech firms Amgen (AMGN,58,f1) and Guidant (GDT,51,f2) reported positive news and Chiron Corp. (CHIR,46,f1) reported negative news. U.S. Treasuries are posting declines mid-session and European markets are mostly lower late in the day. As of 11:54 a.m. EST, the Dow Jones Industrial Average is down 0.8%, while the Nasdaq is down 1.1%. The S&P 500 Index is down 0.8%. Computer related and communication equipment stocks are leading the decliners, while drugs and medical products are pacing the advancers. Shares of Amgen Inc. are higher after the biotech giant increased its earnings growth forecast to 20% in 2002, on the heels of 10%-12% growth this year, citing stronger sales of its new Aranesp anemia drug and Kineret arthritis treatment. The company also reaffirmed its previous target for compound sales and earnings growth in the low 20% range for the 2001-2005 period. In other biotech news, Chiron Corp. is lower following news that one of its drugs yielded disappointing results. The company stated that Tifacogin, its severe sepsis drug, failed to reduce deaths in final stage trials as hoped. Guidant Corp. is higher after the maker of heart devices reported that a study indicated its implantable defibrillators reduced deaths among heart attack survivors by 30%. The company said it plans to ask the FDA for expanded approval for the devices. Communications-chip maker Analog Devices Inc. (ADI,41,f2) reported fiscal 4Q profits excluding items of $0.14 per share, ahead of the lowered First Call estimate of $0.12 per share. Sales for the quarter fell 47% to $423.3 million, as customers curbed new orders amid sluggish demand in the telecom industry. Going forward, ADI said that fiscal 1Q sales would likely fall 5% below 4Q levels and it expects earnings at the low end of the Street's estimates. ---------------------------------------------------------------- TREASURY AND ECONOMIC SUMMARY U.S. Treasuries were lower following the release of this morning's economic data. The University of Michigan consumer sentiment index for November came in at 83.9, higher than Bloomberg's 83.5 estimate and the 82.7 reading in October. The current conditions index rose to 95.3 from 94.0 in October, while the expectations index increased to 76.6 from October's 75.5 reading, reflecting slightly improved consumer optimism. In an earlier release, the Labor Department reported that initial jobless claims fell 15,000 to 427,000 for the week ended Nov. 17, from the prior week's downwardly revised 442,000 level. Analysts per Dow Jones Newswires were expecting an increase to 450,000. The four-week moving average of claims dropped to 454,250 and continuing claims through the week ended Nov. 10 fell to 3,734,000. The drop in first-time claims reflects potential firming in the job market, but continuing claims, while improving, still remain near an 18-year high. North American-based manufacturers of semiconductor equipment posted a 5% rise in orders to $651.1 million in October 2001 from September's revised $619.2 million and a book-to-bill ratio of 0.71, up from the previous month's 0.64 reading. This reflects $71 in new orders for every $100 of product shipped. Although the situation is slightly improved, Semiconductor Equipment and Materials International CEO Stanley Myers commented that, "While the decline in orders has abated, the average monthly shipment figure continues to weaken, and there is no appreciable indication of a near-term trend reversal." ---------------------------------------------------------------- WORLD MARKETS European markets are mostly lower late in the session, with the Bloomberg European 500 index down 0.3% as of 11:54 a.m. EST. Telecom and media issues led the decliners, while banks and pharmaceuticals paced the advancers. On the economic front, the German IFO business sentiment index recorded a fresh 8-year low, falling to a worse-than-expected 84.7 reading from September's 85.0 level and fueling speculation that Germany may not be able to avoid a recession. Adding to the worries, the European Union Commission slashed its euro-zone growth forecasts to 1.6% for 2001 and 1.3% for 2002, from previous estimates of 2.8% and 2.9%, respectively. The euro was trading near 3-1/2 month lows versus the U.S. dollar, mainly on the weak economic news out of Europe. Jeffrey Reeve, Market Analyst Editor's Note: Due to the Thanksgiving Day holiday, Midday Market View will not be sent on Nov. 22. ================================================================ 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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