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Charles Schwab & Co., Inc.
Email Alert Midday Market View(TM) for Monday, October 29, 2001 as of 1:00PM EST Information provided by Schwab Center for Investment Research and Bridge U.S. INDICES (1:00 p.m. EST) ---------------------------------- Market Value Change DJIA 9,343.12 -202.05 Nasdaq Comp. 1,737.09 -31.87 S&P 500 1,086.88 -17.73 ---------------------------------- NYSE Advancing Issues 1,063 NYSE Declining Issues 1,873 NYSE Trading Volume 511 mln NASDAQ Advancing Issues 1,258 NASDAQ Declining Issues 2,046 NASDAQ Trading Volume 767 mln ================================== U.S. TREASURIES ---------------------------------- Value Yield Change 6-month bill 1.99% n/a 5-year note 3.66% - 6/32 10-year note 4.47% - 5/32 30-year bond 5.24% - 2/32 The tables above look best when viewed in a fixed-width font, such as "Courier." ================================================================ STOCKS EXTEND DECLINES With no major earnings news to guide stocks, equity markets fell as traders booked profits ahead of this week's potentially recessionary economic data. Shares of Boeing Co. (BA,35,f2) pressured Blue Chips after losing the bid for the government's Joint Strike Fighter contract to rival Lockheed Martin (LMT,51,f2) on Friday. As of 11:58 a.m. EST, the Dow Jones Industrial Average was down 2.2%, while the Nasdaq Composite Index was 1.1% lower. The S&P 500 Index was down 1.6%. Auto, aerospace-defense, retail and wireless stocks were among the worst-performers while oil-related, air-freight and select healthcare stocks paced the advancers. Shares of Boeing Co. were under pressure after the aircraft manufacturer cut its sales forecasts for next year by $1 billion, to $55 billion, after failing to secure a government contract to build the new Joint Strike Fighter. However, the company's CEO said that the news won't have a "material impact" on the Dow component's 2001 outlook. The largest defense contract ever, valued at roughly $200 billion, was awarded to Boeing's top rival Lockheed Martin on Friday. Satellite-TV service provider EchoStar Communications (DISH,25,f1) agreed to purchase General Motors Corp.'s (GM,43,f2) Hughes Electronics (GMH,14.66,f2) unit for about $31.5 billion in cash, stock and assumed debt after top rival News Corp. (NWS,27) withdrew its bid for the company. The transaction will give EchoStar nearly a 91% share of the satellite-TV market, which could provoke regulatory scrutiny. Shares of UAL Corp. (UAL,14.50) were higher after Chairman and Chief Executive James Goodwin stepped down as part of a weekend management shakeup amid mounting pressure from labor unions unsatisfied with Goodwin's performance. The board appointed John Creighton Jr. as the interim CEO to lead UAL out of its current financial duress. Goodwin, who spent slightly more than 2 years at the head post, exacerbated the unions' loss of confidence in his leadership when he wrote a recent letter to employees saying that the company "will perish" next year if it doesn't curb its mounting losses. Leading express shipment company Fedex Corp. (FDX,41,f2) said that its fiscal 2Q profits would exceed the Street's forecast as losses from its air-freight business were buffered by a pickup in its ground operations and cost-control measures. The company now expects 2Q earnings of $0.40-$0.45 per share, excluding $101 million in federal assistance following the terrorist attacks, ahead of the Street's $0.35 per share consensus, as the company expands its home delivery and business-to-business services. ---------------------------------------------------------------- TREASURY AND ECONOMIC SUMMARY Bonds rose across the curve in a flight-to-quality move out of equities as cautious sentiment prevailed ahead of this week's economic data. Traders remain guarded ahead of the potentially recessionary data, including the advance 3Q Gross Domestic Product, National Association of Purchasing Management survey and employment situation reports. ---------------------------------------------------------------- WORLD MARKETS European bourses were weaker this morning with softness in telecom, pharmaceutical and computer-related shares. Shares of Morgan Crucible Co. (MCRUF,2.75) were under pressure after the U.K. manufacturer of wireless components reported worse-than-expected profits on slumping demand. In the same sector, Ericsson (ERICY,4.33,f1) was slightly lower after analyst downgrades. Novartis AG (NVS,38,f2) pulled out of a collaboration with Novo Nordisk A/S (NVO,40) to develop a diabetes drug, sending Novo shares lower. The Bloomberg European 500 Index was off 2.02% as of 11:58 a.m. EST. The euro extended its gains against the dollar on the heels of weakness in U.S. markets. 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, other major U.S. Securities Exchanges, and SIPC. Schwab is a specialist in various securities on the Pacific, Boston and Cincinnati Stock Exchanges and is subsidiary of The Charles Schwab Corporation, which is listed on the NYSE and trades under the symbol "SCH". 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 4,900 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. Additionally, Schwab or Schwab Capital Markets L.P. may be on the opposite side of orders executed on the floor of the Pacific, Boston and/or Cincinnati Stock Exchanges or over-the-counter market respectively, as well. Schwab (or persons related thereto) or consultants may perform or solicit investment banking or other business from any company mentioned in this report. (C)2001 Charles Schwab & Co., Inc. 1) Schwab Capital Markets L.P. makes a market in this security. 2) Schwab is a specialist in this security. 3) Schwab has managed or co-managed a public offering in this security within the last three years. 4) An employee of Schwab is a Director of this company. 5) 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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