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Charles Schwab & Co., Inc.
Midday Market View(TM) for Wednesday, September 5, 2001 as of 1:00PM EDT Information provided by Schwab Center for Investment Research and Bridge ================================================================ U.S. INDICES (1:00 p.m. EDT) ---------------------------------- Market Value Change DJIA 9,979.09 - 18.40 Nasdaq Comp. 1,744.40 - 26.38 S&P 500 1,125.59 - 7.35 ---------------------------------- NYSE Advancing Issues 1,147 NYSE Declining Issues 1,778 NYSE Trading Volume 608 mln NASDAQ Advancing Issues 1,082 NASDAQ Declining Issues 2,246 NASDAQ Trading Volume 863 mln ================================== U.S. TREASURIES ---------------------------------- Value Yield Change 6-month bill 3.29% n/a 5-year note 4.51% unch 10-year note 4.96% + 2/32 30-year bond 5.47% + 1/32 The tables above look best when viewed in a fixed-width font, such as "Courier." ================================================================ WAYWARD MARKETS DRIFT LOWER Stocks trended slightly lower this morning as investors remained indecisive on a day devoid of any significant news headlines. On the economic front, revised 2Q non-farm productivity was basically in line with expectations, but much higher than 1Q. Technology shares were lower, extending the downtrend from Europe after a pessimistic analyst report hit telecommunication stocks. As of 11:54 p.m. EDT, the Dow Jones Industrial Average was down 0.05%, with the Nasdaq Composite Index giving up 1.1%. For the second straight day, health care and pharmaceutical issues led advancers, while banks led the decliners. Shares of Walgreen Co. (WAG,36,f2) led drugstore retailers higher after reporting that August sales at stores open at least a year rose 11.6% from the year-ago period, while total August sales rose 17.2% from the same period. Most of the increase was in pharmacy same-store sales, which were up 17.5% in August, year-over-year. Shares of Genentech Inc. (DNA,45,f2) drifted lower despite the company's report that the Food and Drug Administration had approved its Cathflo Activase product aimed at dissolving blood clots that frequently occur within catheters inserted into veins to dispense medication. Genentech emphasized that Cathflo Activase is the only thrombolytic product available to address catheter complications. Brokerage stocks were higher after UBS Warburg upgraded its rating on a number of stocks in the group. Warburg believes that 3Q will mark the trough for many of theses companies. ---------------------------------------------------------------- TREASURY AND ECONOMIC SUMMARY Bonds were mixed, but mostly flat, as the stock market's indecisive action provided few cues for Treasury investors. Bonds were trading slightly higher after the release of this morning's 2Q revised non-farm productivity data from the Department of Labor showed a 2.1% annualized gain. The number was slightly above the Dow Jones Newswires forecast of a 2.0% gain, but below the original 2Q report of a 2.5% increase. Productivity growth for 1Q had been reported as a mere 0.1%. Revised unit labor costs for 2Q rose 2.7%, in line with the Street's mean forecast, but higher than the previously reported 2.1% increase as inflation adjusted hourly compensation rose 1.7%. However, the figures are much lower than 1Q's 5% increase. Productivity gains were enhanced over 1Q largely owing to a reduction in hours worked as companies quickly cut staff in reaction to the economic slowdown. This latest increase in non-farm productivity is closer to the recent average of approximately 2.5% growth for the five years prior to 2001. In other economic news, a report by Challenger, Gray & Christmas showed that announced job cuts in August fell 32% to 140,019 from July's 205,975. The telecommunications sector bore the brunt of most of the layoffs, continuing the recent trend. The three-month moving average rose to 470,000, with total announced job-cuts rising to 1,123,356 for 2001. ---------------------------------------------------------------- WORLD MARKETS The Bloomberg European 500 Index drifted lower, down 1.43% as of 11:54 a.m. EDT. Ericsson (ERICY,3.91,f1), Marconi (MONI,1.16,f1), and Alcatel SA (ALA,13.49,f2) led the decline in the telecommunications sector after Merrill Lynch forecasted a further drop in spending on mobile-phone networks. Alcatel accentuated the pain when it said that meeting its full-year earnings forecast would be difficult. The euro was flat against the U.S. dollar, conceding earlier gains as traders booked profits on a slow news day. Meanwhile, the British pound was higher versus the buck after some positive economic reports suggested that the British economy could be on its way back. British retail sales for August rose at the fastest pace in almost five years, while housing prices rose again, extending a recent trend. William Johnson, Market Analyst ################################################################ 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. (0801-11482) 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. 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