Markets may continue to come under pressure

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June 7th, 2001
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Morning Watch List
This section contains 6 stocks that are expected move in 1 to 5 days.
Click here for this morning's Watch List Stocks: http://www.realtimetraders.com/marketinfo/watchlist.asp Beyond The Numbers
Markets pulls back on more negative news
Wednesday we talked about the possibility of market getting ahead of
itself on too much optimism. Just one day after the triple digit gain, Dow
gave back virtually all its gains thanks to Hewlett Packard and JP Morgan.
J.P. Morgan Chase & Co. warned trading revenues will probably decline
in the quarters ahead and the company will have to realize some write
downs relating to venture capital funds. Hewlett Packard warned the
slowdown in IT spending has spread globally to other economies around
the world, especially Asia and Europe. Wednesday RealTimeTraders
speculated that Asia and Europe might be the next in line to feel the
effects of the technology slowdown. If these two regions do indeed start
to show signs of weakness, it may become a major problem to some of
the US Corporations.
We believe Thursday everyone will closely watch Intel Corp's comments
to determine if a turn around is in sight. Given HP's comments, the analyst
community will pay close attention to comments from Intel and other multi-
national corporations for any signs of a global slowdown. Hewlett Packard
finished the session lower by $1.34 to close at $28.71 on 9.3 million shares.
Dow finished the session lower by 105 points, Nasdaq finished the session
lower by 17 points and the S&P finished the session lower by 13 1/2 points.
Markets may continue to come under pressure on Thursday as a result of
the slew of negative news that was announced after the close on Wednesday.
As described below Wells Fargo announced a huge charge as a result of bad
venture capital deals. Brocade Communications (BRCD) warned earnings
would be below previously expected. American Eagle (AEOS) reported may
same store sales that were significantly below street estimates. And a
California court handed a verdict against Philip Morris (MO) worth more
than $3 billion.
Stocks to watch
INTC - Shares of Intel Corp. have been trading in a very narrow range over
the past few weeks as investors await to see what the company will say in
the mid quarter update on Thursday. It seems Advanced Micro Devices
(AMD) has been winning the war on price, and this morning CS First Boston
echoed the same concerns and said it expects Intel to lower EPS estimates
tomorrow.
WFC - After the close Wells Fargo reported it will recognize an after tax non-
cash charge of approximately $1.13 billion in the second quarter related to
impairment of some of its venture capital securities. The company said the
bulk of the charge, which equates to $0.65 per share, comes from reductions
of non-cash venture capital recognized in late 1999 and 2000. On this news
the stocks traded lower by 3% in after hours.
Sector Analysis
Small Stocks continues to do well
In the past few weeks some of the small stocks have been powering higher in
anticipation of improving economic conditions. Readers may want to take note
the small stock index Russell has gained almost 20% in the last 2 months.
However, note the index does have some resistance around the 517 level.
Wednesday the Russell 2000 lost 3.90 points and closed at 512. If technology
stocks pick up momentum, this index may see further upside. Those who like
to follow small stocks may want to visit our "$5 and under" page.
Economic Reports & Bond Markets
Thursday weekly jobless claims will be released at 8:30 AM, current
consensus estimate is 417K. Then wholesale Inventory data for the month
of April is expected at 10 AM. Friday there are no economic reports to be
released. Therefore, bond market activity will most likely depend on
technical indicators. Wednesday the September contracts finished the
session higher by 1 tick to close at 101.01.
Market Breadth
Wednesday's NYSE advance/decline reading was 1215/1856 Vs.
Tuesday's reading of1986/1087
Wednesday's Nasdaq advance/decline reading was 1619/2201 Vs.
Tuesday's reading of 2464/1364
New Highs and New Lows
Wednesday's NYSE new high/lows was 173/20 Vs. Tuesday's
reading of 200/13
Wednesday's Nasdaq new high/lows was 124/30 Vs. Tuesday's
reading of 168/38
Important Market Moving News
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page also provide information on stocks that are going to gap open
higher/lower and the reasons if any. We also alert traders to the
actively traded stocks before the bell.
Upgrades / Downgrades / Coverage Initiations
Click on the following link for today's upgrades.http://www.realtimetraders.com/marketinfo/g_minfo.asp?page=upgrades Click on the following link for today's downgrades.http://www.realtimetraders.com/marketinfo/g_minfo.asp?page=dngrades Click on the following link for today's new coverage initiationshttp://www.realtimetraders.com/marketinfo/g_minfo.asp?page=coverage Please remember that we will only be able to continue to offer our
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Some of Today's Key Earnings Releases
Click here for a complete list of today's earnings. http://www.realtimetraders.com/earnings/earnings.asp
Company Name Expected earnings Symbol

CSK Auto 0.20 CAO
National Semiconductor -0.03 NSM

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