Enron Mail

Subject:Receive Market Updates At Opening Bell
Date:Fri, 7 Sep 2001 09:59:33 -0700 (PDT)

Charles Schwab=09

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PLE =09

Charles Schwab [IMAGE] Morning Market View Email Alert [IMAGE] For Friday=
, August 24, 2001 as of 9:30AM EDT Information provided by Schwab Center f=
or Investment Research Login Also In This Issue: Treasury and Ec=
onomic Summary World Markets Futures Watch QUICK QUOTE Plea=
Equity index futures are off of earlier highs, but still remain firmly to t=
he upside. Positive developments in the technology sector are lifting inves=
tors' spirits this morning, despite weaker-than-expected durable goods orde=
rs data. Durable goods data released by the Commerce Department suggest co=
ntinued weakness in the U.S. economy. The weaker-than-expected numbers were=
the lowest since 1998 and would have been worse were it not for a pickup i=
n orders for cars. Technology shares are likely to open higher today after=
Cisco Systems (CSCO,16.76f1) CEO John Chambers reported that the first few=
weeks of the quarter are meeting the company's forecasts and that he was "=
pleased so far with August." Chambers hinted that business conditions are s=
tabilizing, even though the company had previously said that it expected sa=
les to be unchanged to down 5% for the quarter. The company also reported t=
hat it would restructure and centralize its operations as it eliminates thr=
ee of its telecommunications divisions. Additionally, the chief of telecomm=
unications-products is resigning. Software issues could also get a boost a=
fter Microsoft Corp. (MSFT,59f1) said that it has completed its new Windows=
XP operating system and will present the final version to computer manufac=
turers on Friday, even as the company grapples with anti-trust concerns in =
the courts and relentless adversarial pressure to implement changes in the =
product. Telecommunications equipment maker ADC Telecom (ADCT,4.27f1) repo=
rted a 3Q pro-forma loss of $0.05/share, $0.01 better than the First Call c=
onsensus estimate, on a 39% decrease in sales. The company warned that it e=
xpects a 4Q pro-forma loss of $0.03 per share, $0.01 lower than analysts' e=
stimates, and failed to provide fiscal 2002 earnings per share guidance due=
to uncertainty surrounding the economic slowdown and market conditions. R=
eturn to TOP TREASURY AND ECONOMIC SUMMARY Bonds, which appear to b=
e taking cues from the stock market, had a muted reaction to the durable go=
ods orders release this morning, rising just slightly off of morning lows a=
s the volatility-plagued numbers suggest continued economic weakness. Accor=
ding to the Commerce Department, total orders for July declined 0.6% to $18=
2 billion, worse than the Dow Jones Newswires forecast of $183 billion. Jun=
e's numbers were revised much lower, down 2.6% from the previously reported=
1.7% decline. Excluding transportation, orders fell 1.4%. Orders for autos=
and auto-parts rose 3.8% and communications orders rose 18.3%, while semic=
onductor orders dropped 26%. Return to TOP WORLD MARKETS European =
markets were trading firmly in positive territory after a German Consumer P=
rice Index report indicated that import and factory orders prices fell more=
than expected in August as oil and food prices dropped. Inflationary press=
ures in the euro-zone continue to abate, fueling speculation that the Europ=
ean Central Bank will cut interest rates at next Thursday's policy meeting.=
The Bloomberg European 500 Index was up 1.03% as of 8:54 a.m. EDT with tel=
ecommunication services stocks leading the way, buoyed by Cisco's upbeat re=
port. The euro was weaker against the U.S. dollar, as traders booked profit=
s going into the weekend on light volume in front of the UK's banking holid=
ay on Monday. Asian markets were mixed, with Japan's Nikkei-225 Index clos=
ing up 0.35% as bargain-hunters sought attractive technology stocks, which =
reversed earlier losses following the Cisco news. The dollar climbed agains=
t the yen, and crude oil prices increased slightly as refinery outages in t=
he U.S. exacerbated concerns about lower inventory levels overall. Return =
to TOP FUTURES WATCH In the September Globex futures contract as of=
8:54 a.m. EDT, the S&P 500 Index was up 5 points, or 4 points above fair v=
alue, while the Nasdaq 100 Index was up 23 points, or 24 points above fair =
value. The September DJIA futures contract was higher by 31 points, or 32 p=
oints above fair value, and the October crude oil futures traded on the NYM=
EX were up $0.02 at $26.65/barrel. William Johnson, Market Analyst Return=
to TOP Notice: All email sent to or from the Charles Schwab corporate=
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