Program: Wednesday, September 10, 2003

Former Enron Treasurer Ben Glisan Cops A Plea & Heads To Jail
New York Stock Exchange Chairman Dick Grasso Continues Defending His Compensation Package
The Pros & Cons Of Government Sponsored Housing Finance Re-Regulation
Japan's Agriculture Market Is Starving For Support
"Business Week CEO Leadership Forum"- Medtronic`s CEO Art Collins
"Money File"-It's All About Market Timing With Market Timers
Paul Kangas' Stocks In The News
Market Stats

09/10/03: Former Enron Treasurer Ben Glisan Cops A Plea & Heads To Jail

SUSIE GHARIB: A major player in the Enron scandal is going to jail. It`s the first prison sentence for any executive involved in the massive fraud that brought down the energy giant. Former Treasurer Ben Glisan changed his plea to guilty in a Houston courtroom today. He was immediately sentenced to five years behind bars, the maximum term allowed. He`ll also forfeit almost a million dollars in profits. Prosecutors said there was no deal for Glisan to testify against his former bosses. Glisan reported to former Enron CFO Andrew Fastow, the alleged architect of the company`s trading schemes. Fastow`s case goes to trial next July. Former Enron Chairman Kenneth lay and former CEO Jeffrey Skilling have not been charged.

Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.

09/10/03: New York Stock Exchange Chairman Dick Grasso Continues Defending His Compensation Package

SUSIE GHARIB: In Washington, New York Stock Exchange Chairman Dick Grasso was bombarded again today with more questions about his controversial pay package. Questions persisted despite his detailed response yesterday to an inquiry by the Securities and Exchange Commission. Ironically, Grasso was speaking before a group of prominent CEOs at a business roundtable panel on corporate governance, a panel I moderated. And one of the key issues became the NYSE`s own corporate governance. Dick Grasso got a few laughs as he defended his multimillion dollar deal.

DICK GRASSO, CHAIRMAN, NEW YORK STOCK EXCHANGE: My own particular case, that some may have read about recently --

GHARIB: But there was no escaping the prickly issue of executive compensation, especially with the NYSE Chairman seated right next to Congressman Michael Oxley, one of the authors of the now famous Sarbanes-Oxley legislation that forced American companies to change the way they do business. Grasso said that the NYSE board acted independently and with diligence in setting his $140 million compensation package, although he acknowledged changes would be made in the future. I asked Grasso if he would ever turn down a compensation that was too big. As a CEO, do you ever feel that you have an obligation to just say no?

GRASSO: In the context of the experience I`ve just gone through, going forward, I don`t think I`ll have that difficulty. But I`m sure that the board will take into account all of the, what I`ll call present day drivers, as opposed to historical drivers.

GHARIB: At the news conference immediately after the panel discussion, Grasso defended his role as both a regulator and a CEO, saying there was no oversight failure at the SEC. But critics weren`t satisfied.

NELL MINOW, EDITOR, THE CORPORATE LIBRARY: It would be my hope going into the future that it would, rather than providing the investment community with the worst of both worlds on those with the level of pay of the corporation and the failure of disclosure of a private organization, that it would adhere to the best of both worlds.

GHARIB: Well, SEC Chairman William Donaldson also spoke at that event, but made no comments about Grasso`s compensation. Interestingly, Donaldson and Grasso crossed paths briefly at a breakfast gathering just before the panel began. I watched as they had a very perfunctory handshake, but did not speak to each other. Quite a cool interaction, particularly since the two men once worked closely together here at the New York Stock Exchange.

Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.

09/10/03: The Pros & Cons Of Government Sponsored Housing Finance Re-Regulation

SUSIE GHARIB: On Capitol Hill today, lawmakers focused on the recent accounting scandal at Freddie Mac. They want to know just how Freddie Mac and its corporate cousin Fannie Mae are regulated. And the Bush administration is also calling for changes in how the government chartered companies are run. Stephanie Woods reports.

STEPHANIE WOODS, NIGHTLY BUSINESS REPORT CORRESPONDENT: At the House Financial Services Committee, Treasury Secretary John Snow told lawmakers the nation`s top mortgage backers, Fannie Mae and Freddie Mac, need a new regulator. He says the government sponsored enterprises, or GSEs, need tougher oversight.

JOHN SNOW, TREASURY SECRETARY: Housing finance is so important, it`s so far reaching, it has such significance to the national economy that we need a strong, world class regulatory agency to oversee the prudential operations of the GSEs.

WOODS: The administration`s plan would create a new regulator overseen by the Treasury Department to monitor the financial health of Fannie Mae and Freddie Mac. It would also set criteria for acquisitions, new lines of business and investments. The Department of Housing and Urban Development would oversee the company`s affordable housing mission. Republican leaders hailed the proposal, but many Democrats were unconvinced.

REP. BARNEY FRANK (D), MASSACHUSETTS: I am skeptical of what`s going to happen to the housing mission if most of the regulation is in Treasury.

WOODS: Homebuilders worry new regulation could hurt the housing market.

JERRY HOWARD, CEO, NATIONAL ASSOCIATION OF HOME BUILDERS: This is going to be creating a new level of bureaucracy and a level of micromanagement that the housing markets really don`t need right now.

WOODS: Freddie Mac and Fannie Mae both say they will work with lawmakers to create a credible regulator. Some analysts say getting the issue behind them will be a boost for the firms.

CHARLES GABRIEL, POLICY ANALYST, PRUDENTIAL SECURITIES: Will Fannie and Freddie move forward and be as unconstrained as in the past? No. Will they move forward and have very similar missions, flexibility, room to grow? Absolutely.

WOODS: Secretary Snow urged lawmakers to quickly pass the plan. Congressman Richard Baker, a longtime supporter of new regulation for Fannie and Freddie, says he doesn`t expect a November Rose Garden signing ceremony, but said he`d be happy to attend one. Stephanie Woods, NIGHTLY BUSINESS REPORT, Washington.

Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.

09/10/03: Japan's Agriculture Market Is Starving For Support

PAUL KANGAS: The World Trade Organization began a round of free trade meetings in Cancun, Mexico today. At the top of the agenda: agricultural subsidies. Farmers in Japan are keeping a close eye on those talks as they continue to resist U.S. efforts to further open Japan`s food market. As Lucy Craft reports from Tokyo, farmers there are being forced to adapt to global competition.

LUCY CRAFT, NIGHTLY BUSINESS REPORT CORRESPONDENT: The smart bids say Japanese agriculture is on the skids. Slowly shrinking tariffs and produce are part of the reason. But the Japanese themselves are also to blame. In passing up traditional home grown and home cooked foods, like rice and seafood, and increasingly switching to Western cooking, imported foods and processed items, which tend to have a higher imported food content. Only a generation ago, the vegetable market was dominated by local produce. Now, imports such asparagus and cauliflower from California, account for one fifth of the market. Of the fruit sold in Japan, more than half comes from overseas. Long coddled, Japanese farmers are among the developed world`s least efficient food producers. But the looming prospect of oblivion has prompted producers to adopt a novel and seemingly counterintuitive tact -- exports. It may seem like carrying coals to Newcastle and there`s no dispute that the export campaign is likely to yield little in the way of market share.

DAISUKE HIRATSUKA, INSTITUTE OF DEVELOPING ECONOMIES: The only market these Japanese in Asia and also in the U.S. and in Europe, because most of these countries can produce similar goods. So in this sense, it`s, you know, the market is very limited.

CRAFT: Advocates concede that in the U.S., Europe and Asia, Japanese rice, pears and apples carrying premium price tags are niche items at best. But they contend the time is ripe for Japan`s luxury food exports, especially among Asia`s rising class of wealthy consumers.

RUAN WEI, ECONOMIST, NORINCHUKIN RESEARCH INSTITUTE (THROUGH TRANSLATOR): The income gap in Asia has widened, for better or worse. Affluent consumers want expensive goods, regardless of price. It`s hard to imagine a mass market in Asia for Japanese food exports, but the rich will pay more for good quality.

CRAFT: Japan`s farm association says it`s less interested in boosting sales abroad than in kick starting its cloistered and inward looking agricultural sector.

SHIGEO FUJI, DIRECTOR, CENTRAL UNION OF AGRICULTURAL CO-OPERATIVES (THROUGH TRANSLATOR): We used to think only about our home market and whether or not to grow less. But by exporting, we learn about production and distribution and get feedback from other consumers. This will help us energize and reform our industry at home.

CRAFT: Despite massive subsidies and protectionist trade barriers, Japanese agriculture has been on a steady decline for the last four decades. And now, with its tiny plots of land, Asia farmers enabling farmers and its tsunami of cheap food imports, Japanese agriculture, say critics, is already sunset industry facing a bleak and uncertain future. Lucy Craft, NIGHTLY BUSINESS REPORT, Tokyo.

Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.

09/10/03: "Business Week CEO Leadership Forum"- Medtronic`s CEO Art Collins

SUSIE GHARIB: The Justice Department is investigating claims that Medtronic`s (MDT) spinal products company, Medtronic Sofamor Danek, offered kickbacks to doctors. Medtronic says it`s cooperating with the investigation into the civil complaint filed against the firm. The company says that that unit accounts for less that 18 percent of its total revenue. Medtronic is one of "Business Week`s" top 50 best performing companies. And Medtronic`s CEO Art Collins was one of the featured speakers at the magazine`s CEO Leadership Forum last week in Philadelphia. In an interview taped prior to the release of the information concerning the Justice Department investigation, NBR`s Darren Gersh spoke with Collins and began by asking him about operating in uncertain times.

ART COLLINS, CEO, MEDTRONIC: Well, the two words that I used throughout my comments were speed and change. Organizations, assuming that you have a strategy that needs to be implemented, have to be able to change in order to implement and also move rapidly. And even if your strategy doesn`t ultimately become reality and you have to react to a set of conditions you didn`t anticipate, speed and the ability to change become very important.

DARREN GERSH, NIGHTLY BUSINESS REPORT CORRESPONDENT: It sounds kind of like a contradiction to say you have an institution, but it`s going to be constantly changing. How do you manage or organize an institution that is constantly changing? How do you do that?

COLLINS: Well, the first topic that I started with was culture. It`s something you can`t necessarily legislate. It starts with encouraging the organization to ask questions, to challenge the current way of doing things. And in many cases that`s more difficult for successful organizations because they`ve been successful for a certain set of reasons. It also includes encouraging people not only to question the norm, but also be willing to make mistakes and not necessarily being punished for making a mistake, but learning from it.

GERSH: One of the analysts we spoke with said that you have a reputation for keeping a very tight control over the organization. Is that necessary when you want to have an agile organization?

COLLINS: Well, I think there are several aspects of control. Number one, there is financial control. You certainly don`t want your organization running out of control financially. But within whether it`s strategy or whether it`s taking new approaches in R&D or in marketing or in sales, you want to encourage people to try new things. Ultimately, if you`re successful, then that`s going to be good for the bottom line and good financially.

GERSH: Medtronic has delivered explosive growth for many, many years now. And, of course, the financial community`s favorite question is how are you going to keep it going?

COLLINS: Well, last quarter we reported revenues of approximately $2 billion. So we`re annualizing about $8 billion a year. In order to continue to meet our minimum stated financial objectives of 15 percent top and bottom line growth over any five year period, you need to position the company in large growth markets. You can`t simply operate in small markets and expect to continue to grow market share. You`ve got to position yourself in very large market segments. So it`s no accident that we find about two thirds of the company right now positioned in cardiovascular and cardiac problems, which are large and, looking at demographics, will become larger problems going forward, as well as having made moves in restorative neuroscience, spinal disorders, neurological and gastrointestinal problems, and, most recently, in diabetes.

GERSH: You`ve spoke been how you see biotechnology coming together with information technology. What does that mean for Medtronic?

COLLINS: Let me give you an example of a system that we have just recently introduced. It`s called the Care Link System. This is a patient monitoring system that monitors right now our implantable cardioverter defibrillators and will monitor pacemakers and other implantable stimulation devices going for. It has the ability, used advanced telemetry, to ensure that the device is working correctly and if there is an issue physiologically with the patient, to immediately catch that information, download it through a modem to a secure server. And then that can be accessed via the Internet by physicians and health care workers. Good medical options for the patient and good cost effective medicine for the health care system.

GERSH: Art Collins, CEO Of Medtronic, thank you very much.

COLLINS: Thank you.

KANGAS: Tomorrow, he says stocks are the way to go in the long run. From the "Business Week" forum, author Jeremy Siegel.

Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.

09/10/03: "Money File"-It's All About Market Timing With Market Timers

SUSIE GHARIB: In the money file tonight, not all market timers are bad. Here`s Chuck Jaffe, Senior Columnist at CBS Market Watch.

CHUCK JAFFE, SENIOR COLUMNIST, CBS MARKETWATCH: To hear Eliot Spitzer talk or to read the complaint New York`s attorney general filed last week against some big mutual fund companies, you`d think that all market timers are bad guys. That`s wrong. Spitzer alleges that some fund companies have sold out ordinary customers for special deals with big institutions. Some of the alleged actions, like allowing hedge funds to buy shares after the daily market close, are unquestionably illegal. But the other problem Spitzer has described is the result of a complicated investment strategy called international fund arbitrage, which everyone, from Spitzer through the mainstream media, simplifies into market timing. The real issue in this part of Spitzer`s case is that the fund families involved had said they would not allow market timing trades and then they apparently allowed big investors to engage in this international trading deal. That`s wrong, but it`s a problem with the fund executives who let it happen and not a problem with market timing. Most timers don`t take on the strategy Spitzer found problematic. And fund firms can avoid the problems timing can create by simply sticking to their rules. I`m no big market timing fan, but I do recognize that many investors use timing for protection and peace of mind. Moreover, one person`s market timing is another one`s ordinary asset allocation. So watch the Spitzer case carefully, but don`t let it convince you that all market timing strategies are evil. That`s not what this case is really about. I`m Chuck Jaffe.

Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.

9/10/03: "Paul Kangas' Stocks In The News"

PAUL KANGAS: Wall Street extended yesterday`s sell-off this morning with recent market gainers in the semiconductor, biotech, brokerage and homebuilding sectors under profit taking pressure. At the outset, the Dow was off 37 points, the NASDAQ Index down 24 points. Some buying in the retail, drug and airline groups trimmed the market`s losses at mid session. In early afternoon, the Dow was off only 13 and the NASDAQ down 24 points.

The rally failed to gain much traction as September bared its teeth as one of market`s weakest months, so a broad retreat followed.

The Dow Jones Industrial average ended with an 86 3/4 point loss, putting it at 9,420.46. The NASDAQ Composite tumbled nearly 50 points, or 2.6 percent, ending at 1,823.81. While the Standard & Poor`s 500 fell 12 1/4 points, ending at 1,010.92.

The bond market was firm. The 10-year note rose 22/32, to 99 26/32, pushing the yield down to 4.27 percent.

The most active big board issue, NorTel Networks (NT), trading 43 million shares, dropped $0.13. The Smith Barney Brokerage downgraded it from "in line" to "under weight."

Lucent Technologies (LU) a $0.15 loss.

And Nokia (NOK) continuing to fall after a rather dismal revenue outlook expressed yesterday.

Micron Technology (MU) down $1.35. Soundview Technology Brokerage downgraded Micron from "outperform" to "neutral."

Texas Instruments (TXN) fell $1.90. The company did increase the low end of its third quarter revenue estimate, but reduced the high end of its third quarter earnings outlook. It didn`t sit well with investors, obviously.

Liberty Media (L) down $0.74. The company expects profits at its Stars Encore cable network unit to be hurt because of rising program costs.

Pfizer (PFE) up $0.09.

General Electric (GE) down $0.13.

Motorola (MOT) fell $0.51 in the weak semiconductor sector.

But Schering-Plough (SGP) moved up $0.33, tenth in volume.

Capital One Financial (COF) rising $2.66. The company noted that its managed delinquency rate for loans more than 30 days past due fell from 4.92 percent in July to only 4.74 percent in the month of August.

Walgreen (WAG) moved up $0.75. C.S. First Boston Brokerage upgraded it from "neutral" to "outperform."

And Southwest Airlines (LUV) edging up $0.48. Morgan Stanley says the company`s growth potential is underestimated and it upgraded the stock from "equal weight" to "over weight."

Another airline doing well today, KLM (KLM), a $0.75 gain. It traded as high as $12.25. The company said it is satisfied with the talks it`s had with Air France about a potential alliance.

Another good gainer, Action Performance (ACTN), up $1.45. SunTrust Robinson Humphrey Brokerage noted that Wal-Mart (WMT) has begun placing orders for the company`s racing vehicle replicas again, after a stand-off between the two firms.

On the down side, one of the big losers, Annaly Mortgage Management (NLY) down $2.01. It traded as low as $15.25. The company is going to pay a third quarter dividend of only $0.25 to $0.30, down from $0.60 in the second quarter, because the high pace of mortgage pre-payments has had a negative impact on earnings. But Jim Grant, who has recommended this stock on our program, says this whole situation should ease as interest rates increase a bit. But there were a lot of stocks affected by this news in the mortgage business -- Countrywide (CFC), GreenPoint (GPT),

National City (NCC), NovaStar Financial (NFI) and Wells Fargo (WFC) all down considerably.

Furniture Brands International (FBN) dropped 2 points. After the close yesterday, the company cut its third quarter earnings estimate from $0.40 to $0.43 a share, down to $0.34 to $0.35 a share.

And Rockwell Automation (ROK) down $1.72. The company repeated its 2003 earnings estimate of $1.10 to $1.12. Wall Street was expecting no less than $1.12. A little disappointment there.

Toping the active list on the NASDAQ, Microsoft (MSFT), an $0.82 loss.

Followed by Intel (INTC), down $1.13.

Cisco (CSCO) fell $0.32.

eBay (EBAY) managed to gain $0.54.

But Applied Materials (AMAT), in that weak semiconductor sector, off $1.37.

UTStarcom (UTSI) off $1.78 a share.

And Oracle (ORCL) dropped $0.51.

Dell Computer (DELL), a $0.35 loss.

Nextel Communications (NXTL) fell $0.36.

And Amgen (AMGN) down $0.43.

Xilinx (XLNX) down $1.81. The company repeated its forecast of flat second quarter revenues compared to a year ago, but it said that it`ll be slightly above -- revenues will be slightly above the first quarter level.

And Lightspan (LSPND) moved up $2.25, a good gainer for a change here. It`s going to be acquired by Plato Learning (TUTR) for stock in Plato worth about $10.11 as of today. Plato`s stock fell $0.68, to $7.60 a share.

And those are the stocks in the news tonight.

Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.

09/10/03: Market Stats

			          NET    PERCENT
                         CLOSE     CHANGE     CHANGE
DOW CLOSE              9420.46     -86.74       - .9
HIGH                                         9504.95
LOW                                          9400.38

NASDAQ COMP.           1823.81     -49.62       -2.7
HIGH                                         1859.21
LOW                                          1823.81

VOLUME                                       1,519.7
PREVIOUS                                     1,375.4
UP VOLUME                                      278.5
DOWN VOLUME                                  1,222.2

DOW TRANSPORTS         2705.27     -26.92      - 1.0
DOW UTILITIES           245.05       +.89       + .4
CLOSING TICK                                    +186

S&P 500                1010.92     -12.25      - 1.2
S&P 100                 508.77      -5.15      - 1.0
MIDCAP 400              514.75     -10.80      - 2.1
REUTERS/CRB             245.38      +1.00       + .4

NYSE COMPOSITE         5708.23     -57.95      - 1.0
VALUE LINE              326.03      -6.25      -1.88
RUSSELL 2000            501.76     -11.81       -2.3
WILSHIRE 5000          9794.44    -138.41      -1.39

U.S. TREASURIES
5-YEAR NOTE 3.25%
Aug. 15,2008         100 15/32     +15/32       3.15

10-YEAR NOTE 4.25%
Aug. 15,2013          99 26/32     +22/32       4.27

30-YEAR NOTE 5.375%
Feb. 15, 2031        103  6/32     +35/32       5.16

LEHMAN BROS.
LONG BOND INDEX        1716.33     +14.73


DOW CLOSE              9420.46     -86.74       - .9
ADVANCES                                        1101
DECLINES                                        2188
NEW HIGHS                                         90
NEW LOWS                                          10

                                      NET    PERCENT
NYSE MOST ACTIVES    4PM CLOSE     CHANGE     CHANGE
NT     Nortel Networks    3.96       -.13       -3.2
LU     Lucent Tech        2.07       -.15       -6.8
NOK    Nokia Corp        15.39       -.59       -3.7
MU     Micron Tech       13.35      -1.35       -9.2
TXN    Texas Instrument  23.42      -1.90       -7.5
L      Liberty Media     11.11       -.74       -6.2
PFE    Pfizer            31.77       +.09        +.3
GE     GE                31.03       -.13        -.4
MOT    Motorola          10.69       -.51       -4.6
SGP    Schering-Plough   16.33       +.33       +2.1

NASDAQ CLOSE           1823.81    - 49.62      - 2.7
VOLUME                                       2,007.0
PREVIOUS                                     2,222.8
ADVANCES                                         809
DECLINES                                        2381

NASDAQ ACTIVES
MSFT   Microsoft         27.55       -.82       -2.9
INTC   Intel             27.66      -1.13       -3.9
CSCO   Cisco Systems     20.46       -.32       -1.5
EBAY   eBay              51.41       +.54       +1.1
AMAT   Applied Matl      20.70      -1.37       -6.2
UTSI   UTStarcom         35.45      -1.78       -4.8
ORCL   Oracle            12.85       -.51       -3.8
DELL   Dell Inc          32.97       -.35       -1.1
NXTL   Nextel Comms      19.29       -.36       -1.8
AMGN   Amgen             66.99       -.43        -.6

AMEX CLOSE              988.67     - 4.14       - .4

INDEX SHARES
DIA    DIAMONDS TRUST    94.68       -.77        -.8
QQQ    NASDAQ 100        33.24       -.84       -2.5
SPY    S&P DEP.RECEIPTS 101.96      -1.04       -1.0

STOCKS IN THE NEWS
COF    Capital One Finl  58.91      +2.66       +4.7
WAG    Walgreen Co       31.32       +.75       +2.5
LUV    SW Airlines       18.00       +.48       +2.7
KLM    KLM Royal Dutch   11.99       +.75       +6.7
ATN    Action Perform    24.70      +1.45       +6.2
NLY    Annaly Mortgage   16.95      -2.01      -10.6
CFC    Countrywide Finl  68.84      -2.16       -3.0
GPT    Greenpoint Finl   30.24      -2.91       -8.8
NCC    National City     30.30      -1.51       -4.8
NFI    Novastar Finl     53.55      -4.45       -7.7
WFC    Wells Fargo       50.04       -.95       -1.9
FBN    Furniture Brands  26.41      -2.00       -7.0
ROK    Rockwell Auto     25.38      -1.72       -6.4
XLNX   Xilinx            30.29      -1.81       -5.6
LSPND  Lightspan         10.40      +2.25      +27.6