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Program: Thursday, December 18, 2003
12/18/03: The Spitzer/ SEC Alliance Capital Showdown SUSIE GHARIB: A ground breaking settlement today in the mutual fund industry pits New York Attorney General Eliot Spitzer against the Securities and Exchange Commission. Alliance Capital management agreed to pay $250 million to settle fraud charges for improper trading. The payment is the largest ever from a mutual fund advisor and will be used to reimburse investors harmed by Alliance`s improper trades. Alliance also struck a separate landmark agreement with the New York attorney general to cut the fees it charges investors by 20 percent over five years. That brings the total value of the settlement to $600 million. The unprecedented fee reduction has ignited sharp disagreements between Spitzer and the SEC. STEPHEN CUTLER, ENFORCEMENT DIRECTOR, SEC: We don`t agree on every point. The Commission believes that the appropriate way to take up fee discounts is not -- or fee issues -- is not in a case about market timing, but it is in rule making, and that`s what the commission intends to do. ELIOT SPITZER, NEW YORK ATTORNEY GENERAL: They settled the case for $250 million. I settled it for $600 million. I would not have settled for $250 million. I think that they once again lowballed and it did not protect the public adequately based upon the record of gross abuse by a major company. And I`m disappointed in them. GHARIB: Eliot Spitzer also told me today how he sees his role in policing Wall Street.
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.
PAUL KANGAS: The big board has a new leader. Interim New York Stock Exchange Chairman John Reed today tapped Goldman Sachs` President John Thain to lead the world`s largest stock market. Erika Miller reports. ERIKA MILLER, NIGHTLY BUSINESS REPORT CORRESPONDENT: The New York Stock Exchange is betting this man will help restore investor confidence in the big board. At a news conference today, Interim NYSE Chairman John Reed introduced John Thain, who will become CEO of the exchange on January 15. JOHN REED, INTERIM CHMN. & CEO, NYSE: I think we have an exceptional person at a time when, frankly, we require an exceptional person. There`s are a lot of things that we have to get done and I think John will do that. MILLER: Thain is currently the President of Goldman Sachs. Many people, including Securities and Exchange Commission Chairman William Donaldson, praised his selection. But critics raised concerns about potential conflicts of interest. SARAH TESSLIK, EXECUTIVE DIRECTOR, COUNCIL OF INSTITUTIONAL INVESTORS: Goldman owns one of the main specialist firms that trades on the New York Stock Exchange and that makes money out of the current system. And, of course, there are numerous complaints about the current system, both that specialists charge too much and that they trade in ways that benefit them at the expense of investors. MILLER: But today, Thain made it clear he favors improving the specialist system, not dumping it. JOHN THAIN, CEO DESIGNATE, NYSE: I continue to believe that the specialists play a very important in the marketplace. And I think that will continue to be the case. MILLER: Thain also weighed in on another contentious issue: whether the big board should continue to operate as a self-regulating organization, or SRO. THAIN: I believe that we can, in fact, demonstrate that an SRO does, in fact, work. MILLER: As for what Thain will be paid, he`s slated to receive $4 million a year, but he will not receive any special retirement packages. His predecessor, Richard Grasso, resigned amid outcry over the $140 million he earned in 36 years at the Exchange. REED: We looked around and we found that the range of compensation for people who are running the various exchanges in this country ranges between three and five, and we took a number in the middle. MILLER: One of the big remaining issues for the NYSE is the selection of a new chairman. And today, John Reed hinted he has a particular candidate in mind, someone he`d like to see in place early next year. Erika Miller, NIGHTLY BUSINESS REPORT, New York.
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. 12/18/03: One On One With New York Attorney General Eliot Spitzer SUSIE GHARIB: I sat down with New York Attorney General Eliot Spitzer and began by asking him if the Alliance deal will be the new model for future settlements with other mutual fund firms. SPITZER: Every fact pattern is different. And therefore a settlement is based upon the wrongdoing that you can demonstrate. And you negotiate based upon that. So I don`t want to say these are the pieces that inevitably will accompany any settlement, but certainly given these facts, this is what I thought was appropriate. GHARIB: Mr. Spitzer, you said that today`s settlement with Alliance had to include fee reduction. SPITZER: Right. GHARIB: But the SEC was opposed to that and they said in a statement that the mutual fund fees were not illegally high. So give us your analysis on the connection between wrongdoing by Alliance and its fees. SPITZER: They do not understand that the late trading and the timing issues that we have seen percolating throughout the mutual fund world are merely demonstrative of a larger failure of fiduciary obligation at the board level. And for the SEC, therefore, to say, well, we will deal with these two symptoms or these two manifestations of it, but not think about the larger failure of the board to negotiate the fees, is disappointing to me, because I think it is the fee issue that really is at the large -- is the larger financial issue and is more fundamental to the breakdown of fiduciary duty. GHARIB: Well, the SEC seems to be saying let the market set the fees. Is it the job of a law enforcer like yourself to reform the mutual fund industry? SPITZER: Absolutely, because my job is to protect investors. The SEC`s response is merely to say, well, let`s have a few more disclosure obligations and to believe the issue is gone. Process alone will not solve it. What you need to do is impose upon the decision makers fundamental substantive obligations that will obligate them to protect the investing public. We did that in our Alliance deal by imposing process and by saying you have also gained improperly. You`ve violated your fiduciary duty. You`ve gained improperly. You will have to disgorge part of that profit. GHARIB: In the settlement, Alliance is going to have to pay $600 million. SPITZER: Right. GHARIB: That`s a lot of money when you compare that to the settlement that you worked out with Wall Street research analysts, which was $1.4 billion, but that was with 10 brokerage firms. SPITZER: Correct. Correct. GHARIB: Does the settlement suggest that the misdeeds by the mutual fund industry are more serious than the misleading research by the Wall Street brokers? SPITZER: It`s hard to say which is more serious. Each was a gross violation of fiduciary duty. The investment banks paid $1.4 billion in aggregate and are now facing many, many lawsuits that will force them to pay more. The $600 million, we think, I think, is much closer to a complete statement of the harm they imposed. But each was a critical violation of fiduciary duty. GHARIB: Should investors assume that Alliance is just the tip of the iceberg? SPITZER: Will there continue to be that many announcements as we go forward? I hope it slows down. I think it will slow down a bit, but there will be more. And there will be other significant cases made, and presumably settled, in due course. But I think the concepts we are dealing with, the natures of the violations are now out there and understood by the public. GHARIB: As you know, there`s been considerable debate about the specialist system at the New York Stock Exchange and CalPERS, the big pension fund, is suing the NYSE, saying that it condoned improper trading by its specialist firms. Do you think that there are structural problems with the specialist system and is this something that you want to investigate? SPITZER: I`m glad to say it`s something we haven`t looked at. I`ve heard a lot of commentary on both sides. I don`t want to opine upon the merits or lack of merit of the CalPERS lawsuit. I think I just want to say at this point others are looking at it. I`ve heard the divergent views but I really don`t have -- GHARIB: But is this on your agenda, to investigate the specialists? Is that the next big thing for you? SPITZER: No. If I knew what the next big thing was, I`m not sure I would tell anybody. But I can tell you that we haven`t yet picked out what it will be or even what sector of the world it might in. GHARIB: You have said that many of the financial scandals of the past year are a result of the failure of self-regulatory organizations that were supposed to monitor the companies within their industry. Do you think that the reforms at the NYSE went far enough? SPITZER: Over the past decade, we can conclude now that the SROs, whether it`s the NASD or the NYSE or any of the others out there, did not do what they should have done in capturing and understanding the wrongdoing. Is the structure they`ve put in place at the exchange perfect? Who knows? I know John is giving it a very, very hard look and has done some very constructive things. GHARIB: What are your thoughts about John Thain of Goldman Sachs, a Wall Street insider, as the new CEO of the New York Stock Exchange? SPITZER: If you didn`t get somebody who had been part of the trading world, frankly, he or she would probably not understand the issues that were presented. So that is -- I understand what you`re raising is as a potential issue. I don`t think that`s a concern. I think he will make the right judgment calls and he is supposed to be a superb individual. GHARIB: Every day there`s a new headline about some kind of misdeed in the business world and this is despite all of the progress that you`ve made in cleaning up after these scandals. Why should investors feel safe about putting their savings into the markets? SPITZER: Well, I don`t want to say that people should feel safe or shouldn`t feel safe. But I think that the new type of behavior that we`re seeing in terms of attention to ethical issues is very refreshing. It doesn`t mean that there won`t continue to be scandals that emerge, but I do think as you spend time talk to board members of large companies, small companies, private or public, you see a new attention to the sorts of issues that should have been thought about more carefully over the past years. GHARIB: Mr. Spitzer, thank you for talking to NIGHTLY BUSINESS REPORT. SPITZER: My pleasure. Thank you.
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.
SUSIE GHARIB: Vice President Dick Cheney`s former company Halliburton (HAL) is back in the spotlight again tonight in a continuing tussle over allegedly overcharging the federal government. Halliburton`s ties to the top have raised political charges of insider influence. But as Stephanie Woods reports, the dispute also raises questions about government oversight. STEPHANIE WOODS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Halliburton is fighting allegations that it overcharged the government $61 million to import fuel into Iraq. The company says it actually saved the Army Corps of Engineers millions of dollars by bargaining with subcontractors to get the lowest price. CHARLES DOMINY, V.P. GOVERNMENTAL AFFAIRS, HALLIBURTON: We did a process this government approved. We followed those rules. We bargained as hard as we could with that subcontractor. And then when we got a number that was as low as we could get, we`d go to the Corps of Engineers and had that approved. WOODS: The Defense Contract Audit Agency says it is analyzing Halliburton`s response. But the dispute brings up the larger question of the government`s oversight of contractors. Halliburton`s KBR was granted the oil contract without a competitive bid. BRETT LAMBERT, DEFENSE ANALYST, DFI INTERNATIONAL: Halliburton was awarded this because there was no planning involved by the Pentagon on what to do after the war. Therefore, there were very loose requirements that were established. And I think Halliburton is at fault in some cases, clearly, for the overcharging. But the blame should really go, should start with the requirements or the failure to deliver requirements at the Pentagon. WOODS: The government is also investigating alleged contract abuses at Boeing (BA). The timing of both Halliburton and Boeing is a coincidence, but government contracting expert Steven Schooner says it`s not surprising. STEVEN SCHOONER, PROFESSOR, GEORGE WASHINGTON UNIVERSITY: Throughout the 1990s, a decision was made pretty aggressively to reduce oversight generally in the contracting world. And so there are fewer people doing contract management, fewer people doing quality assurance and far fewer people who are auditing these contracts. That sends a very strong message to industry. WOODS: Analysts say consolidation among defense contractors makes it hard for the government to punish companies it finds broke the rules. Any steep penalties are likely to be passed back in future contracts. And with only one or two competitors, the government is reluctant to shut anyone out. 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.
SUSIE GHARIB: Corporate America is still struggling to comply with the new corporate governance laws. The Sarbanes-Oxley Act was passed in the wake of the Enron ((ENRNQ.OB), WorldCom (WCOEQ.OB) and Tyco (TYC) scandals. As we continue our series Inside the Boardroom, Jeff Yastine says companies both large and small are feeling the legislation`s impact. JEFF YASTINE, NIGHTLY BUSINESS REPORT CORRESPONDENT: The fallout from the Wall Street scandals of the late 1990s continues to reverberate, in the courts and in the boardroom, where companies are struggling to conform to the Sarbanes-Oxley Act. And yet more rules are still emerging from Washington. PAUL BERKOWITZ, SECURITIES ATTORNEY, GREENBERG TRAURIG: While not every one of these rules is typically or is included specifically in the Sarbanes-Oxley Act, I guess you can call them the progeny. You can call them the children of Sarbanes-Oxley. And this will continue, I suspect, for a number of years. YASTINE: But corporate boards have their work cut out. The SEC has set June of next year as a deadline for all public companies to comply with Sarbanes-Oxley regulations. And according to some surveys, that may be a tough deadline for some companies to meet. One poll found that just one in 10 CFOs believe their internal financial controls fully comply with the new federal standards. And the effort to comply with Sarbanes-Oxley is a challenging one, especially for smaller publicly held companies. ROGER RABER, PRESIDENT & CEO, NATIONAL ASSOCIATION OF CORPORATE DIRECTORS: Do they have somebody who`s going to spend time to make sure they`re educated? Are they going to get some outside counsel, whether it`s education, it`s compensation, it`s audit? Do they have the resources to be able to do that? And, frankly, I would like to see it pushed out because it is a lot complicated, there`s going to be more regulations coming down. YASTINE: For that reason, some companies are opting out, taking themselves private to avoid Sarbanes-Oxley. For these firms, the costs of complying outweigh the benefits of being publicly traded. New figures show the number of companies going private increased by 22 percent in the 11 months after the passage of Sarbanes-Oxley. Another impact, large jumps for insurance premiums that protect company directors and officers if they`re sued in court. An industry survey found the costs of such D&O insurance jumped sharply last year. And some say board meetings of all kinds are getting a lot longer. BERKOWITZ: I think I participated in my first six or seven hour audit committee meeting ever. The accountants are spending more time there, the lawyers are spending more time. YASTINE: But can future Enron type debacles be prevented with all the extra time spent and additional rules? Most say it still depends on the integrity of the people sitting around the board room table. RABER: Integrity, as we`ve seen with some of the corporate debacles, is the coverage to get up and say I don`t believe what you`re telling me. We should not be dispensing the code of ethics or I don`t understand what you`re talking about, and until I do, I`m not going to vote on this particular issue. Or it just doesn`t pass the smell test. YASTINE: Jeff Yastine, NIGHTLY BUSINESS REPORT, Miami.
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. 12/17/03: "Paul Kangas' Stocks In The News" PAUL KANGAS: Following through on yesterday`s late firming trend, stocks opened higher on Wall Street, getting a boost from the report of a larger than expected decline of 22,000 in the latest weekly new jobless benefit claims. Thirty minutes into trading, the Dow was up 50 points and the NASDAQ had gained 22. The market got a further boost from news that November`s leading economic indicators rose a solid 0.3 percent, suggesting the economy would continue to recover. By late morning the Dow posted a 66 point gain, while NASDAQ was up 24. Brokerage upgrades on such stocks as Wal-Mart (WMT), Honeywell (HON) and American Express (AXP) made buyers even more aggressive this afternoon, resulting in a very strong close. The Dow Industrial Average ended up 102.82 points, or one percent, at 10,248.08. The NASDAQ Composite rose 34.85 points. That`s 1.8 percent. It now stands at 1,956.18. The Standard & Poor`s 500 up 12.70, or 1.2 percent, ending at 1.089.18. In the bond market, the 10-year note climbed 15/32, to par and 31/32, pulling the yield down to 4.13 percent. The most active big board issue, 17.7 million shares changing hands, General Electric (GE) moving up $0.12. Then Time Warner (TWX) with a $0.33 gain. The Daily Variety Web site reports that Time Warner is resurrecting merger talks with MGM (MGG). MGM`s stock, incidentally, moved up $0.80, to $17.05. Lucent Technologies (LU) gained $0.06. EMC (EMC) a $0.38 rise. AT&T Wireless (AWE), fifth in volume, was up $0.15. Nokia (NOK) gained $0.19. But then the big loser here, Colgate-Palmolive (CL), tumbling $3.58. The company is going to acquire GABA Holding. That`s a private Swiss oral care company that makes toothpastes and things like that. And the price is somewhere around $725 million. And Colgate did warn that the acquisition would lower first quarter earnings. Texas Instruments (TXN) moved up $1.20. Pfizer (PFE), a $0.09 gain there. And Corning (GLW), tenth in big board volume, moved up $0.55. Wal-Mart (WMT) a $0.70 gain. UBS is upgrading Wal-Mart from "neutral" to "buy." The stock did trade as high as $53.20 today. And then a couple of the major investment houses with big earnings, even though the stocks were down. A $1 loss on Goldman Sachs (GS). But fourth quarter earnings came in at $1.89 versus $0.98 last year. That`s a 92 percent gain. The Street estimate was only for $1.54. Another big firm with good earnings was Morgan Stanley (MWD), down $1.29, however. But you can see on both these the big gains that have been made in anticipation of these good earnings. Fourth quarter for Morgan Stanley, $0.94, up from last year`s $0.67, and that was $0.04 better than the Street estimate. Honeywell (HON) did well, up $1.31. J.P. Morgan upgraded it from "neutral" to "over weight," saying the company`s 2004 forecast seems specifically low against most Wall Street expectations. And then another Dow stock, American Express (AXP), moving up $1.77. UBS upgraded it from "neutral" to "buy" on improving customer credit. And Caterpillar (CAT) is also a Dow stock, gaining $1.69. That`s a follow through strength after J.P. Morgan`s positive report on the company`s outlook earlier in the week. FedEx Corp. (FDX) fell $1.31. The Raymond James Financial Brokerage downgraded it from "outperform" to "market perform" after yesterday`s lower than expected second quarter earnings that we reported to you. Jabil Circuit (JBL) up $2.41. After the close yesterday, first quarter earnings $0.25, way up from $0.04 the year before, and $0.02 above the Street expectation. Teradyne (TER) up $1.63. Moors and Cabot Brokerage upgraded it from "sector perform" to "sector outperform" due to the company`s improved cost structure and strong revenue growth outlook. And Duane Reade (DRD), the New York City area drugstore chain, up $1.48. The improving New York City economy prompted Merrill Lynch to upgrade it from "sell" to "neutral" and Morgan Stanley to upgrade it from "neutral" to "over weight." Microsoft (MSFT) topped the active list on NASDAQ, moving up $0.36. Followed by Intel (INTC), a $0.73 gain there. Cisco (CSCO) up $0.68. Qualcomm (QCOM) gained $2.16. Dell Incorporated (DELL), a $0.58 rise, number five in big board dollar volume. eBay (EBAY) gained $2.71 after the W.R. Hambrecht Brokerage began covering the stock with a "buy" recommendation. Applied Materials (AMAT) edged up $0.84. A $1.07 gain in InterActive Corp. (IACI). Amgen (AMGN) down $0.56. And then Oracle (ORCL), tenth in volume, was up $0.08 per share. We had a new issue today on NASDAQ, the Franklin Bank (FBTX). It`s a Houston savings and loan. 9.2 million shares offered at $14.50. The stock opened at $16.74, the high of the day $18.06, and then it backed down just a little bit, but it`s still a pretty good day of trading on the first debut. palmOne (PLMO) down $3.11. A 22 1/2 percent drop there. The company in with a second quarter loss of $0.11. The Street was only looking for a $0.02 loss and of course last year the company earned $0.12 a share. Dynacq Healthcare (DYII) tumbling $2.04. And that`s a negative reaction to the company`s independent auditor resigning. It cited the company`s failure to provide reliable information due to a lack of internal controls. 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.
NET PERCENT
CLOSE CHANGE CHANGE
DOW CLOSE 10248.08 +102.82 + 1.0
HIGH 10254.08
LOW 10137.34
NASDAQ COMP. 1956.18 +34.85 +1.8
HIGH 1957.68
LOW 1924.62
VOLUME 1,559.5
PREVIOUS 1,406.7
UP VOLUME 1,328.3
DOWN VOLUME 209.2
DOW TRANSPORTS 2987.16 +20.86 + .7
DOW UTILITIES 260.60 +3.00 + 1.2
CLOSING TICK +674
S&P 500 1089.18 +12.69 + 1.2
S&P 100 540.49 +5.29 + 1.0
MIDCAP 400 568.55 +8.41 + 1.5
REUTERS/CRB 261.14 -.21 - .1
NYSE COMPOSITE 6288.05 +72.06 + 1.2
VALUE LINE 354.39 +4.67 1.34
RUSSELL 2000 546.9 +8.18 1.52
WILSHIRE 5000 10582.82 +127.42 1.22
U.S. TREASURIES
5-YEAR NOTE 3.375%
Nov. 15,2008 101 1/32 +5/32 3.15
10-YEAR NOTE 4.25%
Nov. 15,2013 100 31/32 +15/32 4.13
30-YEAR NOTE 5.375%
Feb. 15, 2031 106 10/32 +1 5/32 4.95
LEHMAN BROS.
LONG BOND INDEX 1743.68 +9.13
DOW CLOSE 10248.08 +102.82 + 1.0
ADVANCES 2445
DECLINES 829
NEW HIGHS 452
NEW LOWS 7
NET PERCENT
NYSE MOST ACTIVES 4PM CLOSE CHANGE CHANGE
GE GE 30.85 +.12 +.4
TWX Time Warner 17.87 +.33 +1.9
LU Lucent Tech 2.93 +.06 +2.1
EMC EMC Corp 12.85 +.38 +3.1
AWE AT&T Wireless 7.44 +.15 +2.1
NOK Nokia Corp 17.31 +.19 +1.1
CL Colgate Palmolive 50.30 -3.58 -6.6
TXN Texas Instrument 28.88 +1.20 +4.3
PFE Pfizer 34.44 +.09 +.3
GLW Corning 10.55 +.55 +5.5
NASDAQ CLOSE 1956.18 + 34.85 + 1.8
VOLUME 1,721.2
PREVIOUS 1,505.3
ADVANCES 2151
DECLINES 1019
NASDAQ ACTIVES
MSFT Microsoft 27.40 +.36 +1.3
INTC Intel 30.90 +.73 +2.4
CSCO Cisco Systems 24.17 +.68 +2.9
QCOM Qualcomm 51.48 +2.16 +4.4
DELL Dell Inc 33.52 +.58 +1.8
EBAY eBay 60.00 +2.71 +4.7
AMAT Applied Matl 21.84 +.84 +4.0
IACI InterActiveCorp 32.01 +1.07 +3.5
AMGN Amgen 61.59 -.56 -.9
ORCL Oracle Corp 13.33 +.08 +.6
AMEX CLOSE 1142.85 + 7.61 + .7
INDEX SHARES
DIA DIAMONDS TRUST 102.81 +.95 +.9
QQQ NASDAQ 100 35.52 +.60 +1.7
SPY S&P DEP.RECEIPTS 109.72 +1.22 +1.1
STOCKS IN THE NEWS
WMT Wal-Mart Stores 52.60 +.70 +1.4
GS Goldm Sachs Group 97.35 -1.00 -1.0
MWD Morgan Stanley 56.34 -1.29 -2.2
HON Honeywell Intl 31.57 +1.31 +4.3
AXP American Express 46.77 +1.77 +3.9
CAT Caterpillar 83.71 +1.69 +2.1
FDX FedEx 69.70 -1.31 -1.8
JBL Jabil Circuit 29.21 +2.41 +9.0
TER Teradyne 23.67 +1.63 +7.4
DRD Duane Reade 14.97 +1.48 +11.0
FBTX Franklin Bank 17.80 +3.30 +22.8
PLMO PalmOne 10.74 -3.11 -22.5
DYII Dynacq Healthcare 8.95 -2.04 -18.6
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