02/13/06:
Interest Rate Worries Weigh On The Markets
SUSIE GHARIB: Stocks started the week on a down note on investor
concerns about interest rates. Weighing on the markets, worries
about testimony on Wednesday by Federal Reserve Chairman Ben
Bernanke that could set the stage for higher interest rates.
Investors focused more on that than encouraging news on the
earnings front. With 80 percent of companies reporting, the
winning streak continues for corporate earnings. Suzanne Pratt
reports.
SUZANNE PRATT, NIGHTLY BUSINESS REPORT CORRESPONDENT: Another
quarter, another period of double digit profit gains for corporate
America. According to Thomson First Call, it looks like fourth
quarter profit growth for companies in the S&P 500 will
average nearly 15 percent. Not only is that double the historic
average for earnings growth, but it also caps off a solid
year for U.S. corporate profits. In addition, it marks only
the third time since 1950 when corporate America has experienced
10 straight quarters of double digit earnings growth.
ROBERT KEISER, SR. RESEARCH MANAGER, THOMSON FINANCIAL: The
fourth quarter number at 14.7 percent does emphasize an overall
slowing of the economy on an earnings basis since, for instance,
the fourth quarter of 2003, when earnings were growing at
28.3 percent rate. But it`s important to note that this is
the tenth consecutive quarter of double digit earnings growth
for the S&P.
PRATT: Once again, energy firms dominated with a 56 percent
gain in quarterly profits thanks to sky-high oil prices. Technology
names and utility stocks were the quarter`s other big winners,
each increasing 17 percent. There was only one sector with
negative profit growth, basic materials. Nevertheless, for
the most part, the U.S. stock market seemed to shrug off the
solid quarterly scorecards reported in the last few weeks.
Market pros say that`s because investors are too busy fretting
about other things, namely the economy and interest rates.
CHARLES BLOOD, CHIEF MARKET STRATEGIST, BROWN BROTHERS HARRIMAN:
Strong corporate profits are not necessarily the key to higher
stock prices. It takes the combination of profits and better
interest rates. What`s given the stock market fits in the
last six, nine, 12 months has been rising short-term interest
rates.
PRATT: Analysts predict double digit profit growth for the
S&P 500 will continue throughout this year. If that happens,
it will break the all time record of 13 straight quarters
of double digit growth set in 1995. Suzanne Pratt, 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) 2005 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
02/13/06:
One on One With Jeffrey Saut, Chief Investment Strategiest,
Raymond James
SUSIE GHARIB: Our guest tonight tells investors we are in
a low-growth, low- return environment and he expects the markets
to muddle along. Joining us now, Jeffrey Saut, chief investment
strategist at Raymond James. Hi, Jeff.
JEFFREY SAUT, CHIEF INVESTMENT STRATEGIST, RAYMOND JAMES:
Good evening.
GHARIB: So tell us about this muddling along part. What exactly
do you mean by that?
SAUT: Well, I think that the peak in year-over-year GDP growth
occurred in the first quarter of 2004, 4.7 percent and the
think the economy has been in a slowing motion ever since.
I have been saying that I thought sometime in 2006 we would
get a sub 3 percent year-over-year GDP report, but we already
got that in the preliminary fourth quarter of last year.
GHARIB: Now, a lot of investors were very concerned today
about comments made by one of the Fed presidents about, you
know, more interest rates possibly coming our way and also
a lot of anxiety about the first public comments that we`re
going to be hearing from new Fed Chairman Ben Bernanke. What
is your view on all of this and the outlook for interest rates?
SAUT: Well, I think the historic precedent has been set by
-- at least my 35 years in this business -- by every new Fed
head except Arthur Burns. They have come into their new position
in a hawkish mode and they have tended to raise interest rates
until there`s been a financial accident. You recall when Paul
Volcker came in, we had a mini crash. When Alan Greenspan
came in, we had a real crash. So I have been wrong on interest
rates. I thought in a financentric economy that the Fed would
stop somewhere around 3 1/2, 3 3/4. It now looks to me like
they`re going to keep with their historic modus operandi and
probably continue to raise rates until there is an accident.
GHARIB: So, Jeff, what is your strategy in this kind of market
scenario that you`re telling us about. What do you do? If
you`re expecting higher interest rates and you`re saying the
market`s going to muddle through, what are you doing in your
portfolio?
SAUT: Well, just because the major market indices tend to
trade sideways, doesn`t mean you can`t make money. I think
it`s a mistake to have an overly optimistic, bullish view.
I also think it`s a mistake to have a hardened pessimistic
view. Sector selection, good stock selection and your ability
to cut your losses quickly produced over 13 percent return
on the focus list that we managed last year and a 22 percent
return on the analyst best picks.
GHARIB: Now, you told me that you are already beginning to
unload or you have been unloading a lot of your energy holdings,
stocks in the energy sector. What`s your thinking there? And
do you have any of the big oils in your portfolios right now?
SAUT: Yes, we do. We have a long-term bullish call on energy.
We have been bulls on not just oil and natural gas, but coal
in particular. So about three or four months ago, sensing
that oil was making a peak, if you will around $70 a share,
we cut back 20 to 30 percent on our energy stocks, sensing
that you were going to get this seasonal weakness in the first
or second quarter of this year. Longer term, we continue to
think energy is a place to be well over weighted.
GHARIB: All right. The other, a lot of buzz today in the
markets about Google, the stock dropping 17 points. What`s
your view on Google?
SAUT: I just don`t understand the valuation, Susie. It`s
-- I was brought up as a (INAUDIBLE) type investor and I don`t
understand it so I totally missed Google.
GHARIB: So it has never been in your portfolio?
SAUT: No, ma`am.
GHARIB: And you wouldn`t even be buying it at these levels?
SAUT: I don`t know how to value it.
GHARIB: OK, what about Pfizer? A lot of market activity on
Pfizer today in reaction to what the company said on Friday
about its outlook for 2006.
SAUT: We`ve been pretty lucky with the big cap pharma in
that we`ve avoided it for the past three, 3 1/2 years, thinking
that it was a value trap. The FDA has pretty much told you
that the new drug applications that are going to come through,
65 to 70 percent of them are going to be granted to biotechs
so I think that`s where the break through comes from. And
I think the growth, other growthy type names would be the
hospital equipment makers.
GHARIB: Real quickly, we have a few seconds left, if you
had to name one stock that you`re really strong on as a long-term
investor, what would it be?
SAUT: We follow Canadian Oil Sands Master Trust up in Canada.
The Canadian oil Sands is the second largest gas find - excuse
me, oil find on the planet and it`s a secured source of energy.
GHARIB: And do you own it, Jeff?
SAUT: Yes, I do.
GHARIB: All right. Thank you very much for coming on the
program.
SAUT: My pleasure.
GHARIB: We`ve been speaking with Jeffrey Saut, chief investment
strategist at Raymond James.
Nightly
Business Report transcripts are available on-line post broadcast.
The program is transcribed by Voxant, Inc. 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) 2006 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
02/13/06: The Post Katrina Blame
Game Continues
PAUL KANGAS: Homeland Security Secretary Michael Chertoff
rejected criticism today that his department, which includes
FEMA, is preoccupied with terrorism at the expense of natural
disasters. Meanwhile, a report by a House Committee found
failures in responding to hurricane Katrina beginning at the
local level and continuing on up to the White House. Government
auditors have also exposed accounting flaws, fraud and mismanagement
in the $85 billion Katrina rebuilding effort. Darren Gersh
reports.
DARREN GERSH, NIGHTLY BUSINESS REPORT CORRESPONDENT: FEMA
spent almost $900 million to buy homes like these. They`re
some of the 26,000 manufactured and modular houses that were
supposed to help those left homeless by hurricanes Rita and
Katrina. The only problem, FEMA regulations do not allow mobile
homes to be used in the flood plains where many of the survivors
live.
RICHARD SKINNER, INSPECTOR GENERAL, DEPARTMENT OF HOMELAND
SECURITY: We may have -- there`s still additional housing
needed of course - but we may have types of housing, like
manufactured homes and modular homes, that will not be able
to be used. Instead we may need to go out and buy more trailers,
which leaves us with a large inventory of housing out there
that is very, very costly, that may not be able to be used.
GERSH: In this site alone, there are close to 11,000 manufactured
homes sitting on trailers, some sinking into the mud. FEMA
is making plans to sell off the homes, but investigators say
the government will only get pennies for every dollar spent.
SKINNER: They`ve been sitting exposed to the elements for
months. Some of the trailers that we inspected are actually
warping, have lost wheels.
GERSH: Investigators at the Government Accountability Office
also found evidence of fraud that could amount to hundreds
of millions of dollars. The GAO estimates 900,000 of the 2.5
million applications for emergency hurricane assistance were
duplicates. In 1,000 cases, Social Security numbers for dead
people were used to apply for expedited assistance. A thousand
more used numbers never issued by Social Security. And there
were tens of thousands of mismatches where name, date of birth
and Social Security numbers don`t match.
GREGORY KUTZ, FORENSIC AUDITOR, GOVERNMENT ACCOUNTABILITY
OFFICE: So the potential is certainly thousands and thousands
-- and that`s just Social Security misuse -- that doesn`t
include bogus property addresses or identity theft or all
the other types of fraud that you likely have in this program.
GERSH: A FEMA spokeswoman said offering emergency cash assistance
was a calculated risk and the right thing to do in a situation
where so many people were in such dire need. Darren Gersh,
NIGHTLY BUSINESS REPORT, Washington.
Nightly
Business Report transcripts are available on-line post broadcast.
The program is transcribed by Voxant, Inc. 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) 2006 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
02/13/06: Brunswick Is Bowling
For Teens
SUSIE GHARIB: Believe it or not, bowling is becoming hip
again and America`s teenagers are part of the reason. Bowling
is one of the fastest growing team sports in high schools.
As Diane Eastabrook reports, Brunswick is helping the game
pin down new popularity.
DIANE EASTABROOK, NIGHTLY BUSINESS REPORT CORRESPONDENT:
Laura Finfrock hopes to knock over the competition at an upcoming
tournament for Illinois high school bowlers. The 15-year-old
is on the girls bowling team at Deerfield High School. Since
October, the team has been practicing every weekday afternoon
at a nearby Brunswick Zone, but that`s still not enough bowling
for Finfrock and teammate, Jennifer Butcher.
LAURA FINFROCK, BOWLER: Since it`s so much fun and it`s like
an easy close place, we come pretty much every weekend and
we just have a blast.
JENNIFER BUTCHER, BOWLER: Her and I usually go together every
day on the weekends.
EASTABROOK: Brunswick is pinning future growth in its bowling
and billiards division partly on teenagers like these. For
the past few years, Brunswick has been reaching out to high
schools offering its bowling centers for practice if schools
set up teams. The company thinks the initiative has helped
to stem the decline in league bowling.
JOHN STANSKY, PRESIDENT, BRUNSWICK BOWLING & BILLIARDS:
The kids that get really interested and get better at it,
they`ll find that it`s really a fun thing to do. They may
do it for the rest of their lives. They may join leagues and
bowl regularly for the rest of their lives.
EASTABROOK: Like any other sport these days, bowling is having
to compete with many other forms of entertainment for participants
and just like other sports arenas, Brunswick Zones are having
to offer more than just bowling at their facilities. To attract
more young and not-so-young bowlers, Brunswick is opening
bigger facilities. This Brunswick Zone in Homewood, Illinois
has more lanes, some with living rooms. There is a huge game
room and an elegant lounge. Other Brunswick Zones offer activities
like laser tag and bumper cars.
STANSKY: We want to be a good looking environment for those
people to come to. So it looks good on the outside and then
it`s a lot of fun on the inside.
EASTABROOK: The bowling and billiards division represents
less than 10 percent of Brunswick`s total business, but AG
Edwards analyst Timothy Conder says it is becoming an increasingly
profitable one. His firm has a non-investment banking relationship
with Brunswick.
TIMOTHY CONDER, LEISURE ANALYST, A.G. EDWARDS & SONS:
They do generate good cash. They do generate good returns
and these Brunswick recreational centers have been very successful
so far both not only as far as consumer acceptance, but again
back to profitability.
EASTABROOK: Bowling has scored so high with these teens,
most think they`ll still be playing it long after high school.
Diane Eastabrook, NIGHTLY BUSINESS REPORT, Deerfield, Illinois.
Nightly
Business Report transcripts are available on-line post broadcast.
The program is transcribed by Voxant, Inc. 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) 2006 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
02/13/06: Commentary-President
Bush's Budget Doesn't Hold Water
SUSIE GHARIB: Tonight`s commentator has been scrutinizing
President Bush`s new budget proposal and he says it sort of
reminds him of the Titanic. Here`s Glenn Hubbard, dean of
the graduate school of business at Columbia University and
former chairman of the White House Council of Economic Advisors
under President George W. Bush.
GLENN HUBBARD, FORMER CHAIRMAN, COUNCIL OF ECONOMIC ADVISERS:
The release of the president`s budget last Monday sounded
alarms on this year`s budget deficit and it should. But we
run the risk of being like a ship captain steering around
a tugboat in the way, while ignoring an iceberg. The iceberg
is us or rather our promises to ourselves when we retire.
Recent Social Security and Medicare trustees` reports offer
a sobering calculation of unfunded liabilities, the excess
of promised benefits less revenues from payroll taxes. The
bill: $72 trillion. That number is so large it might just
cause us just to shake our heads. A better way to frame the
issue is the projection by the Congressional Budget Office
that Federal spending is on track to increase from 20 percent
of GDP in 2010 to 34 percent 40 years later, mainly because
of entitlement spending. This shift is the long-term fiscal
problem. As the late economist Herb Stein famously said, if
something can`t go on forever, it will stop. Either tax burdens
will have to rise dramatically, diminishing economic growth
and living standards or entitlement spending growth will have
to be slowed. Congress should look beyond the lines of the
president`s budget to debate how we can avoid the budget iceberg.
No doubt hearings on the budget will focus on near-term deficits.
But the iceberg is now in the distance as the baby boomers
start to retire just as President Bush`s term comes to a close.
I`m Glenn Hubbard.
Nightly
Business Report transcripts are available on-line post broadcast.
The program is transcribed by Voxant, Inc. 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) 2006 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
02/13/06: The Reel Deal: A Preview
SUSIE GHARIB: And finally tonight, a preview of our newest
series, "The Reel Deal." Beginning tomorrow night,
correspondent Jeff Yastine looks at how an American past-time
is netting fans and profits.
JEFF YASTINE, NIGHTLY BUSINESS REPORT CORRESPONDENT: Bass
fishing. big fish, big sponsors, big money, big business.
KAREN SAVIK, PROFESSIONAL BASS ANGLER: There`s more and more
excitement, more sponsors that want to get on this bandwagon
because it`s going and going. It`s a train that`s going fast
and everybody wants on.
YASTINE: Watch "The Reel Deal" starting tomorrow
on NIGHTLY BUSINESS REPORT.
Nightly
Business Report transcripts are available on-line post broadcast.
The program is transcribed by Voxant, Inc. 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) 2006 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
02/13/06: Paul Kangas' Stocks
In The News
PAUL KANGAS: Stocks on Wall Street spent the morning mostly
lower, especially the tech sector as Google fell on a bearish
cover story in "Baron`s Financial" magazine. The
blue chip sell off was cushioned however by lower oil prices.
At midday the Dow was off 12 points; NASDAQ down 16.
Growing nervousness over incoming Fed chief Bernanke`s congressional
testimony on Wednesday sent the Dow down over 60 points in
mid-afternoon, but some late buying trimmed the losses. So
the Dow Industrial Average closed off only 26 3/4 points at
10,892.32. The NASDAQ Composite down just over 22 points at
2239.81. Standard & Poor`s 500 down 4.13, ending at 1262.86.
Over in the bond market, the 10-year note edged up 3/32 to
99 12/32, putting the yield at 4.58 percent.
Big board volume leader on 16.1 million shares, Lucent Technology
(LU) edging a penny higher.
And then Pfizer (PFE) losing a dime, stock weak after forecasting
slightly lower 2006 earnings late last week.
Time Warner (TWX) dropped a nickel.
General Electric (GE) $0.03 loss there.
AT&T (T) bucking that trend, up $0.17, fifth in volume.
$0.17 gain in ExxonMobil (XOM) as well.
Chesapeake Energy (CHK) was down $0.94. The company`s president
and chief exec Tom Ward is stepping down after 20 years with
the firm. But he will remain as a consultant for a while.
Valero Energy (VLO) no change.
The Ishares Japan (EWJ) down $0.29.
Nortel Networks (NT) moved a penny higher, tenth in big board
volume.
Merrill Lynch (MER) up $1.04. As you just heard, Merrill
may take a big stake in Blackrock, maybe up to $8 billion
worth and interestingly, PNC Financial Services Group (PNC)
did very well, up $2.01 and traded as high as $58.30. PNC
owns a 70 percent stake in Blackrock and would profit if Merrill
invests $8 billion or so, no question about that.
Genentech (DNA) down $1.95. The company and its partner Roche
Holdings have suspended phase III trial recruitment for their
colon cancer drug Avastin. That`s occurring after the deaths
of four patients that were taking that product.
Harmony Gold Mining Co (HMY) down $1.32. The South African
gold company cut its second quarter loss to only $0.75 a share
from $0.86 a year ago. That was in the first quarter, I should
say not a year ago first quarter. The Street was actually
looking for a $0.12 profit however, and of course in New York
today, April gold fell $11.40 an ounce, all the way down to
$542.10 an ounce.
Bedford Property Investors (BED) up $2.37. An affiliate of
LBA Realty will acquire this company for $27.21 a share cash.
W.R. Berkley (BER), this is an insurance holding company,
up $3.18. The company came in with fourth quarter operating
earnings of $1.23, $0.19 above the Street estimate, way up
from $0.86 last year and revenues up a respectable 14 percent.
American Financial Group (AFG) up $1.63. Fourth quarter earnings
came in at $1.11, $0.13 above the Street estimate. The company
boosted its 2006 earnings guidance from the Street estimate
of $4.08 a share to as much as $4.20 a share.
And then US Airways Group (LCC) doing well, up $1.17. Lehman
Brothers upgraded it to "over weight," also boosted
its 2006 earnings estimate from $2.70 to $3.96 a share and
on top of that, boosted its price target by $2 to $40 a share.
There you see Google (GOOG) topping the NASDAQ active, plunging
$16.91. The cover story in this week`s "Baron`s Financial"
says the stock could lose over 50 percent of its value this
year because of tough competition and ad pricing pressures.
Apple Computer (AAPL) down $2.60.
$0.16 drop in Intel (INTC).
Microsoft (MSFT) fell $0.30, but Microsoft and several wireless
carriers are reportedly ramping up efforts for new products
that give customers easy access to e-mail. The smart phone
devices are a low-cost alternative to Research in Motion`s
Blackberry device and shares in Research in Motion fell $1.72
to $68.35.
Cisco Systems (CSCO) down $0.21, fifth in dollar volume.
Yahoo! (YHOO) fell $0.47.
Dell (DELL) dropping $0.22.
Marvell Technology Group (MRVL) off $3.82.
Oracle (ORCL) a $0.20.
And Applied Materials (AMAT) dropped a dime, tenth in volume.
AC Moore Arts & Crafts (ACMR) up $2.02. Oppenheimer says
the retirement of its CEO Jack Parker may prompt the sale
of the company or make it more likely, upgraded it from "hold"
to a "buy" apparently on that basis.
And over on the American Exchange, Universal Security Instruments
(UUU) up $2.97. The company in with third quarter earnings
of $0.80, way up from $0.45 a year ago, sales up 26 percent.
Those are the stocks in the news tonight.
Nightly Business Report
transcripts are available on-line post broadcast. The program
is transcribed by Voxant, Inc. 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) 2006 Community Television Foundation of South
Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
02/13/06:
Market Stats
NET PERCENT
CLOSE CHANGE CHANGE
DOW CLOSE 10892.32 -26.73 - .2
HIGH 10939.86
LOW 10849.89
NASDAQ COMP. 2239.81 -22.07 -1.0
HIGH 2254.31
LOW 2232.68
VOLUME 1,367.0
PREVIOUS 1,706.7
UP VOLUME 447.5
DOWN VOLUME 883.8
DOW TRANSPORTS 4298.33 -23.67 - .6
DOW UTILITIES 403.97 -1.11 - .3
CLOSING TICK -63
S&P 500 1262.86 -4.13 - .3
S&P 100 574.86 -1.79 - .3
MIDCAP 400 759.52 -5.95 - .8
REUTERS/CRB 327.57 -4.03 - 1.2
NYSE COMPOSITE 7947.80 -32.20 - .4
VALUE LINE 426.96 -2.82 - .7
RUSSELL 2000 710.53 -6.60 - .9
DJW 5000 12714.89 -59.64 - .5
U.S. TREASURIES
5-YEAR NOTE 4.25%
Jan. 15,2011 98 19/32 +3/32 4.57
10-YEAR NOTE 4.50%
Nov. 15,2015 99 12/32 +3/32 4.58
30-YEAR NOTE 5.375%
Feb. 15, 2031 99 1/32 -1/32 4.56
LEHMAN BROS.
LONG BOND INDEX 1745.56 -2.80
DOW CLOSE 10892.32 -26.73 - .2
ADVANCES 1182
DECLINES 2131
NEW HIGHS 62
NEW LOWS 44
NET PERCENT
NYSE MOST ACTIVES 4PM CLOSE CHANGE CHANGE
LU Lucent Tech 2.77 +.01 +.4
PFE Pfizer 25.58 -.10 -.4
TWX Time Warner 18.27 -.05 -.3
GE General Electric 33.25 -.03 -.1
T AT&T 27.65 +.17 +.6
XOM Exxon Mobil 59.60 +.17 +.3
CHK Chesapeake Energy 28.68 -.94 -3.2
VLO Valero Energy 50.59 unch. unch.
EWJ iShares Japan 13.29 -.29 -2.1
NT Nortel Networks 2.97 +.01 +.3
NASDAQ CLOSE 2239.81 - 22.07 - 1.0
VOLUME 1,705.4
PREVIOUS 2,080.7
ADVANCES 1037
DECLINES 1986
NASDAQ ACTIVES
GOOG Google 345.70 -16.91 -4.7
AAPL Apple Computer 64.71 -2.60 -3.9
INTC Intel 21.13 -.16 -.8
MSFT Microsoft 26.39 -.30 -1.1
CSCO Cisco Systems 19.55 -.21 -1.1
YHOO Yahoo! 32.04 -.47 -1.5
DELL Dell 31.57 -.22 -.7
MRVL Marvell Tech Gp 63.33 -3.82 -5.7
ORCL Oracle 12.49 -.20 -1.6
AMAT Applied Matl 19.86 -.10 -.5
AMEX CLOSE 1789.86 - 19.02 - 1.1
INDEX SHARES
DIA DIAMONDS TRUST 109.05 -.08 -.1
QQQ NASDAQ 100 40.49 -.47 -1.2
SPY S&P DEP.RECEIPTS 126.41 -.23 -.2
STOCKS IN THE NEWS
MER Merrill Lynch 73.83 +1.04 +1.4
PNC PNC Financial 66.59 +2.01 +3.1
DNA Genentech 81.57 -1.95 -2.3
HMY Harmony Gold Mng 14.97 -1.32 -8.1
BED Bedford Property 26.90 +2.37 +9.7
BER W.R.Berkley 51.97 +3.18 +6.5
AFG American Financial 39.66 +1.63 +4.3
LCC US Airways Group 31.17 +1.17 +3.9
ACMR A C Moore Arts 17.42 +2.02 +13.1
UUU Universal Security 19.98 +2.99 +17.6
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