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Old 12-01-2003, 09:51 AM
jjgold jjgold is offline
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06:51 ET S&P futures vs fair value: +4.7. Nasdaq futures vs fair value: +12.0.
06:51 ET S&P futures vs fair value: +4.7. Nasdaq futures vs fair value: +12.0.
06:50 ET European Markets FTSE...4380.70...+38.10...+0.9%. DAX...3788.51...+42.56...+1.1%.
06:50 ET Asian Markets Nikkei...10403.27...+302.70...+3.0%. Hang Seng...12456.99...+139.52...+1.1%.
06:41 ET European Summary : European stocks having a solid up day with semiconductor-related companies including ASML Holding (ASML), STMicro (STM) and ARM Holdings (ARMHY) leading the gainers list after Tokyo Electron Ltd., the world's second-biggest supplier of semiconductor-making equipment, said orders are growing faster than expected. Philips (PHG), Europe's largest maker of consumer electronics, up 3 percent after CEO Gerard Kleisterlee predicted its Chinese business will double to $12 billion by 2007. A high-profile trial over one of the biggest deals in automotive history opens in a U.S. court on Monday with billionaire Kirk Kerkorian claiming top DaimlerChrysler (DCX) executives lied about the nature of the 1998 transaction. Arcelor SA, the world's largest steelmaker, and small competitor ThyssenKrupp AG trading up after a White House official said U.S. President George W. Bush may announce plans to repeal tariffs on imported steel as early as this week after trade partners threatened to retaliate with $2.3 billion of sanctions on U.S. goods... UK +0.92%, France +0.94%, Germany +1.13%.
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Old 12-01-2003, 11:43 AM
jjgold jjgold is offline
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08:49 ET GE upped to Buy from Hold at AG Edwards 28.67: Given flat projected 2004 EPS of $1.55, firm says it is clearly early on this name. However, considering General Electric's visibility and legacy, AG Edwards indicates it would prefer to be early than late and believes the negative surprises and dramatic portfolio shifts/moves are behind the company. Price objective $35.
08:48 ET RAD upgraded at Jeffries 6.15: Jeffries upgrades Rite Aid to Buy from Hold and establishes a 12-month price target of $7.50. Firm says many on the sell-side remain fixated on Rite Aid's EV/EBITDA ratio, which at first glance appears pricey at 9x, roughly in line with CVS. However, firm says this valuation metric needs to be taken with a grain of salt. As the co is in the early stages of its turnaround efforts, it is still posting highly depressed operating results. The firm likes the turnaround prospects for this franchise as: (1) there is still a great deal of low-hanging fruit for the co to continue to narrow its performance gap; and (2) it should be able to do so with very little incremental invested capital.
08:43 ET RBC upgrades Devon, cuts Burlington Resources : RBC Capital upgrades DVN to Outperform from Sector Perform and downgrades BR to Sector Perform from Outperform based on relative valuation. Firm also raises their targets for APC to $53 from $52, APA to $83 from $81, DVN to $57 from $56, and PXD to $31 from $29.
08:42 ET 8x8 profiled negatively in NY Post (EGHT) 7.52: NY Post article takes a shot at highflier 8x8, which is up 4300% this year. Article says "voice over broadband" isn't a business any more than "faxing" is a business. It's just an activity that can take place over an existing communications network. In fact, if any money at all can be made, the cable cos that already operate the networks are in the best position to try; they at least already know who their customers actually are, and how to reach them most effectively and inexpensively. If residential subscribers begin migrating to cable-based telephone services, the phone cos will simply keep cutting prices. In a race to the bottom, 8x8 cannot win
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Old 12-01-2003, 02:27 PM
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11:30 ET Dow +81, Nasdaq +22, S&P +8.33: [BRIEFING.COM] The favorable bias remains intact, as the major averages are sticking near their session highs... Leaders to the upside include the networking, software, biotech, drug, oil services, and transportation sectors... The gold sector, which had been among today's leaders to the upside earlier in the session has slumped into the red, with the XAU index down -0.7%... The price of gold is up $1.70 at $399.70/oz, however it has slipped from its 52-week high of $402.80 reached earlier in the session... The weakening in the price of gold has coincided with a slight strengthening in the dollar against the euro, which has been incited by this morning's strong economic data, including the November ISM Index at 62.8 (consensus 57.0), telling of an expanding manufacturing sector... Generally speaking, while the weak dollar has been cited as a setback for the stock market in recent weeks, keep in mind that it actually increases the dollar value of companies' overseas profits... NYSE Adv/Dec 2215/843... Nasdaq Adv/Dec 1900/1077.

11:00 ET Dow +71, Nasdaq +18, S&P +6.66: [BRIEFING.COM] The major averages are vacillating near their session highs and are maintaining the bulk of their earlier gains... The market's strength is broad-based, with the bulk of the sectors supporting the advance, which has taken the S&P 500 to a new 52-week high... The market's advance has been partially incited by anecdotal evidence of a strong start to the holiday shopping season, with the National Retail Federation, for one, expecting this season to be the strongest since 1999... To cite a Wall Street Journal article, consumers charged a combined $3.4 bln at retail stores on Friday and Saturday, for a 9% year/year increase, according to Visa USA, while retail-data firm ShopperTalk estimated total retail sales for Friday rose 4.8% over the same day last year... Despite the strong data, the retail sector is experiencing a sell-the-news reaction... The sector has run up in anticipation of strong sales and Briefing.com, for its part, expects the holiday selling season to be the strongest it has been in recent years... NYSE Adv/Dec 2232/765... Nasdaq Adv/Dec 1973/905.

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Old 12-01-2003, 03:56 PM
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13:00 ET Dow +105, Nasdaq +23, S&P +10.10: [BRIEFING.COM] The major averages are sticking near their session highs, with gains ranging 1.0-1.2%... The favorable bias is also manifested in the small- and mid-cap averages, which are trading near their best levels of the day and are outperforming their large-cap counterparts on a relative basis with gains of 1.3% for the S&P 400 and the Russell 2000... If the major averages were to close at this juncture, they would be underperforming the European bourses, which closed the session up +1.6%, +1.9%, and +2.0% for the FTSE, CAC, and DAX, respectively... With 710 mln and 965 mln shares traded on the NYSE and the Nasdaq, respectively, volume is running at a moderate pace, although it's a bit heavier than the totals observed over last week... Breadth figures are decisively bullish with advancers and up volume outpacing decliners and down volume and the number of new 52-week highs - 535 and 378 on the NYSE and the Nasdaq, respectively - leading the 4 and 11 new lows... NYSE Adv/Dec 2283/886... Nasdaq Adv/Dec 1970/1109.

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Old 12-01-2003, 07:20 PM
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NEW YORK (Reuters) - Stocks jumped on Monday, closing at new highs for the year, as investors welcomed a report showing U.S. factories barreled ahead in November at their fastest clip since 1983.



The Dow Jones industrial average rose 116 points, or 1.19 percent, to 9,899, according to the latest data. The Standard & Poor's 500 Index gained 12 points, or 1.1 percent, to 1,070. The technology-focused Nasdaq Composite Index jumped 28 points, or 1.45 percent, to 1,989.


The Dow and S&P 500 closed at 18-month highs, while the Nasdaq hit a 22-month closing high.






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