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Old 12-09-2003, 10:02 AM
jjgold jjgold is offline
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07:07 ET Boise Cascade concerns over its acqusition of OfficeMax highlighted in WSJ (BCC) 30.81: The Wall Street Journal's "Heard on the Street" column discusses some concerns associated with the upcoming vote on the OMX acquisition. Specifically, the article points to a number of analysts and investors nevertheless are griping that the excitement is short-sighted, overlooking myriad risks involved in integrating the two companies. In addition, there are concerns Boise could face serious hurdles as the third-ranked participant in a brutally competitive office-retailing niche. The OfficeMax deal represents an important point in the co's transformation from an old-line paper and forest-products concern into a paper retailer.
07:05 ET InterNAP and Hitachi expand IP Videoconferencing capabilities in Japan (INAP) 2.11: ...

07:04 ET Newell Rubbermaid guides 2003 outlook lower (NWL) 22.97: ...
07:03 ET Vyyo selected by China Mobile unit for broadband wireless access solutions (VYYO) 6.86: ...
06:59 ET Costco beats by $0.03 (COST) 36.14: Reports Q1 (Nov) earnings of $0.34 per share, $0.03 better than the Reuters Research consensus of $0.31; revenues rose 14.4% year/year to $10.31 bln vs the $10.30 bln consensus.
06:58 ET Sohu.com CFO to depart (SOHU) 32.22: CFO Derek Palaschuk "has decided he wants to leave SOHU next year". Palaschuk has agreed to remain in his post until a replacement is found.
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Old 12-09-2003, 11:43 AM
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08:25 ET: [BRIEFING.COM] S&P futures vs fair value: +2.9. Nasdaq futures vs fair value: +7.0. The futures indications maintain their favorable stance and continue to indicate a higher open for the cash market. The highlight of the session will undoubtedly be the FOMC meeting, where rates are expected to be left unchanged, although an exuberant amount of attention will be paid to whether the committee alters the wording of the directive and specifically, remove the words "for a considerable period of time" when talking about maintaining its accommodative policy.

08:00 ET: [BRIEFING.COM] S&P futures vs fair value: +3.1. Nasdaq futures vs fair value: +7.0. The futures market is higher in an extension of yesterday's afternoon rally and in tune with the overseas markets, where the European DAX, CAC, and FTSE are up +0.7-1.2% and the Asian Nikkei and Hang Seng are up +0.8% and 1.8%, respectively. Contributing to the favorable bias is TXN's upside Q4 preannouncement, as well as a survey of CEOs suggesting confidence level has risen 6.3% for Q4.

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Old 12-09-2003, 02:58 PM
jjgold jjgold is offline
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11:55 ET Dow +14, Nasdaq -11, S&P -1.58: [BRIEFING.COM] Stocks opened higher on positive momentum from yesterday, upward guidance from Texas Instruments (TXN 28.00 -0.24) after the close yesterday, and upgrades to General Motors (GM 48.66 +1.52), International Paper (IP 40.89 +0.66), and Dow Chemical (DOW 39.96 +0.82) from major firms...the Nasdaq, however, was beset quickly by selling pressures and has drifted lower through the morning...the Dow index briefly went through 10,000, then also fell back...it continues to outperform, however, as rotation out of technology into cyclicals continues...the SOX semiconductor index (SOX 492.14 -7.16) reflects the weakness...also down today is the mortgage and housing sectors after Washington Mutual (WM 40.56 -3.29) guided revenue and profit estimates lower due to weakness in the mortgage sector...the big event is still to come...at 2:15 ET, the Fed will announce interest rate policy...there are virtually no calls for the Fed to change the 1.0% Fed Funds rate target, but there is a lot of speculation as to whether the words "policy accommodation can be maintained for a considerable period" will be left in the statement...if taken out, some analysts suggest the market will react negatively, as it might signal the Fed is leaning towards raising rates... NYSE Adv/Dec 1230/1836... Nasdaq Adv/Dec 1031/1891.

11:25 ET Dow +2, Nasdaq -17, S&P -3.14: [BRIEFING.COM] The market shows no sign of a bounce as the slight negative bias persists...still, the weakness is mostly in the Nasdaq as the Dow is flat and the S&P is only down 3 points...the SOX semiconductor index (SOX 491.38 -7.92) reflects the continuing rotation out of the sectors that have seen the most strength in recent months... NYSE Adv/Dec 1238/1770... Nasdaq Adv/Dec 1039/1848
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Old 12-09-2003, 05:23 PM
jjgold jjgold is offline
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14:30 ET Dow +8, Nasdaq -19, S&P -3.15: [BRIEFING.COM] Indices react positively to the news, then sell off...it could be old news very quickly, because the Fed announcement is essentially no change...on some past Fed announcements, the bullish reaction is delayed, but the market has not reacted much to good news in recent weeks, so it is by no means likely that a late rally will occur today...nevertheless, continued low interest rates are supportive to stocks... NYSE Adv/Dec 1519/1677... Nasdaq Adv/Dec 1182/1898.

14:15 ET Dow +31, Nasdaq -13, S&P -0.77: [BRIEFING.COM] Fed keeps rates unchanged...keeps the policy accommodation can be maintained for a "considerable period" wording, but does now say the risk of lower inflation is diminished...not bearish...

14:05 ET Dow +17, Nasdaq -16, S&P -2.31: [BRIEFING.COM] The major averages are drifting sideways ahead of the Fed announcement, which is expected in 10 minutes... As mentioned in the previous comment, expectations are for the commitee to leave rates unchanged at 1.0%... NYSE Adv/Dec 1470/1718... Nasdaq Adv/Dec 1158/1917.

13:30 ET Dow +9, Nasdaq -15, S&P -2.54: [BRIEFING.COM] Mostly sideways in the last half an hour as the major averages are positioning themselves ahead of the FOMC announcement, which is expected at 2:15 ET... The committee is expected to leave the Fed rate unchanged at 1.0%, although an exuberant amount of attention will be paid to the phrasing of the directive and to whether the words "for a considerable period of time" will be maintained in the context of the Fed's commitment to an accommodative policy... The market may be volatile on the heels of the announcement, but regardless of how the directive is changed, the bottom-line is that interest rates remain near historically-low levels and continue to provide support to the market and play an essential part in justifying current stock valuations, as explained in the Big Picture brief... Ultimately, Briefing.com doesn't expect a Fed tightening until mid-2004... NYSE Adv/Dec 1479/1696... Nasdaq Adv/Dec 1222/1818.

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