|
PureBytes Links
Trading Reference Links
|
Realtraders,
Below is a copy of Thomson I-Watch, in which they highlight
today's trading in WFC. Considering this stock was recently
discussed on Realtraders, I thought some of you would find it
interesting.
John Boggio
PS I have no affiliation with this newsletter but it is offered free to
those who find such information interesting...see below to
subscribe.
From: Thomson Investors Network
<i-watch@xxxxxxxxxxxxxxxxx>
Date: Fri, 15 Dec 2000 12:39:04 -0400 (EDT)
Subject: Thomson I-Watch
To: <mailer@xxxxxxxxxxxxxxxxx>
Reply-To: reply@xxxxxxxxxxxxxxxxx
*=====================================================================*
Thomson I-Watch Midday Update
http://iw.thomsoninvest.net/iwatch/
*=====================================================================*
*=====================================================================*
Advertisement
*=====================================================================*
You work hard enough. Controling your financial research capabilities
should not be a difficult task. DLJdirect provides responsive customer
service and comprehensive research 24 hours a day. So you can
concentrate on investments, not problems.
http://www.dljdirect.com
http://live.doubleclick.net/email/dlj/dlj10.html
*=====================================================================*
Time 12:01 PM
Last Change %chg
DJIA
10493 -182.0 -1.7
Nasdaq Comp
2616 -112.5 -4.1
S&P 500 Index
1310 -31.0
-2.3
PSE High Tech 834.5
-31.9 -3.7
Semiconductor 577.1
-15.4 -2.6
30 Year T-Bond 54.3
-19.5 0.17
Advance/Decline:
NYSE
0.61
NASDAQ
0.33
Volume: (millions)
NYSE
832.5
NASDAQ
1171.16
#New Highs #New Lows
NYSE
54 72
NASDAQ
21 207
*=====================================================================*
Notable Market Movers:
*=====================================================================*
* After an ugly open, stocks are continuing to make tracks to the
south after Mister Softee's (MSFT) and numerous other profit
warnings. This morning's modestly stronger-than-expected core CPI
reading reduced the chance of a cut in interest rates next week,
which has also dampened investors' spirits. Today's
"triple-
witching," or simultaneous expiration of stock options, index
options and futures, as well as the S&P and NASDAQ 100 rebalancing,
has kept trade volatile. The Dow is off 1.7% trading at 10,493,
while the NASDAQ has dropped a whopping 4.1% to 2,616. The
advance/decline action on both exchanges is just as disappointing.
* Institutional Money Flows:
Food processing stocks are getting a slight bump in price today.
HNZ has added $3/16 to $43 1/2, CPB has advanced $11/16 to $31 11/16,
HSY has gained $3/8 to $59 5/8, and K has popped $1/4 to $24 5/16.
Financial broker issues are down as investors continue selling off
shares on earnings warnings from Chase Manhattan (CMB) and JP Morgan
(JPM). MER has lost $2 to $61 7/8, GS has shed $2 3/16 to $85 1/4,
LEH has dropped $1 9/16 to $60 7/16, and JPM has declined $2 1/16 to
$155 7/8.
* The Consumer Price Index (CPI) grew by 0.2% in November, meeting
economists' expectations and matching the previous month's
increase.
November's core CPI added 0.3%, coming in 0.1% higher than both
October's figure and economists' estimates. The variance was due
primarily to the rising cost of tobacco.
* Industrial production fell 0.2% in November, versus the Thomson IFR
consensus estimate for a 0.1% increase and October's 0.1% decline.
The capacity utilization rate fell to 81.6% from October's 82.1%
figure, coming in just below the Thomson IFR consensus estimate of
81.9%. This marks the second successive month of an unpredicted
decline in overall industrial production, suggesting productivity
gains have slowed with the broader economy. Much of the weakness is
due to slow-downs in manufacturing, especially in the auto industry,
where consumer spending has been lackluster.
* Treasuries lacked direction this morning, having traded on both
sides of the unchanged line. Bonds rebounded from negative
territory
as equities moved progressively lower. This morning's weak
industrial production figure moved the market up a few ticks as
well.
However, a very slight retracement in equity prices quickly erased
gains, as the market feels heavy following recent sharp gains. The
30-
year Treasury Bond is up 3/32 to 111 7/8, while the yield has slipped
to 5.43%.
* IPO Market:
Resources Connection (RECN) has jumped $2 to $14 in its first day of
trading.
*=====================================================================*
The following is a review of the 2 most recent I-Watch reports issued
this morning.
JDSU -- Divers Electronics -- Technology
15-Dec-00 11:36:28 JDS Uniphase is extending yesterday's losses as
investors continue shedding their positions in telecom equipment
stocks. Ongoing concerns of reduced capital spending have kept shares
under pressure. Today, JDSU has lost $3 7/8 to trade at $57 11/16.
Volume is strong at 23.5 million shares, compared to JDSU's average
daily volume of 31 million shares. Select institutional players have
posted super buy messages throughout the session, which has offered
support round $57, but has not staved off the losses. Though sellers
are the clear drivers of the session, it is interesting to note that
today's rebalancing of the S&P 500 is expected to benefit JDSU, as
index fund managers add shares of the issue to their holdings.
According to Meta Markets, index holders will trade 1.9 million
shares. The rebalancing will likely impact JDSU at the end of the
session, as holders try to get their orders in at the close.
Additionally, this morning Merrill Lynch gave expectations that
Morgan Stanley Capital International will need to add shares of JDSU
to its position following the close of JDSU's acquisition of SDL Inc
(SDLI). The deal should close after the trading session December 27.
While trading will likely remain volatile today, look for JDSU to
hold its floor around $57, in-line with its recent support.
WFC -- Money Ctr Banks -- Financial
15-Dec-00 11:30:18 During all the hubbub over credit quality
concerns, Wells Fargo (WFC) has shown a remarkable amount of
resiliency, with the stock up more than 60% since its March low of
$31. Today, as the Philadelphia Bank Index trades down 1.3%, WFC has
managed to tack on 3/16 to $50 1/16, just shy of its 52-week high of
$50 9/16 achieved yesterday. Following a 288k share buy order
imbalance prior to the open, over 3.3 million shares have already
exchanged hands, just below its daily average of 3.6 million shares.
Including a large opening block of 2.5 million shares, trades
totaling 10k shares or more account for 73% of the total volume
versus WFC's daily average of 47%. The unusually strong block
activity indicates that institutional turnover is dominating the
trading activity. The I-Watch pre-trade chart confirms the fervent
institutional interest in WFC, as institutional brokers have posted
several large super sell messages, which has supported the stock. A
breakout, on heavy volume, from a consolidation area between $48
3/4-
$50 9/16, would bode well for the outlook for WFC.
*=====================================================================*
How to unsubscribe from this newsletter
*=====================================================================*
If you wish to unsubscribe from the I-Watch newsletter, simply reply
to this message with the words “unsubscribe iwatch midday” in the
subject line. You will receive a confirmation that you have been
removed from the mailing list. Remember, you may rejoin at any time
simply by going to
www.thomsonrtq.com
or by sending a message to
list@xxxxxxxxxxxxxxxxx with the words “subscribe iwatch midday” in
the subject line.
eGroups Sponsor
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxx
|