MARKET TALK: Single-Family Starts Point To Solid Demand
19 Feb 08:42
Edited by Thomas Granahan
Of DOW JONES NEWSWIRES
(Call Us: 201 938-5299; All Times Eastern)
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8:43 (Dow Jones) Continued warmer-than-normal winter weather in the Northeast
and Midwest have boosted construction activity. The housing start surge in
January was led by a very strong 8.3% increase in multi-family starts, which
likely reflects a few large projects that were brought forward because of
weather. However, single-family starts rose a solid 3.5%, which is more
indicative of underlying housing demand. (JM)
8:38 (Dow Jones) Intel's (INTC) new product roadmap is impressive, Robertson
Stephens says, but that doesn't change the firm's market perform rating. "While
Intel appears to be getting its execution issues rapidly behind it, we think
the shares already discount this success, and we remain cautious pending better
visibility into how quickly the market embraces the faster speeds or whether
higher operating leverage will be there when the products ramp." (GS)
8:34 (Dow Jones) Unseasonably warm weather and low mortgage interest rates
pushed housing starts up more than expected last month. January starts gained
6.3%, stronger than the 2.6% increase expected by economists. Housing
construction looks strong for first part of 2002. January report shows building
permits, an indication of future building activity, up 3.1%. (JCD)
8:30 (Dow Jones) Busy morning for the stock market, which is looking weak at
the open. Wal-Mart (WMT) met expectations, while IBM said it will expand its
earnings reports to include more detail on certain income. Both DJIA components
are off in early trade. Nothing untoward was going on at IBM, mind you - the
company just wants to provide more clarity. Speaking of which, PNC is revising
last year's results from discontinued operations due to a bookkeeping mistake.
Housing starts should show moresigns of resiliency. (TG)
(END) DOW JONES NEWS 02-19-02
08:42 AM |
