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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Dealer who wrote (39286)	7/23/2001 7:50:46 AM
From: Dealer	Read Replies (1) of 65232

M A R K E T .. S N A P S H O T -- Markets set to rise Earnings downpour continues By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 7:36 AM ET Jul 23, 2001 NEW YORK (CBS.MW) -- Prices are poised to start the new week on the upside, with a couple of upgrades working to underpin the market Monday. Cisco Systems (CSCO) put on 5.1 percent after UBS Warburg upped the networking giant to a "buy" from a "hold." And Dow stock McDonald's (MCD) rose 48 cents to $28 after Merrill Lynch upped the stock to an "intermediate-term buy" from an "accumulate." September S&P 500 futures gained 2.80 points, or 0.2 percent, and were trading about 1.60 points above fair value, according to HL Camp & Co. And Nasdaq futures gained 26.50 points, or 1.6 percent. This week's earnings news will be equally as heavy as last week. First Call/Thomson Financial said approximately 31 percent of S&P 500 companies -- including eight Dow stocks -- are expected to report. By the end of the week, just over three-fourths will have revealed their results, including 25 Dow companies. Over in the government bond arena, prices stayed close to the unchanged mark in early trade. First Call cautioned that warnings for the third quarter are already off to a fast start with 118 registered since July 1 -- ahead of the pace recorded at the same point in both the first and second quarters. Third-quarter earnings growth expectations dropped from a 1.6 percent gain to a 6.2 percent decline during the second quarter of the year. And since July 1, third-quarter growth estimates have dropped to a 9 percent decline. The 10-year Treasury note was off 1/32 to yield ($TNX) 5.135 percent while the 30-year government bond lost 2/32 to yield ($TYX) 5.555 percent. No economic news is due out Monday. The week's most notable releases -- which include the second-quarter employment cost index and gross domestic product -- are clustered at the end of the week. and economic calendar and forecasts. In the currency sector, dollar/yen put on 0.6 percent to 123.71 while euro/dollar edged down 0.2 percent to 0.8684.

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