MARKET TALK: We Can't Do All Of The Heavy Lifting
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08:54 ET
DJ MARKET TALK: We Can't Do All Of The Heavy Lifting
23 Jan 08:54
Edited by Thomas Granahan
Of DOW JONES NEWSWIRES
(Call Us: 201 938-5299; All Times Eastern)
MARKET TALK can be found using code N/DJMT
8:54 (Dow Jones) A U.S. economic recovery "will not start adding to GDP
growth in Euroland or Japan until the third quarter," and of itself is "not
sufficient for global economic prosperity," writes Carl Weinberg, chief
economist at High Frequency Economics in Valhalla, NY. He argues that the
economic shock of the Sept. 11 terrorist attacks and the following reduction in
U.S. import orders is only now starting to affect producers overseas. (JNP)
8:48 (Dow Jones) In upgrading BellSouth (BLS), ABN-Amro says stock looks
cheap on relative basis, and the company continues to post solid results with
data rev growth that outpaces the industry. Firm also says it looks like the
risk of BellSouth making s large, dilutive acquisition has diminished greatly.
(TG)
8:38 (Dow Jones) Fact that stocks are better overnight is main reason
Treasury futures lower, trader says. He adds, however, should stocks turn,
participants likely to react by coming into short end and selling longer-term
Tsy futures. (CMN)
8:36 (Dow Jones) J.P. Morgan is feeling good about the semiconductor
equipment stocks, upgrading five of them to long-term buys. "We believe a
bottom in equipment orders has been reached and is reflecting positive
inflection, as evidenced by yesterday's improved semi book-to-bill of 0.78:1."
The five stocks are Applied Materials (AMAT), KLA-Tencor (KLAC), Novellus
(NVLS), Teradyne (TER), and Varian Semiconductor (VSEA). (GS)
8:30 (Dow Jones) It'll be tough to top Tuesday's session from a corporate
news standpoint, though the flow of earnings is extremely robust. Among the big
boys offering pleasant surprises: ExxonMobil (XOM), DuPont (DD), and Motorola
(MOT) (Tuesday night), while Pfizer (PFE) and Merrill (MER) hit. Treasurys are
a little weaker in front of weekly retail sales numbers, with recent indicators
suggesting the economy is turning around. Stocks are looking good early on, not
unlike yesterday morning. (TG)
(END) DOW JONES NEWS 01-23-02
08:54 AM |
