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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 694.04

+0.7%

Jan 9 4:00 PM EST

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To: Johnny Canuck who wrote (37002)	5/14/2002 11:30:00 AM
From: Johnny Canuck	Read Replies (1) of 69625

10:27 ET WMT Wal-Mart earnings neutral to modestly negative-- UBS (57.82 +2.78) -- Update -- UBS Warburg says that WMT's results were of lower quality due to lower interest expenses, despite being in-line with the firm's est; main weakness was in Sam's, and German operations looked weaker than expected as well; sales momentum slowed in the qtr, but co did not change guidance for 2002. Firm believes news is neutral to modestly negative for the co. 09:52 ET SFA Scientific-Atlanta customer defaults (21.95 -0.25) In its 10-Q filing last night, SFA revealed that a German cable customer defaulted on its senior credit agreement and has suspended or cancelled work orders; sales to this company comprised roughly 10% of transmission sales and about 3% of total sales in the Mar qtr; SFA has $50 mln of exposure in accounts receivable and inventory. 09:22 ET DJ Dow Jones ad declines moderating (53.94) Dow Jones reports April advertising results; ad sales still falling but at a slower pace: Wall St Journal ad sales down 15.3% year/year, an improvement from -24.0% in March; Barron's -11.5% vs -18.9% in March. [Harry: Not out of the recession woods yet. Ad revenues is a good indication of an economies health.] 09:03 ET ISIL Intersil may be pressured by Texas Instruments win (26.60) We are hearing Street talk that ISIL shares may come under pressure after rival TXN announced that they have entered into a broad collaboration with D-Link to integrate TXN's 802.11 technology into the 2.4GHz D-LinkAir retail wireless network products. (ISIL will also be added to the S&P 400 tonight.) 08:51 ET Bernstein says take profits in oil services; Bear upgrades Hearing from sources that Bernstein advises taking profits in oil services stocks and downgrades Schlumberger (SLB) and Rowan (RDC) to MARKET PERFORM from Outperform; believes that group will see near-term pressure due to a pullback in natural gas prices. Bear Stearns, however, upgrades many oil services cos as it sees another leg up in the group, though it downgrades HAL and SLB due to company-specific issues. 08:10 ET Retail Sales expected up 0.6% Retail Sales for April will be released at 8:30 ET; market expects gains of 0.6% total and 0.7% excluding autos. A solid rebound after somewhat soft March gains will support the belief that consumers continue to carry the economy; any significant downside disappointment (something near unchanged for the month) would be a blow to recovery expectations. 08:08 ET Merrill Lynch reinstates coverage on biotechs Merrill Lynch reinstates coverage of the biotech sector with cautious optimism that the group will begin to regain its footing after declining 34% YTD. Notable among the ratings are BGEN's Near-Term REDUCE-SELL and NPSP's Near-Term STRONG BUY. (See Upgrades/Downgrades for individual ratings.) 07:31 ET FLEX Flextronics: positive comments by Pru on Casio deal (14.09) Prudential views yesterday's $1.5 bln, 3-year outsourcing deal between FLEX and Casio as strategically important, as it gives FLEX a relationship with a key Japanese OEM and an in-country facility to position itself for the large outsourcing opportunity in Japan; the deal, where FLEX will produce a wide range of consumer electronics for Casio, requires minimal capital investment and over 50% of revs are expected to be generated from existing FLEX facilities in Southern China.

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