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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: BirdDog who wrote (44215)	11/14/2001 8:23:31 AM
From: Dealer	Respond to of 65232

M A R J E T .. S N A P S H O T -- Stocks look to cover more ground H-P earnings out; retail sales report ahead By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 8:18 AM ET Nov 14, 2001 NEW YORK (CBS.MW) -- Stocks appear ready for some more muscle flexing once trading commences on Wednesday, with strength emerging across the board. In the futures markets, the December S&P 500 contract rose 4.10 points, or 0.4 percent, and was trading about 5.70 points above fair value, according to HL Camp & Co. Nasdaq futures, meanwhile, put on 27.00 points, or 1.7 percent while the Dow Jones Indicative Index jumped 31 points, or 0.3 percent, to 9,781. The week's marquee release is due out Wednesday morning: October retail sales, seen rising 3.2 percent overall and 0.3 percent excluding autos. Check economic calendar and forecasts. Dow component and hardware giant Hewlett-Packard (HWP) reported early Wednesday a fiscal fourth-quarter profit from operations of 19 cents a share on revenue of $10.9 billion. The results handily surpassed the Thomson Financial/First Call earnings-per-share estimate of 8 cents and the revenue estimate of $9.9 billion. Going forward, H-P conceded that market conditions "continue to be difficult" and that it's not counting on an economic recovery in 2002. The company expects revenue to be down slightly in the fiscal first quarter from the fourth quarter and gross margins are seen around flat with the fourth quarter, a reflection of a hugely competitive environment in the PC arena. Meanwhile, the OPEC president said early Wednesday that the oil cartel had reached a consensus for a production cut of at least one million barrels a day. A precise figure, however, has yet to be decided. The move produced selling as Brent crude futures dropped in London dealings. Among shares trading before the official opening bell, Dell Computer (DELL), which reports on Thursday, gained 35 cents to $27.15. While most tech stocks gained additional traction in the pre-open, storage outfit Network Appliance (NTAP) lost over 5 percent after telling investors late Tuesday that its results for the current fiscal third quarter are expected to approximate those of the just completed quarter. Still, the company bested Wall Street's estimates for the fiscal second quarter. Treasury prices Treasurys continued to retreat as the stock advance showed no signs of letting up. The 10-year Treasury note was off 7/32 to yield ($TNX) 4.40 percent while the 30-year government bond declined 9/32 to yield ($TYX) 4.94 percent. In the currency sector, the dollar added 0.2 percent to 121.70 yen while the euro erased 0.2 percent to 87.93 cents. --------------------------------------------------------------------------------