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To: Glenn D. Rudolph who wrote (143562)	7/3/2002 12:36:51 PM
From: Ted The Technician	Respond to of 164684

"Allmon estimates that if companies treated options as expenses, earnings on the S&P 500 would be 30% less than they are today." - from the Forbes article. This might explain why I find that the S&P 500 appears to be 30% undervalued when its earnings are compared to the 10-yr notes. When options are formally expensed, companies will be pressured to not issue so many options so that the earnings are not impacted so much. I agree that options should be tied to earnings (after expensing the option cost) rather than the stock price.

To: Glenn D. Rudolph who wrote (143562)	7/4/2002 3:16:27 AM
From: H James Morris	Read Replies (1) \| Respond to of 164684

Last Update: 7:22 PM ET July 3, 2002 NEW YORK (CBS.MW) -- Home Depot shares surged 9 percent Wednesday, leading a rally among retailers as the heat wave that stifled the Northeast led to a run on air conditioners. Home Depot (HD: news, chart, profile) shares closed up $3.10 at $36.85 on trading of 12.4 million shares. The step up sparks the first reversal of stock fortunes for the nation's second-largest retailer since its near-32 percent decline that began in mid-May. The jump propped the Dow Jones Industrials as well as the entire retail sector, which had seen a lifeless open of trading. The world's No. 1 retailer Wal-Mart also sparked higher Wednesday, fueling the Dow, as well. Wal-Mart (WMT: news, chart, profile) ended the session up 3 percent, or $1.62, to $55.04. Key measures got off the fence to ride the final minutes of trading to notable levels. The S&P Retail Index ($RLX: news, chart, profile) forged ahead better than 3 percent to 318.81 while the Merrill Lynch Retail Holdrs (RTH: news, chart, profile) took an escalator to 86.73, up 2.2 percent. Discounters Target and Kohl's shared in the perks. Target (TGT: news, chart, profile) added $1.29, or nearly 4 percent, to $37.05. Target said Wednesday that it was offering $500,000 worth of shopping sprees through its Internet partner AOL Online. Kohl's (KSS: news, chart, profile) rose $1.96, or nearly 3 percent, to $70.26. Department-store retailers got a much-needed boost, too. Federated (FD: news, chart, profile) climbed $1.20, or 3.3 percent, to $37.39. Federated said it had signed a pact to sell about $1.2 billion of receivables to CompuCredit Corp. in Atlanta. Dillard's (DDS: news, chart, profile) recaptured early-week losses to finish higher by 87 cents, or 3.5 percent, to $25.56. Even J.C. Penney (JCP: news, chart, profile) saw a brighter close after consecutive days of down trading. Shares rose 16 cents to $19.50. Shares of Tweeter Home Entertainment (TWTR: news, chart, profile) plummeted 26 cents to close at $9.95, down $3.50. The electronics retailer hit an intraday and 52-week low of $9.43 on heavy volume after warning that profits would fall short of expectations. Read the full story. Best Buy (BBY: news, chart, profile) originally got caught in the avalanche, but managed to crawl its way out to end the session up 59 cents, or nearly 2 percent, to $34.83. Best Buy said late Tuesday that its shipping would be free for certain products ordered through Bestbuy.com for a limited time, though it didn't say how limited that was. Last month, Amazon.com cut in half the amount of certain purchases that qualify for free shipping. Circuit City (CC: news, chart, profile) reversed losses also to finish at $17.28, up 30 cents, or 1.8 percent. Martha Stewart Living Omnimedia (MSO: news, chart, profile) missed the party, giving up Tuesday gains to end lower by 7.4 percent, or 93 cents, to $11.67. Founder Martha Stewart nixed her weekly appearance on CBS' "Early Show." Last week, she was obviously irritated when she was asked about the questions of alleged insider trading of ImClone shares. She reportedly has hired public relations officials and more lawyers to help her.