Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : News Links and Chart Links -- Ignore unavailable to you. Want to Upgrade?

To: pallmer who wrote (3917)	12/11/2002 9:22:36 AM
From: pallmer	Read Replies (1) \| Respond to of 29597

-- Wall Street Poised for a Lackluster Start -- By Denise Duclaux NEW YORK (Reuters) - Stocks are set to open flat to a touch lower on Wednesday with investors debating their next step as the market's climb off an early October trough hits a rocky patch. "We are still resolving this overbought condition," said Larry Wachtel, a market analyst at Prudential Securities. "We had a correction all last week, a vicious correction on Monday and a snapback yesterday -- and so it goes. There is no specific trend. There is nothing really conclusive going on here." The blue-chip Dow snapped an eight-week streak of gains last week on worries the market had rallied too hard, too far. Investor sentiment has improved at the tail-end of a brutal year for the stock market, but the ongoing threat of war with Iraq and mixed reports on the U.S. economic rebound are keeping a lid on enthusiasm. Investors looked set to hug the sidelines at the open after bargain hunting on Tuesday boosted the market. Standard & Poor's 500 futures edged down 1.50 points to 900.50. Nasdaq 100 futures eased 2 points to 1,029, while Dow Jones Industrial futures shed 15 points to 8,540. The Nasdaq 100 pre-market indicator dipped 0.3 percent. Retail sales for November are slated for release on Thursday and could help shed light on the economic recovery. Analysts polled by Reuters estimated that retail sales rose just 0.3 percent in November and 0.2 percent excluding auto sales. Consumer spending is a closely watched barometer of overall economic health because it accounts for roughly two-thirds of U.S. economic activity. "The focus going forward are the retail sales tomorrow," said John Hendricks, market strategist with State Street Global Markets. "The number is expected to be weak. As a result any downside in the S&P futures may be somewhat muted as already weak retail sales numbers are anticipated to a degree." But with no economics news on the calendar for Wednesday's session, corporate news will grab the spotlight. Intel Corp. <INTC.O> Chairman Andy Grove said on Tuesday it may be too early to forecast a rebound in the semiconductor sector despite recent industry outlooks indicating an upturn may be on the horizon. Intel closed at $18.13. Defense contractor Northrop Grumman Corp. <NOC.N> on Tuesday after the close said it had reached a deal with U.S. antitrust authorities that will allow its $6.7 billion purchase of TRW Inc. <TRW.N> to proceed after shareholders of both companies vote on the deal on Wednesday. Northrop closed at $96.62, while TRW ended at $51.81. Defense contractor Raytheon Co. <RTN.N> said on Wednesday before the open that Chief Financial Officer Frank Caine resigned, ending a contentious term of service during which the firm failed to capitalize on the increased focus in military equipment makers. Shares closed at $28.52 on Tuesday but fell to $26 in preopen trading. Baxter International Inc. <BAX.N> on Tuesday after the close announced plans for concurrent offerings of common stock and equity units worth about $1.3 billion based on the health-care product maker's current stock price. Shares finished at $31.30. Schlumberger Ltd. <SLB.N>, the world's No. 1 oilfield services company, said on Tuesday after the close that it will slash thousands of jobs and take charges totaling $3.17 billion in the fourth quarter to realign its business units. Shares ended at $45.37 on Tuesday but eased back to $44.75 in preopen trade. Kimberly-Clark Corp. <KMB.N> on Wednesday before the open cut its fourth-quarter profit forecast, citing stiff competition in the diaper market and weakness in Latin America and Asia. Kimberly-Clark closed at $47.93. The Dow Jones industrial average <.DJI> closed up 100.85 points, or 1.19 percent, at 8,574.26 on Tuesday. The broader Standard & Poor's 500 Index <.SPX> was up 12.45 points, or 1.40 percent, at 904.45. The technology-laced Nasdaq Composite Index <.IXIC> was up 23.62 points, or 1.73 percent, at 1,390.76. Wall Street looked past the Federal Reserve's widely expected decision to keep interest rates steady. Instead, investors focused on grabbing stocks that had tumbled, such as semiconductor equipment shares. (C) Reuters 2002. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. Symbols: US;INTC US;NOC US;TRW US;RTN US;BAX US;SLB US;KMB US;SPX CA;INTC XE;INTC DE;RTN DE;RTNF DE;RTNX DE;BTL CH;BAX GB;BXL GB;BTL US;ZZW US;WUB US;COMP US;SPL US&DJI 11-Dec-2002 14:02:06 GMT Source RTRS - Reuters News Categories: