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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (38603)	12/18/2002 12:40:37 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69854

In economic news, industrial production figures rose 0.1% in November. The figure, which measures output in U.S. factories, mines and utilities, was boosted by faster sales of autos and high-tech equipment. The increase was the first since July. Consumer prices rose just 0.1% in November. Counting the volatile food and energy components the CPI showed an increase of 0.2% -- in line with predictions. As well, housing starts jumped about 2%, as low mortgage rates continue to lure buyers. The government estimated that starts of new homes rose to a seasonally adjusted annual rate of 1.7 million in November. Retailers were weakened by low sales data. Best Buy (NYSE: BBY) lowered its fourth quarter earnings outlook to $1 per share, from $1.05 a share. The company said that an expected loss at its Musicland locations cut into profits. The Eden Prairie, Minnesota-based company finished down 5.5% to $24.00. Circuit City (NYSE: CC) reported a third quarter loss as it employed discounting to draw customers, but sold fewer high margin items. Its shares crumbled 11.23% to $7.27. Target (NYSE: TGT) said that sales this month have failed to meet expectations. The second biggest discount retail chain subtracted 6.45% to $29.75. Kohl's (NYSE: KSS) fell 3.04% to $59.24. Pier 1 Imports (NYSE: PIR) reported Q3 earnings per share of $0.33. While the figures were in line with Street expectations, weakness in the sector dragged shares 6.18% lower to $19.89. PepsiCo. (NYSE: PEP) said that it would not renew its advertising contract with pop princess Britney Spears. Instead the soda maker has signed up Destiny's Child singer and Goldmember actor Beyonce Knowles for a national ad campaign. Investors did not have a taste for drinks makers today. Pepsi's shares were off 2.88% to $41.18, and Coke (NYSE: KO) gave back 1.77% to $44.92. General Electric (NYSE: GE) held its mid-quarter conference call and reaffirmed its 2003 profit prediction, and a targeted sales growth of less than 1% for the year. The company, which has interests in broadcasting, financial services and jet engines, pulled back 1.63% to $26.00. Big pharmaceutical companies were sickly today, as investors stepped back from the sector. Pfizer (NYSE: PFE) weakened 1.84% to $30.48 after a major study concluded that the company's hypertension medication, Norvasc, and other recently developed drugs, do not protect against heart disease as well as cheaper diuretics. Johnson & Johnson (NYSE: JNJ) shares swooned 1.64% to $54.67. Medimmune (NASDAQ: MEDI) was halted late in the session, pending a predicted FDA announcement regarding the company's nasal mist influenza vaccine. The company's shares finished down 0.28% to $24.92 on low volume. . . . . ELECTROLUX TO CUT 5,091 JOBS Electrolux AB, (NASDAQ: ELUX) the world's biggest appliance maker, said it will cut 6.3% of its workforce to help reduce costs as demand falters. quote.bloomberg.com http://www/smallcapcenter.com