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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: Taki who wrote (112493)	2/4/2003 2:19:25 PM
From: Taki	Read Replies (1) \| Respond to of 150070

(COMTEX)B: Dow Slips 108 on War Worries B: Dow Slips 108 on War Worries NEW YORK, Feb 04, 2003 (AP Online via COMTEX) -- Increasingly anxious about a possible war with Iraq, investors unloaded stocks Tuesday, collecting profits from Wall Street's two-day rally. In midafternoon trading, the Dow Jones industrial average was down 107.50, or 1.3 percent, at 8,002.32, having gained 164.69 in the past two sessions following three weeks of heavy selling. The broader market also retreated. The Nasdaq composite index fell 20.49, or 1.6 percent, to 1,303.30. The Standard & Poor's 500 index declined 13.49, or 1.6 percent, to 846.83. Investors appeared to find no reason to buy ahead of a U.N. address Wednesday by Secretary of State Colin Powell. "I just don't see anything right now that is going to improve investors' psychology about the market. There is just so much uncertainty going on with the potential for war with Iraq," said Richard A. Dickson, senior market strategist at Lowry's Research Reports in Palm Beach, Fla. Wall Street was focused on Powell's scheduled appearance before the U.N. Security Council on Wednesday, when he is expected to discuss new intelligence information on Iraq. Investors are worried that a war with Iraq would further undermine a sluggish economy, in which earnings continue to languish. "Investors want to be told that all is clear in the world, and it is safe to get back into the markets, which, unfortunately, is not something investors can look forward to," said Jack Caffrey, equities strategist at J.P. Morgan Private Bank. Caffrey advised that investors stay focused on their long-range objectives and look for bargains on Wall Street. "By the time all is right in the world, stocks will have move (up). Investors need to be focused on the long-term and more importantly on what situations make sense. ... High-quality companies can basically be on sale." While the market historically lifts after military action begins, other analysts are skeptical whether that would happen this time. "What if it is not quick and easy?" Dickson said. Networking giant Cisco Systems declined 38 cents to $13.10 ahead of its quarterly earnings due out later in the day. American International Group slid $4.33 to $51 after the insurance company announced it was taking an after-tax charge of $1.8 billion against fourth-quarter earnings in order to boost its cash reserves. And Oxford Health Plans fell $2.68 to $31.50 on a brokerage downgrade from Salomon Smith Barney. Gainers included drug store company CVS, which rose $1.25 to $24.59 after reporting fourth-quarter earnings that beat analysts' expectations by 2 cents a share and 2002 profits that were 3 cents greater than anticipated. Declining issues outnumbered advancers 9 to 5 on the New York Stock Exchange. Trading volume totaled 925.00 million shares, ahead of 766.07 million at the same point Monday. The Russell 2000 index, the barometer of smaller company stocks, fell 2.30, or 0.6 percent, to 367.95. Overseas, Japan's Nikkei stock average finished Tuesday down 0.2 percent. In Europe, France's CAC-40 fell 3.2 percent, Britain's FTSE 100 declined 2.7 percent and Germany's DAX index sank 4.5 percent. --- On the Net: New York Stock Exchange: nyse.com Nasdaq Stock Market: nasdaq.com By AMY BALDWIN AP Business Writer Copyright 2003 Associated Press, All rights reserved -0- APO Priority=u APO Category=1320 (PROFILE (CO:Cisco Systems; TS:CSCO; IG:CPR;) (CO:American International Group; TS:AIG; IG:INS;) ) KEYWORD: NEW YORK SUBJECT CODE: 1320 * end of story *