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

To: Dealer who wrote (58949)	8/13/2003 1:35:47 PM
From: Cactus Jack	Read Replies (1) \| Respond to of 65232

Dealer, How much money do the market makers bring in every day in that fashion with no one the wiser? Nice work if you can get it. Its good to be home. Got my land legs back. jpg

To: Dealer who wrote (58949)	8/13/2003 2:58:59 PM
From: Sully-	Respond to of 65232

Dealer, I'm glad to see that your broker is correcting that horrible execution. I quit making market orders for precisely what happened to you. Since I have streaming real time quotes, plus one or two other real time quote systems runing when I trade, I can see the flow of the stocks I trade. Market orders are supposed to take precedence to all limit orders & the market makers own trades in the cue, but they rarely do, or at least that's been my experience. When I used market orders in the past, I regularly got a bad fill. Sometimes it would take several minutes to get a confirmation & the price would almost always be far from the bid ask when I placed the order (funny how limit orders placed near the bid/ask in similar situations would get filled in seconds with a confirmation). Since it always (and I mean 100% of the time) went against me, I knew it had to be the market maker pocketing my money. Last year, I placed a market order to short the QQQ's , I watched & kept checking for my order confirmation...... nothing...... one minute..... nothing..... two minutes (QQQ's begin falling)..... nothing..... three minutes (QQQ's in near free fall)..... nothing..... finally, after about 4 or 5 minutes, I got my confirmation...... at the low price of the free fall, nearly 1.75% below the price when my market order was placed..... & the QQQ's had already bounced back nearly 1/2 of the way back to where I had placed my order. I almost blew a gasket. I mean, this was the QQQ's for cripes sake, not some high beta internut stock. That did it for me. I made up my mind that I'd use limit orders all the time. Now, if I need to close a trade & the stock is moving fast, I place my limit order well above or below the currrent bid/ask so I would get a fixed price & not put more easy money in the pocket of the market maker.

To: Dealer who wrote (58949)	8/13/2003 3:13:19 PM
From: Sully-	Respond to of 65232

15:00 ET Wal-Mart cut to Hold from Buy at A.G. Edwards (WMT) 58.24 -0.56: Firm is lowering its rating on this long- favored name due to valuation. Notes that issue currently trades at a 1.48 relative P/E (vs 10-yr historical avg of 1.38); finds a 48% premium on the "high side" for a retailer with estimated long-term annual EPS growth of 10%.

To: Dealer who wrote (58949)	8/13/2003 6:07:53 PM
From: Sully-	Read Replies (1) \| Respond to of 65232

OK, we're in mid-August now...... 16:20 ET Brocade reports in line, ex items (BRCD) 5.51 +0.04: Reports Q3 (Jul) non-GAAP earnings of $0.01 per share, excluding deferred stock compensation related to acquisition of Rhapsody Networks, Inc., in line with the Reuters Research consensus of $0.01; revenues fell 11.7% year/year to $133.5 mln vs the $134.7 mln consensus. <Greg Reyes, Brocade Chairman and CEO <said>>, "Although the economic environment continues to be challenging, storage area networking remains an important area of IT investment as companies optimize their storage, server and application infrastructures to reduce cost and improve productivity. The actions that we have taken over the last several quarters have resulted in a more efficient and flexible business model more closely aligned with our go to market strategy. Moving forward, we are confident of our market position, and believe that we are well positioned for continued revenue and earnings growth." biz.yahoo.com ET Brocade guides Q4 EPS in line with consensus estimate (BRCD) 5.51 +0.04: -- Update -- According to Bloomberg.com, BRCD said it sees Q4 (Oct) EPS of $0.02, excluding costs, as compared to the Reuters Research consensus esimtate of $0.02. BRCD also <warns> expects Q4 revenues of $134-139 mln (consensus of $140.9 mln) and gross margins of 53-55%. <yesterday> 16:59 ET Applied Materials warns for Q4 EPS (AMAT) 18.45 +0.11: -- Update -- On conference call, AMAT says it sees Q4 (Oct) EPS of $0.04-0.05, excluding items, and revenues "flat to slightly up" from Q3's result of $1.09 bln... The Reuters Research consensus estimates are set at $0.06 and $1.21 bln, respectively... Management adds that it looks for Q4 orders to be up by approximately 10% from Q3's figure of $1.05 bln. 17:10 ET Applied Materials comments on CY03 capex spending (AMAT) 18.45 +0.11: -- Update -- On call, AMAT says it look for CY03 (Dec) capex spending to be "flat to slightly above" CY02 levels, which assumes an uptick in the second half of the year. 16:25 ET Interpublic reports, withdraws previous guidance (IPG) 13.70 +0.40: -- Update -- Reports Q2 (Jun) loss of $0.04 per share, including restructuring charges. Note: this is not comparable to Reuters Research consensus, we are in touch with R.R for correct comparison... Revenues rose 0.6% year/year to $1.50 bln vs the $1.56 bln consensus... Co says "In light of a complex set of variables, and a business environment that remains challenging, the company has decided to withdraw previous earnings guidance." <today> 07:30 ET Wal-Mart reports in line (WMT) 68.80: Reports Q2 (Jul) earnings of $0.52 per share, in line with the Reuters Research consensus of $0.52; revenues rose 4.9% year/year to $63.2 bln vs the $63.00 bln consensus. 07:38 ET Wal-Mart guidance : Reuters reports that WMT sees Q3 earnings of $0.45-$0.47 and full yr EPS at "higher end" of $2.00-$2.05 range -- Reuters Research consensus $0.47 and $2.06. WMT sees Q3 comps up 3-5%. 08:05 ET El Paso misses by $0.15, guides below consensus (EP) 7.40: Reports Q2 (Jun) loss of $0.01 per share, $0.15 worse than the Reuters Research consensus of $0.14; revenues fell 7.8% year/year to $1.68 bln vs the $3.17 bln consensus. Company sees Y03 pro forma EPS of $0.15-0.45 vs consensus of $0.78. Too, Inc. reports in line, guides below consensus (TOO) 15.96: Reports Q2 (Jul) earnings of $0.02 per share, excluding "special and nonrecurring charges", in line with the Reuters Research consensus of $0.02; revenues fell 4.5% year/year to $134.9 mln vs the $134.6 mln consensus. Company sees Q3 EPS of $0.12-0.15 vs consensus of $0.26, cites weak sales for early back-to-school shopping season. Federated beats by $0.02, guides for 2H (FD) 42.61: Reports Q2 (Jul) earnings of $0.64 per share, $0.02 better than the Reuters Research consensus of $0.62; revenues fell 1.5% year/year to $3.43 bln vs the $3.44 bln consensus. Company sees Q3 EPS of $0.25-0.30 vs consensus of $0.35; for Q4 sees $2.15-2.20, consensus is $2.07. Payless Shoe beats by $0.06, will no longer provide guidance (PSS) 13.53: Reports Q2 (Jul) earnings of $0.08 per share, $0.06 better than the Reuters Research consensus of $0.02; revenues fell 5.8% year/year to $731.5 mln vs the $741.5 mln consensus. Company also announces it will no longer provide sales or earnings guidance. Homebuilders slump as Mortgage Apps falls, yields rise : As reported on the Bond Ticker this morning, the MBA mortgage applications index fell -16% in the week of Aug 8 given strong declines in both components. The purchase index fell -10% from the second highest level on record as higher mortgage rates left a sixth consecutive decline in refinancing. The -20% dive in refis leaves the index down 2/3 from the record high of late May... Accordingly, homebuilders are under pressure this morning (though off their lows) with RYL -2.10, HOV -1.89, TOL -1.55 and PHM - 1.35 leading the way lower. Also seeing weakness in Mortgage finance names such as CFC -1.26, NFI -1.29, NCEN - 0.44... 10-yr note trading down another 14/32, following a more than 1/2 point decline yesterday.