DAILY WRAP-UP
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Stocks were buoyed at the opening bell after the weekend capture of former
Iraqi dictator Saddam Hussein, but afternoon selling pulled the markets to
a negative close. The tech-heavy Nasdaq led the selling on Wall Street.
Markets declined at investors took profits and returned to assessing share
prices and potential company profits. The U.S. dollar weakened against the
Euro and the yen, but gold declined as well. Oil prices climbed as the
winter cold set in over North America.
The Dow Jones Industrial Average gave up its early triple-digit advance,
and retreated 19.34 points or 0.19% to 10022.82. The Nasdaq composite
slumped 30.74 points or 1.58% to 1918.26. The S&P 500 was down 6.1 points
or 0.57% to 1068.08. Volume on the NYSE amounted to 1.449 billion shares.
At the Nasdaq, some 1.98 billion shares traded hands.
Wal-Mart (NYSE: WMT) slipped 3.35% to $50.74. The retailing behemoth said
that its December sales were tracking the low end of its 3% to 5% target
range for sales growth. The company said store traffic was down, and that
some of its sales were in gift cards, where revenues are recognized at
redemption.
Other discount retailers were lower in the wake of the Wal-Mart selling.
Target (NSYE: TGT) lost 4.26% to $37.12. The company will unveil its most
recent sales results after the close. Kohl's (NYSE: KSS) dropped 3.8% to
$43.30.
Tech shares saw a greater percentage drop than blue chips. The leading
supplier of equipment for making semiconductors, Applied Materials (NASDAQ:
AMAT), fell 3.52% to $21.63. Number two personal computer maker Dell
(NASDAQ: DELL) gave up 2.34% to $33.01.
Amgen (NASDAQ: AMGN), which is scheduled to provide an update after the
close, nosed ahead 0.5% to $59.73.
In corporate news, Dial Corp (NYSE: DL) agreed to sell itself to Henkel of
Germany for $2.9 billion in cash. Shares of the consumer products company
jumped 9.66% to $28.38.
El Paso (NSYE: EP) rose 8.6% to $7.32. The biggest operator of natural gas
pipelines said it would merge operation of its GulfTerra pipeline with
Enterprise Products Partners (NSYE: EPD). The deal would provide El Paso
with cash of about $1 billion to attack its debt. The move is part of El
Paso's plan to sell up to $3.9 billion in assets.
Trucking giant Navistar (NYSE: NAV) drove 1.69% higher to $44.52 after
announcing that it expects losses to narrow more than expected. The company
forecast a loss between 40 and 50 cents as it sells trucks and cuts costs.
Mortgage-related stocks were shaken after the largest Tennessee bank
holding company said its 2004 profits would miss expectations because of a
drop in mortgage loans. Union Planters (NYSE: UPC) tumbled 10.56% to
$30.41. Countrywide Credit (NYSE: CFC) gave up 2.59% to $100.92.
In small cap trading, the Russell 2000 retreated 12.34% to 2.25% to 535.25,
while the S&P600 index dropped 4.98 points or 1.87% to 261.41.
Some of the small cap stocks making big moves included Insmed (NASDAQ:
INSM). The company rallied 8.58% to $2.95 on volume of 1,197,296 after it
announced that its SomatoKine drug was granted orphan drug status by the
FDA. The designation means that Insmed is guaranteed seven years of market
exclusivity for the treatment of insulin resistance.
Roxio (NASDAQ: ROXI) shares climbed 4.05% to $4.67 on volume of 4,370,147
after the software firm boosted its sales outlook for the first quarter of
fiscal 2004. The company noted that better-than-anticipated performance in
its digital music division helped lift expectations of $14.5 million in
sales for the period ending December 31.
In commodities trading on the New York Mercantile Exchange, February
contracts for light, sweet crude added 29 cents to $33.24. January natural
gas futures shed 26.7 cents to $6.954. February gold futures eased 20 cents
to $409.90.
Canadian markets closed near the lows of the session, as the benchmark
Toronto gauge quickly backed away from its initial pop. Investors on Bay
Street were initially cheered by the news that the former Iraqi dictator
was captured, but switched to re-consideration of whether stock prices have
outpaced the economic recovery.
The TSX composite surrendered 47.09 points or 0.59% to 7932.11, and the
small cap Venture index was down 9.25 points or 0.55% to 1660.99.
Eight of the ten market sectors were trading in the red with declines in
energy and financial stocks paving the way lower. In the energy group,
Husky Energy (TSX: T.HSE) shed 1.84% to $22.94. Other companies under big
selling pressure included Talisman Energy (TSX: T.TLM), down 1.56% to
$69.40; and Canadian Natural Resources (TSX: T.CNQ) off 1.08% to $59.60.
The financial sector was a key driver of the rally that pushed the TSX to
18-month highs at the beginning of the month. The group was down 0.55%
Monday. Bank of Montreal (TSX: T.BMO) shed 1.17% to $53.42 and Royal Bank
of Canada (TSX: T.RY) surrendered 1.11% to $60.50.
The volume leaders on Bay Street included Wheaton River (TSX: T.WRM), which
gave back 3.23% to $3.60; Abitibi Consolidated (TSX: T.A) was even at
$9.77; and BCE Inc (TSX: T.BCE) slid 1.71% to $28.82.
Gold stocks saw choppy trade throughout the session. Placer Dome (TSX:
T.PDG) said its 2004 production would be lower than previously planned,
while costs would rise amid the strength of the Canadian loonie. The
world's number five gold producer dropped 0.72% to $22.20. ElDorado Gold
(TSX: T.ELD) rallied 0.99% to $4.09 and Iamgold (TSX: T.IMG) put on 0.65%
to $9.35.
In the technology group, shares of software maker Geac Computer (TSX:
T.GAC) shed 4.57% to $5.85 and Nortel Networks (TSX: T.NT) retreated 2.46%
to $5.55.
The materials group was in the black with select forest and metals stocks
moving higher. Canfor Corp (TSX: T.CFP) climbed 1.34% to $10.59. Thursday,
the company said it opposed the proposed softwood lumber deal. Its merger
partner Slocan Forest Products (TSX: T.SFF), was up 0.67% to $13.50. Among
the metals stocks, Alcan Aluminum (TSX: T.AL) added 0.17% to $57.58. The
company, which is taking control of Pechiney effective today, said its
shares are listed on the Premier Marche of the Euronext Paris stock
exchange. Ivanhoe Mines (TSX: T.IVN) rallied 2.89% to $9.98.
Only consumer issues and materials stocks were in positive territory.
Leading store branded pop bottler Cott Corp (TSX: T.BCB) surged 2.1% to
$34.60 after it forecast 2004 earnings growth of 15%.
In the health group, Inex Pharmaceuticals (TSX: T.IEX) slid 4.52% to $5.49.
The company's development partner, GlaxoSmithKline (NSYE: GSK), said it
would put off clinical trials of the cancer drug Topotecan TCS for six months.
In economic news of the day, the leading economic indicator, which is a
measure of future economic growth, jumped 0.8% in November and easily
topped the consensus forecast. Statistics Canada said the index was higher
on gains in business spending. Economists had expected the index of leading
indicators to rise 0.5%.
The Canadian dollar was worth US$0.7617.
TODAY'S HEADLINES
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ORACLE BEATS ESTIMATES
Oracle (NASDAQ: ORCL) reported better than expected fiscal second quarter
results Monday, a possible sign that corporations are finally deciding to
spend more on software.
money.cnn.com
WAL-MART OMEN? DEC. SALES AT LOW END
In what could be a harbinger of overall 2003 retail holiday results,
Wal-Mart (NYSE: WMT) said Monday that December receipts are tracking near
the low end of its own forecasts as consumers put off purchases and turn to
gift cards for presents.
cbs.marketwatch.com
GERMANY'S HENKEL BUYING DIAL
German chemical and consumer products conglomerate Henkel agreed to buy
U.S. soap giant Dial Corp. (NYSE: DL) for $2.9 billion, or $28.75 a share,
in cash.
thestreet.com
SNOW, NOT SADDAM, ON RETAILERS' MINDS
Retail industry watchers say the capture of Saddam Hussein is a "gigantic
non-event" for the holiday shopping season -- and they seem more concerned
about the impact of a second straight weekend of snow in the Northeast.
money.cnn.com
OIL PRICES DROP AFTER SADDAM'S ARREST
Oil prices fell more than 2.5% on Monday on speculation that Iraq could
export more oil if the weekend capture of Saddam Hussein put an end to
sabotage of the country's production facilities and pipelines.
MSNBC
TODAY'S HIGHLIGHTS
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Market Summary At 5:17:19 P.M. ET
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Symbol Close Change Change(%) Market Name
DJI 10022.82 -19.34 -0.19 DOW JONES INDUSTRIAL
NYA 6172.02 -24.27 -0.39 NYSE COMPOSITE
COMP 1918.26 -30.74 -1.58 NASDAQ COMPOSITE
XAX 1119.58 -6.63 -0.59 AMEX COMPOSITE INDEX
SPX 1068.04 -6.10 -0.57 S&P 500
SML 261.41 -4.98 -1.87 S&P 600 SMALLCAP
RUT 535.25 -12.34 -2.25 RUSSELL 2000
NDI 231.36 -2.70 -1.15 INDIVIDUAL INVESTORS 500
IV.JX 1660.99 -9.25 -0.55 S&P/TSX VENTURE
COMPOSITE INDEX
IT.TSXCI 7932.11 -47.09 -0.59 S&P/TSX COMPOSITE
Small Cap Most Active Stocks At 5:17:19 P.M. ET
(Market Capitalization Between $10,000,000 and $750,000,000)
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NASDAQ / OTC
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Symbol Volume Close Change Company Name
WCOEQ 74610700 0.01 -0.00 WorldCom Group
RBAKQ 31063700 0.28 -0.03 Redback Networks Inc.
ADOT 22725200 0.02 0.00 Advanced Optics Electroni
ICGE 17527100 0.34 0.01 Internet Capital Group I
LOUD 17106700 1.98 0.48 Loudeye Corporation
AMEX
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Symbol Volume Close Change Company Name
HEC 15786900 0.78 0.10 Harken Energy Corporation
VRA 7517600 0.25 -0.01 Viragen Inc.
AVR 7003100 0.24 0.01 Avitar Inc.
EAG 3691200 1.32 0.01 Eagle Broadband Inc.
HNV 3280000 0.20 -0.01 Hanover Direct Inc.
TSX
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Symbol Volume Close Change Company Name
T.WN.DB 39771000 146.00 -0.17 George Weston Limited
T.MWA 10894000 0.06 0.00 McWatters Mining Inc.
T.NGX 3793200 2.58 0.18 Northgate Exploration Limited
T.STE.DB 3676000 54.25 5.25 Stelco Inc.
T.NSU 2435000 6.38 0.13 Nevsun Resources Ltd.
TSX-V
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Symbol Volume Close Change Company Name
V.ZAQ 4250200 0.28 0.22 ZAQ Inc.
V.ECU 1104300 0.22 -0.02 ECU Silver Mining Inc.
V.YIB 1011000 0.06 0.01 IBI Corporation
V.RAL 773500 0.54 0.04 Rally Energy Corp.
V.QTA 610800 0.43 0.04 Quaterra Resources Inc.
Small Cap Top Percent Gainers At 5:17:19 P.M. ET
(Market Capitalization Between $10,000,000 and $750,000,000)
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NASDAQ / OTC
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Symbol Volume Close Change %Gain Company Name
YIFN 222900 1.00 0.74 284.62 Yifan Communications
ENPT 738700 3.57 0.97 37.42 En Pointe Technologies
LOUD 17106700 1.98 0.48 32.00 Loudeye Corporation
PFCO 95600 2.63 0.62 30.85 PAULA FINANCIAL
OGLE 135600 2.55 0.55 27.50 Oglebay Norton Company
AMEX
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Symbol Volume Close Change %Gain Company Name
SHD 72500 4.50 1.03 29.68 Sherwood Brands Inc.
CNU 369200 1.37 0.23 20.18 Continucare Corporation
EXM 10600 4.45 0.71 18.98 Excel Maritime Carriers
HRT 520300 23.84 3.33 16.24 Arrhythmia Research Techn
QSC 475600 0.69 0.09 15.00 Questcor Pharmaceuticals
TSX
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Symbol Volume Close Change %Gain Company Name
T.LQW 66300 5.40 0.90 20.00 Liquidation World Inc.
T.TRX 100 4.75 0.75 18.75 Toreador Resources Corporation
T.WPO 2700 4.10 0.60 17.14 World Point Terminals Inc.
T.NFC 1034400 0.04 0.01 16.67 Northern Financial Corporation
T.SVI 14700 1.70 0.20 13.33 Strategic Vista
International Inc.
TSX-V
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Symbol Volume Close Change %Gain Company Name
V.AFA 89700 0.19 0.04 22.58 Afri-Can Marine Minerals
Corporation
V.YDG 1000 0.85 0.15 21.43 ChondroGene Limited
V.PTE 75900 0.46 0.08 21.05 Pacific Tiger Energy Inc.
V.FOM 11500 0.47 0.08 20.51 Foran Mining Corporation
V.YIB 1011000 0.06 0.01 20.00 IBI Corporation
Small Cap Top Percent Losers At 5:17:19 P.M. ET
(Market Capitalization Between $10,000,000 and $750,000,000)
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NASDAQ / OTC
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Symbol Volume Close Change %Loss Company Name
TRID 358900 16.67 -8.60 -34.03 Trident Microsystems
WCOEQ 74610700 0.01 -0.00 -27.27 WorldCom Group
SDNA 610800 0.45 -0.15 -25.00 SEDONA Corporation
ENEI 231800 1.40 -0.40 -22.22 Ener1 Inc.
WTEC 253400 1.02 -0.28 -21.54 Warrantech Corporation
AMEX
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Symbol Volume Close Change %Loss Company Name
PYR 147200 0.72 -0.09 -11.11 PYR Energy
IG 7900 1.50 -0.17 -10.18 IGI Inc.
PTN 136600 2.73 -0.25 -8.39 Palatin Technologies Inc
CIO 1159000 0.23 -0.02 -8.00 Computerized Thermal Imag
MXR 2555600 0.61 -0.05 -7.58 Medix Resources Inc.
TSX
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Symbol Volume Close Change %Loss Company Name
T.NXS 489000 0.03 -0.00 -16.67 Nexus Group International
Inc.
T.VBI 18600 0.16 -0.03 -15.79 Viventia Biotech Inc.
T.PMU 403600 1.75 -0.28 -13.79 Pacific Rim Mining Corp.
T.GIT 31000 0.52 -0.08 -13.33 Gitennes Exploration Inc.
T.ME 28800 0.18 -0.03 -12.50 Moneta Porcupine Mines Inc.
TSX-V
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Symbol Volume Close Change %Loss Company Name
V.MTX 82300 2.30 -0.50 -17.86 Metalex Ventures Ltd.
V.BWK 500 0.80 -0.15 -15.79 Berwick Retirement
Communities Ltd.
V.QU 25000 0.51 -0.09 -15.00 Quinto Technology Inc.
V.NEL 6100 1.85 -0.31 -14.35 Nevarro Energy Ltd.
V.UGD 51900 0.54 -0.09 -14.29 Unigold Inc. |
