THE "DAILY BREAD" FOR THE MARKET

Daily Morning Insights on the Market

<---D530--->

MARKET SUMMARY FOR FRIDAY SEPTEMBER 21ST. 2001

DOW INDUSTRIAL: 8235.81 = -140.40

NASDAQ: 1423.19 = -47.74

S & P 500: 965.80 = -18.74

MOST ACTIVE STOCKS & SECTORS

The markets closed lower for the 5th. straight session as tensions build in the Middle East due to a possibly protracted US war. The NASDAQ, which was under fire all day, had a very very heavy trading volume of over 2.591 billion, while the Dow had a volume of over 2.277 billion shares traded. For the week, the Dow lost 14.26%, its worst weekly loss since the Summer of 1933. The NASDAQ and the S&P 500 lost 16% and 11.6% respectively. This week alone, investors lost about $1.4 trillion dollars. Gainers included: ACLN Ltd, Action Performance, AOL Time Warner, Bea Systems, BJ Services, Boeing Co, Broadcom, Buckeye Partners, Canadian Pacific Railways, Carreker, Compaq, Compudyne, Cryo-Cell International, Disney, Ericsson, Extended Stay America, Fischer Image, GE, Gucci Group NV, Heller Financial, Hewlett Packard, Hilton Hotels, Home Depot, HMT Technology, Interdigit Communications, Invision Technologies, Juniper Networks, Liberty Media, NMS Communications, Noble Drilling, Norfolk Southern, Novadigm, Orchid Biosciences, Outlook Group, Pacific Gas & Electric (PG&E), Parthus Technology Plc, Peoplesoft, Quidel Corp, RCN Corp, Sensytech, Texas Instruments, Venator Group, Veritas DGC, Viacom Corp, Viisage Technology, Vivendi Universal, Wet Seal, Wolverine Worldwide Group, and Worldcom Group.

MAIN REASONS FOR ACTIVITY

• Visit our Federal Reserve Monetary Policy Analysis page to read more. Also, visit our expanded message boards to discuss this topic or any other business topic by clicking here.

• Wet Seal gained 1.58% after stating today that it is comfortable with analysts' forecast of its fiscal Q3.

• The US government today approved a $15 billion bailout plan for the airline industry.

• Northwest Airlines lost 5.09% after announcing today that it is cutting about 10,000 jobs and reducing its flight schedule by 20% due to decreased demand.

• The Insurance industry is asking the US government to help pay for costs incurred in any further terrorist attacks.

• Metlife lost 4.65% after announcing today that it is investing $1 billion in stocks as part of its long term plan.

• The London Stock Exchange closed at its lowest levels in 4 years. Visit our BusinessJeeves UK & Ireland portal to read our summary and analysis of the London Stock Exchange.

• CVS Pharmacy lost 8.77% after issuing an earnings warning today due to the deteriorating consumer confidence after the September 11th. attacks.

• Palm lost 17.67% after reporting earnings yesterday that met its lowered estimates.

• Internet related stocks were hit hard today and the rest of the week, especially travel related ones.

• ONI Systems lost 40.38% after warning that its results for the rest of the year will be well below estimates.

• EMC Corp lost 11.65% after reporting yesterday that it will likely see fiscal Q3 losses and its plan to cut about 2,000 jobs.

• GE gained 3.06% after its newly installed CEO, Jeffrey Immelt, told analysts that GE will see its fiscal 2001 earnings rise 11% to $1.41 a share, only 4 cents a share less than its previous forecast. Mr. Immelt also made known that other units of GE will compensate for losses in its Aircraft Engines, Insurance and NBC Network units.

• Boeing gained 1.14% after agreeing to pay $92.5 million to settle a 4 year old class action lawsuit.

• Microsoft lost 2.07% after announcing that its Microsoft Xbox™ game console shipments in North America will be delayed by One week till November 15th, while the Japanese release will be moved to February 22nd, 2002.

• Securities device makers gained again today as fears mount that a US retaliation might prompt more attacks.

• DoubleClick lost 12.34% after the online advertising giant announced that its fiscal Q3 losses will rise up to 11 cents a share. DoubleClick also lowered its revenue estimates.

• RCN Corp. gained 32.82% after announcing plans to buyback $1.07 billion of its debts through a Dutch auction.

• The Securities and Exchange Commission (SEC) today extended its stocks buyback timetable.

• NEW SERVICE: Now that we have our United Kingdom and Ireland portal BusinessJeeves UK & Ireland, and our Canadian (English) portal BusinessJeeves Canada is up and running. We are confident, the quality of our content will keep you coming back.

• JOIN THE DISCUSSIONS: Due to the immense popularity this column has received recently, and the willingness of our guests to communicate with each other, we have expanded our message boards so as to serve you better. Please check out (and post on) our NEW expanded message boards here

PICKS FOR THE NEXT MARKET DAY

REASONS BEHIND THE PICKS

STOCKS TO WATCH NEXT MARKET DAY: All stocks are in play, especially technology and Internet shares. Check out our Quarterly forecasts for other picks.

Visit our Monthly Stock Picks and Guidance page to read our portfolio picks/recommendations.

<---D529--->

MARKET SUMMARY FOR THURSDAY SEPTEMBER 20TH. 2001

DOW INDUSTRIAL: 8376.21 = -382.92

NASDAQ: 1470.93 = -56.87

S & P 500: 984.54 = -31.56

MOST ACTIVE STOCKS & SECTORS

The markets closed lower for the 4th. straight session as the Dow closed below the 10,000 mark, while the S&P 500 closed below the 1,000 mark. The NASDAQ, which was under fire all day, had a very heavy trading volume of over 2.082 billion, while the Dow had a volume of over 1.943 billion shares traded. Gainers included: 4Kids Entertainment, Acambis Plc, Actuate Corp, AES Corp, Alliant Technology, American Express, Amgen, Apogee Entertainment, ASA Ltd, AT&T, BellSouth, Brilliance, Broadcom, Castle Energy, Ciena Corp, Compudyne, EMC Corp, Enron Corp, Hunt Corp, Immunex, JDS Uniphase, Juniper Networks, Korea Telecom, L-3 Communications Holdings, Motor Cargo Industries, Nortel Networks, Northrop Grumman, Oracle, Orion Power Holdings, OSI Systems, Pacific Gas & Electric (PG&E), Pharamceutical product Development, PictureTel, Placer Dome, Qualcomm, Saba Software, SBC Communications, Teledyne Technology, TIBCO Software, Tripos inc, Viisage Technology, Waste Holdings, Westcoast Energy, Willis Group Holdings, and WWF Entertainment.

MAIN REASONS FOR ACTIVITY

• US Jobless Claims for weekending September 15th. declined 49,000 to 387,000. The 4-week moving average declined 3,000 to 409,000.

• US New Residential Construction declined 6.9% in August to 1.527 million units. Both single and multi-family units declined. The Midwest saw an increase, while the rest of the country saw declines.

• The Philadelphia Fed Manufacturing Survey improved tremendously in August to a September reading of -7.3, well better than the -23.5 seen in August. This data was taken before the September 11th. terrorist attacks (which more or less makes the data "old").

• Federal Reserve Chairman Alan Greenspan testified before congress today, and we have the Federal Reserve Districts "Beige Book" report summary at our Federal Reserve Monetary Policy Analysis page. Also, visit our expanded message boards to discuss this topic or any other business topic by clicking here.

• Graphic chip maker Nvidia lost 8.46% after analysts expressed concerns that the Microsoft Xbox™ game console, which Nvidia developed the chips for, will ship slower than expected. Microsoft also closed lower.

• PG&E gained 8.41% after filing for reorganization for its utility unit.

• Westcoast Energy gained 0.83% after Duke Energy agreed to acquire it in a package valued at $8.5 billion. Duke Energy closed lower.

• Acambis Plc. gained 17.65% after the UK biopharmaceuticals company reported its first half earnings report, and announced the start of phase II clinical trials for its Japanese Encephalis Vaccine by the beginning of next year. The stock closed on the London Stock Exchange (LSE) at....Visit our BusinessJeeves UK & Ireland portal to read our summary and analysis of the London Stock Exchange.

• Northrop Grumman gained 5.06% after announcing that it is making an offer for the remaining shares of Newport News Shipbuilding.

• EMC Corp gained 0.16% after announcing that it will post a fiscal Q3 loss and cut more than 2,000 jobs. EMC also announced that it is paying $50 million for Luminate Software, a privately held company that develops software to monitor storage intensive applications.

• Microsoft lost 5.77% despite announcing that its MSN™ unit will provide high speed internet access and services for the almost half million customers of Charter Communications Internet customers.

• PictureTel gained 14.85% after US regulators gave clearance for its merger with Polycom.

• Apogee gained 16.96% after reporting fiscal Q2 earnings that more than doubled.

• Actuate gained 14.67% after its board approved a $6 million stock buyback plan.

• Tripos gained 16.44% after signing a deal with European drug giant Astrazeneca Plc. to provide it with software that will speed up drug discovery.

• AFTER CLOSE: Palm Computing is gaining in after hours trading after reporting fiscal Q1 losses of 6 cents a share, 3 cents a share less losses than First Call estimated. Revenue rose to $214.3 million, which also beat estimates. Palm is however, warning about the coming quarter.

• AFTER CLOSE: Athletic gear giant Nike reported fiscal Q1 earnings that beat Wall Street estimates by 4 cents a share.

• AFTER CLOSE: Contract Electronic Manufacturer (CEM) Jabil Circuits is losing in after hours trading after reporting fiscal Q4 results that missed Wall Street estimates, and warned about the coming year.

• NEW SERVICE: Now that we have our United Kingdom and Ireland portal BusinessJeeves UK & Ireland, and our Canadian (English) portal BusinessJeeves Canada is up and running. We are confident, the quality of our content will keep you coming back.

• JOIN THE DISCUSSIONS: Due to the immense popularity this column has received recently, and the willingness of our guests to communicate with each other, we have expanded our message boards so as to serve you better. Please check out (and post on) our NEW expanded message boards here

PICKS FOR THE NEXT MARKET DAY

REASONS BEHIND THE PICKS

STOCKS TO WATCH NEXT MARKET DAY: All stocks are in play, especially technology and Internet shares. Check out our Quarterly forecasts for other picks.

Visit our Monthly Stock Picks and Guidance page to read our portfolio picks/recommendations.

<---D528--->

MARKET SUMMARY FOR WEDNESDAY SEPTEMBER 19TH. 2001

DOW INDUSTRIAL: 8759.13 = -144.27

NASDAQ: 1527.80 = -27.28

S & P 500: 1015.35 = -17.39

MOST ACTIVE STOCKS & SECTORS

The markets closed lower for the 3rd. straight session, and at their lowest levels in 3 years. The NASDAQ, which rallied gallantly in the last hour, had a very very heavy trading volume of over 2.466 billion, while the Dow had a volume of over 2.157 billion shares traded. Gainers included: 3Com, Advantist, AOL Time Warner, AT&T Wireless Group, Boyd Gaming, Brocade Communications, Celestica, Ciena Corp, Computer Sciences Corp (CSC), Costar Group, Crossroads Systems, Datalink, Disney, Factsheet Research, Gemini Genomics, Genelabs Technology, Genesis Microchip, Global Crossings, Hunt Corp, i2 Technologies, Imclone Systems, Innovation Solutions, JDS Uniphase, Juniper Networks, K-Mart, Lucent Technologies, Maximus, Movie Gallery, Nokia, Peoplesoft, Pepsico, Scientific Atlanta, Sequenom, Siebel Systems, Sprint PCS Group, Take Two, Tommy Hilfiger, Trend Micro, Veritas Software, and Worldcom Group.

MAIN REASONS FOR ACTIVITY

• The Mortgage Bankers Association (MBA) reported that, its MBA Mortgage Applications Survey for week ending September 14th. declined 11.4% to 533.3. The Purchase Index declined 9.0% to 282.4, while the Refinance Index declined 13.2% to 1992.9.

• The National Association of Home Builders (NAHB) reported that its NAHB Housing Market Index declined 5 points to 55 in September. Present Single Family Sales, Next 6-months Outlook, and Traffic of Potential buyers all declined.

• US Trade Deficit declined $200 million in July to $28.8 billion - The Goods deficit declined by $100 million, while the Services surplus gained by $100 million.

• The Energy Information Agency (EIA) and the American Petroleum Institute (API) reported that for week ending September 14th, US Crude Oil inventories declined 600,000 barrels and 377,000 barrels respectively, while Distillates increased 2 million barrels and 1.282 million barrels respectively.

• The Federal Reserve Districts "Beige Book" report shows the economy is still sluggish. We will have the full report tomorrow. Visit our Federal Reserve Monetary Policy Analysis page to read more. Also, visit our expanded message boards to discuss this topic or any other business topic by clicking here.

• Boeing Co. lost 1.60% after announcing today that it is cutting 30,000 jobs mostly from its commercial aircraft business.

• Biotechnology firm Imclone gained 13.18% after Bristol Myers Squibb announced that it is paying $1 billion for a 20% stake in the company, the largest pharmaceutical company investment in a biotech company.

• Datalink gained 28.24% after being selected by Hughes Supply to handle its information storage architecture. CE Unterberg Towbin also upgraded Datalink. 

• Visit our BusinessJeeves UK & Ireland portal to read our summary and analysis of the London Stock Exchange.

• Movie Gallery gained 17.40% after announcing that it expects to meet or exceed its fiscal Q3 forecast as Americans stay at home in droves and watch movies instead. Movie Gallery also announced that it will donate a portion of movie rentals to the September 11th. terrorist attacks funds.

• Crossroads Systems gained 18.52% after announcing that its board has approved a $5 million stock repurchase plan.

• Factsheet Research gained 17.28% after reporting record fiscal Q4 earnings and revenues.

• AFTER CLOSE: American Airlines is gaining in after hours market after announcing plans to lay off 20,000 people due to falling demand, etc. American Airlines, American Eagle, and TWA will all be affected by the cuts.

• AFTER CLOSE: Tenet Healthcare is gaining in after hours trading after reporting that it expects fiscal Q1 earnings to come in between 65¢ to 67¢ a share, well better than the 61¢/share First Call was estimating. Tenet Healthcare also announced it will take a $69 million charge after taxes due to early retirement of debt.

• AFTER CLOSE: 3Com is losing in after hours trading after reporting fiscal Q1 losses that were higher than Wall Street expected. Revenue declined from $933.8 million last year to $389.6 million. 3Com also announced plans to cut 1,000 more jobs by November of this year.

• NEW SERVICE: Now that we have our United Kingdom and Ireland portal BusinessJeeves UK & Ireland, and our Canadian (English) portal BusinessJeeves Canada is up and running. We are confident, the quality of our content will keep you coming back.

• JOIN THE DISCUSSIONS: Due to the immense popularity this column has received recently, and the willingness of our guests to communicate with each other, we have expanded our message boards so as to serve you better. Please check out (and post on) our NEW expanded message boards here

PICKS FOR THE NEXT MARKET DAY

REASONS BEHIND THE PICKS

STOCKS TO WATCH NEXT MARKET DAY: All stocks are in play, especially technology and Internet shares. Check out our Quarterly forecasts for other picks.

Visit our Monthly Stock Picks and Guidance page to read our portfolio picks/recommendations.

<---D527--->

MARKET SUMMARY FOR TUESDAY SEPTEMBER 18TH. 2001

DOW INDUSTRIAL: 8862.78 = -57.92

NASDAQ: 1553.24 = -26.31

S & P 500: 1029.97 = -8.81

MOST ACTIVE STOCKS & SECTORS

The markets closed lower again today, and their lowest levels in 3 years. The NASDAQ, which dived with 2 hours left in trading, had a heavy trading volume of over 1.686 billion, while the Dow had a volume of over 1.542 billion shares traded. Gainers included: Advanced Technology Products, Agnico Eagle, AMR Corp, AOL Time Warner, AT&T, Autozone, Axcess, Bell Canada, BHP Billiton Plc, Comcast, Delta Airlines, Dobson Communications, European Warrant, Ford Motor Co, FTI Consulting, Grubb & Ellis, Hamilton Bancorp, Hewlett Packard, Home Depot, Hunt Corp, ICIC Bank Ltd, Immucell, Immunex, Jacobs Engineering, Lucent Technologies, Mesa Air Group, Metris Companies, Microsoft, Motorola, Novastar Financial, Nucentrix Broadband, Oracle, Pepsico, Qualcomm, Rambus, Sabre Holdings, Samsonite, StorageNetworks, TRC Companies, UAL Corp, and Worldcom Group.

MAIN REASONS FOR ACTIVITY

• US Consumer Price Index (CPI) a good measure of consumer inflation, rose a lower-than-estimated 0.1% in August. The Core CPI, which excludes the volatile energy and food sectors, grew 0.2%, in line with estimates. Visit our Federal Reserve Monetary Policy Analysis page to read more. Also, visit our expanded message boards to discuss this topic or any other business topic by clicking here.

• Priceline lost 21.93% after lower its fiscal Q3 financial guidance due to decreased demand for travel services after the terrorist attacks.

• Boeing lost 7.43% after some congressional sources told Associate Press today that the aircraft maker is planning to cut about 20% to 30% of its commercial airline workforce. The Sources also claimed Boeing is set to announce the job cuts tomorrow. Boeing had no comments.

• The Bank of England today cut its Repo Interest Rate by 25 basis points (0.25%) to 4.75%. The Bank of Japan also cut its Discount Rate from 0.25% to 0.10%. 

• Visit our BusinessJeeves UK & Ireland portal to read our summary and analysis of the London Stock Exchange.

• US Airlines and airline holdings stocks rebounded today after the Bush Administration agreed to some aid for the industry, but less than what the industry was asking for.

• Mesa Air Group gained 18.86% after announcing plans to start having security staff on its flights as soon as it is possible. Mesa Air Group was also upgraded by Raymond James.

• Amgen lost 2.42% despite announcing that the FDA has approved its Anemia treatment drug, Aranesp™.

• Rambus gained 16.69% after announcing a more comprehensive patent cross-licensing agreement with Intel.

• Dobson Communications gained 17.30% after ABN AMRO reiterated its "buy" recommendations.

• StorageNetworks gained 16.75% as investors speculate that demand for its backup system will rise due to the terrorist attacks.

• AFTER CLOSE: Triquint Semiconductor is gaining in after hours market after reaffirming its fiscal Q3 sales of $80 million, and revising its earnings upwards by 1 cent a share.

• AFTER CLOSE: Orchid Biosciences is gaining in after hours trading after stating that it is comfortable with analysts' fiscal Q3 outlook. Orchid Biosciences also announced that it plans to announce new products in the next few weeks.

• AFTER CLOSE: Travelocity is gaining in after hours trading after announcing that it expects fiscal Q3 earnings to meet estimates, but lower revenues. Travelocity stated it might have to revise its fiscal Q4 outlook.

• AFTER CLOSE: Red Hat is losing in after hours trading after reporting fiscal Q2 earnings at break even, which is lower than the 1 cent a share profit First Call was expecting. Revenue dropped 15% to $21.1 million.

• AFTER CLOSE: Genesis Microchip is gaining in after hours trading after raising its fiscal Q2 revenue target to $30 million.

• NEW SERVICE: Now that we have our United Kingdom and Ireland portal BusinessJeeves UK & Ireland, and our Canadian (English) portal BusinessJeeves Canada is up and running. We are confident, the quality of our content will keep you coming back.

• JOIN THE DISCUSSIONS: Due to the immense popularity this column has received recently, and the willingness of our guests to communicate with each other, we have expanded our message boards so as to serve you better. Please check out (and post on) our NEW expanded message boards here

PICKS FOR THE NEXT MARKET DAY

REASONS BEHIND THE PICKS

STOCKS TO WATCH NEXT MARKET DAY: All stocks are in play, especially technology and Internet shares. Check out our Quarterly forecasts for other picks.

Visit our Monthly Stock Picks and Guidance page to read our portfolio picks/recommendations.

<---D526--->

MARKET SUMMARY FOR MONDAY SEPTEMBER 17TH. 2001

DOW INDUSTRIAL: 8920.70 = -684.81

NASDAQ: 1579.55 = -115.82

S & P 500: 1038.77 = -53.77

MOST ACTIVE STOCKS & SECTORS

The markets closed lower after reopening for the First time since the Tuesday September 11th. US terrorist attacks. The Dow had its largest point drop (NOT percentage drop) in history. This was incidentally the longest time that the NYSE will be closed since 1914. There were also some surprise monetary announcements too (see below). The NASDAQ, which was under pressure from the opening bell, had a very very heavy trading volume of over 2.258 billion, while the Dow had a volume of over 2.334 billion shares traded. Gainers included: Act Teleconferencing, Alliant Technology, American Water Works, Applied Signal, Armor Holdings, Arthur J. Gallager, Avistar Communications, Baltimore Technologies, Brown & Brown, Buenaventura, Compudyne, Cylink Corp, Datakey, Drexler Technology, Edo Corp, Engineered Support Systems, Flagstar Bancorp, Glamis Gold, Harris Corp, ICTS International NV, Internet Security Systems, Invision Technologies, Kroll Corp, L-3 Communications Holdings, Lexent, Lockheed Martin, Magal Security, Meridian Gold, Neon Communications, Nokia, Northrop Grumman, OSI Systems, Polycom, Raytheon Corp, RF Micro Devices, RSA Security, SonicWall, Sturm Ruger & Co, Teledyne Technology, Viisage Technology, Visionics Corp, and Wackenhut Corp.

MAIN REASONS FOR ACTIVITY

• US Business Inventories declined 0.4% in July, as sales rose 0.4%, thus pushing the Inventory-to-Sales Ratio back to 1.42.

• The Federal Reserve FOMC surprised the markets with an interest rate cut today. The Bank of Canada, European Central Bank (ECB), and.......Visit our Federal Reserve Monetary Policy Analysis page to read more. Also, visit our expanded message boards to discuss this topic or any other business topic by clicking here.

• Airline, Courier/delivery, Casinos, Hotels, and Amusement Parks operators were hit hard today.

• 3Com, Allstate, FleetBoston Financial, GE, Oracle, OTG Software, and Pfizer were among the 75 companies that announced some form or another stock buyback plans today alone.

• The London Stock Exchange closed higher today due to....... Visit our BusinessJeeves UK & Ireland portal to read our summary and analysis of the London Stock Exchange.

• US Airlines are seeking a $24 billion government aid ($11.2 billion in loans, $7.8 billion in tax relief, and $5 billion in direct cash assistance) so as to stabilize the industry, the Air Transport Association (ATA) reported. Due to the Tuesday terrorist attacks and the consequent cancellation of flights, the industries stands to post heavy financial losses, and cut about 100,000 jobs in the next 6 months alone.

• Security Device makers, e-security software, and other security related stocks rallied today. Security Device makers especially saw their shares literally double today.

• American Water Works gained 19.08% after German Utility RWE AG offered $4.6 billion in cash for it.

• Defense contractors were some of the hottest stocks as investors expect an increase in demand for the sector as global tensions intensify.

• AFTER CLOSE: Oracle is gaining in after hours trading after announcing that it expects fiscal Q2 2002 earnings to be the same as fiscal Q2 2001, despite a poor software licensing market.

• NEW SERVICE: Now that we have our United Kingdom and Ireland portal BusinessJeeves UK & Ireland, and our Canadian (English) portal BusinessJeeves Canada is up and running. We are confident, the quality of our content will keep you coming back.

• JOIN THE DISCUSSIONS: Due to the immense popularity this column has received recently, and the willingness of our guests to communicate with each other, we have expanded our message boards so as to serve you better. Please check out (and post on) our NEW expanded message boards here

PICKS FOR THE NEXT MARKET DAY

REASONS BEHIND THE PICKS

STOCKS TO WATCH NEXT MARKET DAY: All stocks are in play, especially technology and Internet shares. Check out our Quarterly forecasts for other picks.

Visit our Monthly Stock Picks and Guidance page to read our portfolio picks/recommendations.

<---D525--->

MARKET SUMMARY FOR FRIDAY SEPTEMBER 14TH. 2001

DOW INDUSTRIAL: 9605.51 = 00.00

NASDAQ: 1695.38 = 00.00

S & P 500: 1092.54 = 00.00

MOST ACTIVE STOCKS & SECTORS

The markets were closed today, but will be open on Monday at 9:30 AM EDT. We do have some economic and business news below.

MAIN REASONS FOR ACTIVITY

• WEEKEND NEWS: Continental Airlines announced Saturday that it is cutting 12,000 and filing for bankruptcy due to the effects the Tuesday US terrorist attacks had on air travel.

• WEEKEND NEWS: United Airlines joined Northwest Airlines on Saturday by announcing plans to cut 20% of its worldwide flights due to the effects of the Tuesday US terrorist attacks.

• WEEKEND NEWS: The Bush administration announced that it will meet with the Airline industry, one of the hardest hit industries from the terrorist attacks, so as to find ways to help the industry cross this impasse.

• WEEKEND NEWS: The NYSE systems tests on Friday were successful. The market is set to open Monday.

• WEEKEND NEWS: First Data Corp. announced Saturday that its board has approved a $700 million common stocks buyback. Many companies have announced stock buybacks so as to protect themselves from possible negative market reactions to Tuesday's terrorist attacks.

• US Producer Price Index (PPI), a good measure of producer inflation, rose 0.4% in August. The Core PPI, which excludes volatile energy and food sectors, declined 0.1%.

• US Industrial Production declined 0.8% in August. Auto Production declined 2.6%, its worst showing since January. US Capacity Utilization declined from a July revised 76.9% to 76.2%. 

• US Retail Sales rose 0.3% in August, its best performance since April. Building Materials, Food & Beverages, Food Services and Drinking Places accounted for all of the gains. This data clearly shows that the Feds have room to cut interest rates with little fear of inflationary pressures. Visit our Federal Reserve Monetary Policy Analysis page to read more. Also, visit our expanded message boards to discuss this topic or any other business topic by clicking here.

• The World Trade Organization (WTO) announced today that it has agreed to terms in which China can meet so as to join the organization.

• The New York Stock Exchange (NYSE) is due to try out its systems this Saturday in preparation for the Monday re-opening.

• Crude Oil futures rose in London today as the markets brace for a US military retaliation.

• The London Stock Exchange slumped today due to....... Visit our BusinessJeeves UK & Ireland portal to read our summary and analysis of the London Stock Exchange.

• Delta Airlines warned today that the US terrorist attacks will impact its financial results.

• Bea Systems announced today that its Board has approved a $100 million stock buyback plan.

• Insurer AIG announced that its board has approved a 40 million common shares buyback plan.

• Gold prices rose in London to close at $288.50/troy ounce, its highest levels in 4 months.

• On this day of national mourning, our hearts and thoughts are with the victims and their loved ones.

• NEW SERVICE: Now that we have our United Kingdom and Ireland portal BusinessJeeves UK & Ireland, and our Canadian (English) portal BusinessJeeves Canada is up and running. We are confident, the quality of our content will keep you coming back.

• JOIN THE DISCUSSIONS: Due to the immense popularity this column has received recently, and the willingness of our guests to communicate with each other, we have expanded our message boards so as to serve you better. Please check out (and post on) our NEW expanded message boards here

PICKS FOR THE NEXT MARKET DAY

REASONS BEHIND THE PICKS

STOCKS TO WATCH NEXT MARKET DAY: All stocks are in play, especially technology and Internet shares. Check out our Quarterly forecasts for other picks.

Visit our Monthly Stock Picks and Guidance page to read our portfolio picks/recommendations.

<---D524--->

MARKET SUMMARY FOR THURSDAY SEPTEMBER 13TH. 2001

DOW INDUSTRIAL: 9605.51 = 00.00

NASDAQ: 1695.38 = 00.00

S & P 500: 1092.54 = 00.00

MOST ACTIVE STOCKS & SECTORS

The markets were closed today, and will be closed tomorrow too after the terrorist attacks. US markets are expected to open Monday at 9:30 AM EDT. US Treasury markets had some action today, and we do have some economic and business news below.

MAIN REASONS FOR ACTIVITY

• US Jobless Claims for week ending September 8th. rose 21,000 to 431,000. The 4-week moving average rose 11,000 to 411,000. Most economists are estimating that US Jobless Claims will increase most of the Q4 due to the Terrorist attacks.

• US Import Prices declined 0.1% in August, a smaller than expected drop due to a 1.7% increase in petroleum prices in the same period. The June Import Prices were revised to a decline of 1.5%. Over the year, August Import prices have declined 4.4%. US Export prices declined 0.2% in August, and 0.9% over the year. 

• The Federal Reserve Bank increased its reserves for the banking system to $70 billion so as to make liquidity as available as needed.

• Federal Reserve Board Vice Chairman Roger Ferguson told the US House Financial Services Committee that although the financial systems have been hit hard, they are performing "better than expected" due to their resilience. The Vice Chairman also reiterated that the Feds stand ready to provide more liquidity as needed to ensure a smooth functioning of the financial systems. Visit our Federal Reserve Monetary Policy Analysis page to read more. Also, visit our expanded message boards to discuss this topic or any other business topic by clicking here.

• US Stock Markets officials announced today that they are expecting the markets to open Monday at 9:30 AM EDT.

• Credit Rating agency, Standard & Poor's®, today downgraded the credit rating of all US airlines, Air Canada, and British Airways due to their "significant risk" exposure created by the terrorist attacks.

• OPEC and Saudi Arabia announced today that they will continue to supply the world with oil as much as it wants even if the US take military actions in the Middle East due to the terrorist attacks.

• Bond Insurers Ambac Financial Group, Financial Securities Assurance Holdings Ltd, and MBIA Insurance Corp. announced that they do not expect any material losses due to the terrorist attacks on the World Trade Center.

• The London Stock Exchange closed higher today again due to..... Visit our BusinessJeeves UK & Ireland portal to read our summary and analysis of the London Stock Exchange.

• Airlines, Hotels, and Insurance companies are expected to issue an avalanche of earnings warnings due to the terrorist attacks. Already, Fairmont Hotels & Suites, ACE Ltd, and Chubb Corp have issued warnings and adjusted their outlooks. American International Group (AIG) and Berkshire Hathaway have confirmed they are affected, but haven't issued a warning or revised their outlook.

• US Corporate Bonds trading opened today to sharp losses that have not been seen since 1998. Analysts however, dismissed the performance because most brokerage houses were not in the market, and even the few that, were operating in temporary facilities.

• US Dollar Swap spreads gap out to the largest widening not seen since the 1998 Long Term Capital Management (LTCM) debacle of 1998. Investors flew to quality (safe haven) as shorter-dated spreads widened more than longer-dated spreads.

• US Treasuries soared on their first day of trading since the terrorist attacks. Investors went after government issues as expectations of interest rate cuts increases. US Treasuries short-dated paper ended at the lowest levels ever.

• Bear Stearns, Morgan Stanley Dean Witter, and UBS Warburg resumed sending out research notes to clients today as Wall Street tries to get back to normal.

• The Judge overseeing Microsoft's case today extended 4 days for Microsoft and the Justice Department to submit their joint agreement. The original day was to be Friday.

• Shell evacuated 500 workers in the US Gulf of Mexico as tropical storm Gabrielle gains momentum.<