Message-ID: <24948529.1075859194787.JavaMail.evans@thyme> Date: Wed, 26 Dec 2001 07:13:31 -0800 (PST) From: schwabalerts.marketupdates@schwab.com To: jeff.dasovich@enron.com Subject: Morning Market View for December 26, 2001 Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Schwab Alerts X-To: Dasovich, Jeff X-cc: X-bcc: X-Folder: \Jeff_Dasovich_Jan2002\Dasovich, Jeff\Deleted Items X-Origin: Shankman-J X-FileName: jshankm (Non-Privileged).pst Charles Schwab & Co., Inc. Email Alert Morning Market View(TM) for Wednesday, December 26, 2001 as of 9:30AM EST Information provided by Schwab Center for Investment Research MERRY CHRISTMAS! U.S. equity index futures are pointing to a slightly lower open in the post-Christmas session as economic and equity news is sparse. Wal-Mart (WMT,57,f2&f4) and Echostar Communications (DISH,27,f1) were among the few U.S. companies in the headlines this morning while U.S. Treasuries are lower and Japanese markets rose slightly. Leading retailer Wal-Mart stated that it anticipates December same-store sales at the high end of the 4%-6% range, exceeding its previous forecasts. For the Nov. 23 to Dec. 24 period, the company said same-store sales were in the mid-to-upper single digit percentage range. According to The Wall Street Journal, EchoStar Communications Chairman Charlie Ergen wants to expand Hughes Electronics Corp.'s (GMH,15.02,f2) satellite Internet service. If regulators approve Echostar's proposed acquisition of Hughes, the Journal reported, Ergen plans to postpone a "full-scale deployment" of the Internet service until 2004, opting to spend $1 billion in order to design and launch a "new generation" of satellites. Pharmaceutical giant Pfizer Inc. (PFE,40.77,f2) received a favorable court ruling related to its antidepressant drug Zoloft. A federal judge ruled the company is not liable in the case of a man who committed suicide while on the drug, despite allegations by the widow that Pfizer failed to disclose possible side effects. ---------------------------------------------------------------- TREASURY AND ECONOMIC SUMMARY U.S. Treasury prices were a bit lower across the curve in the post-Christmas session. The Redbook retail sales index recorded a 4.5% drop for the three weeks ended Dec. 22, with year-over-year sales declining 0.6%. Tomorrow, the Labor department will release initial jobless claims and on Friday the markets will be watching for consumer confidence figures, as well as the Chicago Purchasing Managers' Index, home sales figures and durable goods orders. ---------------------------------------------------------------- WORLD MARKETS European markets were closed for the holiday. In economic news, the French Producer Price Index fell 0.6% in November, twice the estimate, with the year-over-year figure falling a larger-than-expected 2.3%. On the corporate front, equity stories were expectedly sparse given the market closure. The euro is trading slightly lower versus the U.S. dollar. Asian markets finished marginally higher as the Nikkei 225 index advanced 0.6%, with finance and construction issues leading the way. Mitsubishi Heavy Industries Ltd. (MHVYF,2.55) announced it plans to cut another 5,000 jobs, or 7.6% of its work force, and said it would not meet its goal of a 170 billion yen ($1.3 billion) profit until 2006, two years behind schedule. The yen is higher versus the U.S. dollar, bucking a nine-day trend. ---------------------------------------------------------------- FUTURES WATCH In the March Globex futures contract as of 8:53 a.m. EST, the S&P 500 Index was down 2.5 points (a point below fair value) while the Nasdaq 100 index was 3 points higher (5 points above fair value). The March DJIA futures contract was down 25 points (17 points below fair value), and the February crude oil futures traded on the NYMEX were up $0.08 at $19.70/barrel. Jeffrey Reeve, Market Analyst ================================================================ LOGIN to access your account: https://investing.schwab.com/trading/start ---------------------------------------------------------------- To unsubscribe or modify your Email Alert customization options, log in using the link below or copy and paste it into your browser's address window: https://investing.schwab.com/trading/start?SANC=EAMyAlerts ---------------------------------------------------------------- Notice: All email sent to or from the Charles Schwab corporate email system may be retained, monitored and/or reviewed by Schwab personnel. (0801-11478) Charles Schwab & Co., Inc. ("Schwab") is a member of the NYSE. Schwab Capital Markets L.P. is a member of the NASD and SIPC. Schwab Capital Markets L.P. is also a subsidiary of The Charles Schwab Corporation and is a market maker in approximately 5000 securities. 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