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Updated: 26-Sept-02

12:30 ET Dow +135, Nasdaq +4, S&P +14.74: [BRIEFING.COM] The Nasdaq has been choppy for the last couple of hours while the Dow remains near session highs. The big Dow movers are GM +5%, C +5%, XOM +4%... Hotels, airlines, homebuilders continue to lead the market while gold, aluminum, biotechs are weak... A mover of note is Brocade (BRCD 8.60 -1.77, -17%) which has tanked in the last 20 minutes on heavy volume following their presentation at the Banc of America investor conference; while we're told the presentation was generally positive, we are also hearing the negative reaction was due to the fact that the company declined to give guidance, as well as a false rumor that Salomon Smith Barney was making negative comments. Other storage stocks: ELX -9%, EMC -8%, QLGC -6%. NYSE Adv/Dec 2232/821... Nasdaq Adv/Dec 1535/1377.

12:00 ET Dow +115, Nasdaq +5, S&P +12.74: [BRIEFING.COM] Mid-Day Summary: The market has made a strong move today adding to yesterday's big gains. Helping the market have been three stronger than expected economic reports. Durable Orders dropped just 0.6% in August after the still huge 8.6% July increase (revised from 9.2%). This resilience in orders bodes well for business investment which, though not strong, does appear to be stabilizing. Jobless Claims fell 24K to 406K, which was well below the 420K consensus. Also, new home sales came in stronger than expected which has pushed the homebuilders. Another catalyst to this morning's trading has been comments from President Bush with respect to corporate fraud and Iraq... It has been a quiet day from the analysts with no market moving calls. Merrill is positive on Dell (DELL 25.31 +0.43) while Goldman is cautious on Cisco (CSCO 11.56 -0.40). Salomon Smith Barney cut its 2003 S&P 500 EPS estimate and said a moderate recovery should continue but they would be wary of ests that require an "accelerating economy" over the next few qtrs.. Hotel stocks are the strongest group as MAR affirms guidance. MAR +7.2%, FS +5.5%, HOT +5.2%. Also strong are airlines (UAL unions give concessions), homebuilders (new home sales report), machinery, grocers (SWY affirms guidance), railroad, insurance, oil... The weakest groups are gold, aluminum, biotech, chemicals. DJTA +2.2%... DJUA +2.8%... SOX -1.8%... XOI +2.5%... BTK -1.2%... Nasdaq 100 -0.1%... S&P Midcap 400 +1.2%... Russell 2000 +0.8%... NYSE Adv/Dec 2209/834... Nasdaq Adv/Dec 1576/1302.

11:30 ET Dow +150, Nasdaq +12, S&P +16.35: [BRIEFING.COM] The major market indices are moving higher as President Bush discusses corporate fraud. The market also had been helped by earlier comments on Iraq... The beaten down airlines are making huge moves today on news that United Airlines' five employee unions will make concessions in the $5 billion range over five years. UAL +32%, AMR +14%, CAL +8%. Regional players also getting a lift. AWA +13%, MEH +11%, SKYW +8%... Machinery stocks are also very strong. JLG +4%, TEX +4%, IR +4%. NYSE Adv/Dec 2223/749... Nasdaq Adv/Dec 1607/1166.

11:00 ET Dow +84, Nasdaq +5, S&P +9.14: [BRIEFING.COM] The Nasdaq has fallen back near the unchanged line as it ran into resistance in the 1237/1240 area and while intraday support in the 1225 area remains intact the bias is expected to remain favorable. Next resistances are at 1249/1251 and the 1258/1260 area.. The Nasdaq is getting pressured by some profit taking in the Semi Index (SOX 254.61 -1.84) which was up sharply yesterday... Homebuilders continue to shine. For some color on the New Home Sales report: It rose 1.9% to 996K in August; July was revised lower to 977K from 1017K. Even with the July revision, the new home series continues to show impressive strength and has outperformed existing sales in recent months. Today's report offers no big surprises, but completes a string of three better than expected reports this morning with orders and jobless claims. SOX -0.7%... BTK -1.1%... NYSE Adv/Dec 2127/775... Nasdaq Adv/Dec 1442/1210.

10:30 ET Dow +103, Nasdaq +7, S&P +10.10: [BRIEFING.COM] The Dow has raced to a triple digit gain in the first hour of trading, led by GM, XOM, JPM... The Nasdaq is also doing well as techs and biotechs are doing mostly higher... Hotel stocks are the leading gainers today despite a negative WSJ report on Marriott (MAR 29.55 +1.35). Apparently, MAR affirming guidance is what's getting the attention. FS +5.6%, HOT +5.4%, HLT +4.4%... Homebuilders are rallying on the better than expected New Home Sales report. RYL +5.9%, HOV +5.6%, CTX +5.6%, KBH +5.5%. NYSE Adv/Dec 2094/687... Nasdaq Adv/Dec 1470/1018.

10:00 ET Dow +114, Nasdaq +15, S&P +12.79: [BRIEFING.COM] The Dow is making a strong move out of the gate this morning. Pacing the index are IBM +2.8%, XOM +2.7%, HD +2.3%. Only two components are in the red: KO, HPQ and just barely... The grocers are getting a much needed boost as Safeway (SWY +9%) beat by a penny and affirmed guidance. ABS +5%, WIN +4%, KR +4%... New Home Sales came in at +1.9% to 996K vs 980K consensus NYSE Adv/Dec 2024/577... Nasdaq Adv/Dec 1401/844.

09:45 ET Dow +55, Nasdaq +7, S&P +5.92: [BRIEFING.COM] As expected, the cash market opens strongly. While strength is broad based across many areas, there are few sectors showing large percentage gains. No notable Dow movers as all are +/- 2% or less... The leading sectors in early trading are lodging, land equipment, oil, airlines, utilities, insurance... The weakest sectors are gold, chemicals, aluminum, beverages, casino... New Home Sales data due at top of the hour.

09:15 ET:  [BRIEFING.COM] S&P futures vs fair value: +7.0. Nasdaq futures vs fair value: +11.0.  The futures have pulled back a bit after a big move higher following the stronger-than-expected Durable Orders report. Most sectors look to open higher... Homebuilders will be on the hot seat today as New Home Sales data is released at 10 ET. Sales momentum looks strong with rock bottom mortgage rates and comparatively unattractive investment alternatives.

08:41 ET:  [BRIEFING.COM] S&P futures vs fair value: +12.0. Nasdaq futures vs fair value: +14.5.  The futures have made a strong move higher over the last half hour on the stronger-than-expected Durable Orders report. Techs look to open higher despite Goldman being cautious on Cisco. However, Merrill Lynch says Dell's quarter is on track. Overall, it remains a very quiet morning.

08:08 ET:  [BRIEFING.COM] S&P futures vs fair value: +4.9. Nasdaq futures vs fair value: +7.0.  Futures still pointing to a slightly higher open, though it remains a very quiet morning. Other than yesterday's rebound and followthrough gains in Asia/Europe overnight, there hasn't been much good news this morning, though there hasn't been much bad news either - hence the positive indications.

07:34 ET:  [BRIEFING.COM] S&P futures vs fair value: +5.1. Nasdaq futures vs fair value: +5.5.  Futures pointing to a slightly higher open, but thus far it's relatively quiet. Followthrough gains in Asian and European markets are helping to spur the early strength, with little other significant news. A couple more telecom warnings (NT and RBAK) and further trouble for Martha (MSO) are all seen as old news.

07:07 ET:  [BRIEFING.COM] S&P futures vs fair value: +5.0. Nasdaq futures vs fair value: +6.0.  

06:38 ET: [BRIEFING.COM] FTSE...3776.30...+80.10...+2.2%. DAX...2984.62...+17.62...+0.6%.

06:38 ET: [BRIEFING.COM] Nikkei...9320.92...+155.51...+1.7%. Hang Seng...9270.71...+145.80...+1.6%.

24-Sept-02, Close Dow -189.02 at 7683.13, Nasdaq -2.79 at 1182.14, S&P -14.44 at 819.27: [BRIEFING.COM] The Dow was very weak today while the Nasdaq managed to remain near unchanged all session. Weak overseas markets, the British dossier on the Iraqi threat, rising oil prices, analyst downgrades and negative company news weighed on the market. The big news of the day was the Fed holding rates steady; maintaining its easing bias. The Fed's statement continued to emphasize that low interest rates and strong productivity growth should still foster stronger economic growth in the future, but did say that there was considerable uncertainty regarding the questions of the extent and timing of any improvement, citing in part heightened geopolitical risks. Most notable in the statement was the fact that the vote was 10-2 with two FOMC members dissenting in favor of an immediate rate cut - these dissents offer a hint of the FOMC's changing mood. There were no dissents at the Aug 13 meeting. The overnight federal funds rate remains targeted at 1.75% as the discount rate stands at 1.25%. The FOMC meets next on Nov 6 and finishes the year on Dec 10. Also, on the economic front, the Consumer Confidence index fell slightly in September, but the August reading was revised higher to 94.5 from 93.5, thus leaving the Sep reading a bit above the market consensus as well... On the corporate front, there were a number of warnings especially in the cyclical sectors: paper giants Weyerhauser (WY -12%) and Temple-Inland (TIN -7%), appliance maker Maytag (MYG -5%) and chemical giant Rohm & Haas (ROH -5%) all warned. Despite upward guidance from US Steel (X +5%), the cyclical sectors were the weaklings today... Despite negative sector calls in technology and an EDS (EDS -29%) downgrade by Merrill, these areas performed fairly well. Semi equipment stocks were boosted by positive comments from KLA-Tencor (KLAC 27.96 +1.33)... Overall, the news was quite negative today with most sectors trading lower. The strongest groups were biotech, gold, semis, trucking, steel. The weakest sectors were paper, wireless, railroad, airlines, chemicals and apparel retail. DJTA -1.8%... DJUA -2.3%... SOX +1.4%... XOI -2.3%... BTK +2.1%... Nasdaq 100 +0.1%... S&P Midcap 400 -1.3%... Russell 2000 -0.6%... NYSE Adv/Dec 987/2270... Nasdaq Adv/Dec 1240/2113.

23-Sept-02, Close Dow -113.87 at 7872.15, Nasdaq -36.15 at 1184.93, S&P -11.69 at 833.70: [BRIEFING.COM] Apparently, the market took the change of season a little too literally as the averages began to fall from the opening bell.  Although the indices closed last week on a firmer note the market is working on a four week losing streak with the numerous negatives noted prior to the open were more than enough to keep the well established downtrend intact.  In the tech arena: JDSU (-11.6%) issued a warning; CSFB cut its 2003 capex forecast and estimates for a number of semi equipment issues; Lehman cut revenue and EPS estimates for several infrastructure software issues; and Soundview cut estimates on selected system companies.  There was also bearish commentary/news on a number of sectors outside of tech: retail (RLX -3.6%)-- weaker sales prospects (FD -3.7%, WMT -3.8%) and downgrades (TOM -4.3%, TGT -5%); airline (XAL -4%)-- WSJ reports airline industry looking for another round of financial aid; broker/dealer (XBD -2.3%)-- NYT suggests GS (-2.5%) is considering plans for sizeable job cuts and WSJ said LEH (-3.4%) is likely to lay off 10% of its staff; and drug (DRG -0.8%)-- JP Morgan cuts estimates on several names.  A weaker than expected Leading Indicators report (-0.2% vs consensus -0.1%) coupled with increased war fears (Iraq says will not cooperate with any new U.N. resolutions on arms inspections) and the fact that it is earnings warning season kept buyers planted firmly on the sidelines. Despite the news and the sizeable retreat, which resulted in new multi-year lows for the Nasdaq 100/Composite, volume declined to a modest pace.  Market internals were decidedly bearish throughout the session.  SOX -5%... DOT -2.1%... XOI -0.4%... BTK -4%... Nasdaq 100 -3.2%... S&P Midcap 400 -1.6%... Russell 2000 -2.3%... NYSE Adv/Dec 926/2336... Nasdaq Adv/Dec 845/2539.

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