CHICAGO, Aug. 18 /PRNewswire/ -- Man Securities issues the following
Morning Update at 8:30 AM EDT with new PriceWatch Alerts for key stocks.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020214/MANSECLOGO )
Before the open... PriceWatch Alerts for AMAT, HD, SGP, PSFT, and BJ,
Market Overview, Today's Economic Calendar, and the Quote Of The Day.
QUOTE OF THE DAY
"This market is really cheap right now, so it's going to be pretty
attractive for buyers."
-- Todd Leone, managing director of equity trading, SG Cowen Securities
New PriceWatch Alerts for AMAT, HD, SGP, PSFT, and BJ...
PRICEWATCH ALERTS - HIGH RETURN COVERED CALL OPTIONS -----------
-- Applied Materials Inc. (Nasdaq: AMAT)
Last Price 16.07 - SEP 16.00 CALL OPTION@ $0.90 -> 5.5 % Return
assigned*
-- Home Depot Inc. (NYSE: HD)
Last Price 35.10 - NOV 35.00 CALL OPTION@ $1.75 -> 4.9 % Return
assigned*
-- Schering-Plough Corp. (NYSE: SGP)
Last Price 18.03 - NOV 17.50 CALL OPTION@ $1.40 -> 5.2 % Return
assigned*
-- PeopleSoft Inc. (Nasdaq: PSFT)
Last Price 16.57 - SEP 15.00 CALL OPTION@ $2.35 -> 5.5 % Return
assigned*
-- BJ's Wholesale Club, Inc. (NYSE: BJ)
Last Price 25.16 - DEC 22.50 CALL OPTION@ $3.60 -> 4.4 % Return
assigned*
* To learn more about how to use these alerts and for our FREE report,
"The 18 Warning Signs That Tell You When To Dump A Stock ", go to:
http://www.investorsobserver.com/mu18
(Note: You may need to copy the link above into your browser then press
the [ENTER] key)
** For the FREE report, "The Secrets of Smart Election Year Investing -
Insights, Stocks, And Strategies." go to:
http://www.InvestorsObserver.com/FREEelection
NOTE: All stocks and options shown are examples only. These are not
recommendations to buy or sell any security.
MARKET OVERVIEW
Overseas markets are trading on the conservative side of risk this
morning, as just two of the 15 markets that we track are currently positive.
The cumulative average return on the group stands at a minus 0.199 percent.
The drag on the group was provided by the Swiss Market Index, shedding over
one percent on a somewhat disappointing earnings report out of food and
beverage behemoth Nestle SA. The Euro Zone's annual inflation rate eased
unexpectedly to 2.3 percent in July from 2.4 percent in June, but remained
above the European Central Bank's (ECB) target for the fourth consecutive
month. Prices fell 0.2 percent on the month, primarily due to lower prices
for clothing and footwear.
The sole piece of "listed" economic data is the 7:00 a.m. release of the
Mortgage Bankers Association (MBA) Refinancing Index for the week ending
August 14 which rose by 20.9 percent on the heels of the prior week's 2.5
percent advance. The MBA's purchase index also rose, adding 6.2 percent,
pulling the total Market Index higher by 11.9 percent. What you may need to
get a handle upon will be the weekly petroleum products inventory reports,
released by the Department of Energy (DOE) and the American Petroleum
Institute (API). Lately the price of crude has been driven to record levels
by news events, which put the fragile supply levels at risk. Once again these
reports out of the DOE and the API have the ability to move the price of the
products. It has been a trend of late for equities to react poorly in the
face of strong advances in crude pricing. Last and certainly not least, if you
were expecting to trade shares of internet search engine Google, you may be
disappointed to learn that that is not going to happen. In a release
appearing on the company's web site (about 3:00 a.m. today), the company
slashed the initial price from the $108.00 - 135.00 range to $85.00 - $95.00
per share range. The price adjustment lowers the potential valuation of the
company from as much as $25.8 billion from the initially hyped $36.6 billion.
The SEC still has to give the green light, which may be on a slightly longer
delay than initially hoped for by officials of Google.
Be prepared for the investing week ahead with Bernie Schaeffer's FREE
Monday Morning Outlook. For more details and to sign up, go to:
http://www.investorsobserver.com/freemo
DYNAMIC MARKET OPPORTUNITIES
According to data from TASS, a division of Tremont Capital Management, US
hedge funds attracted a record $13.5 billion worth of investment money during
the second quarter. It seems many investors decided to act in order to
minimize their risk and reduce portfolio volatility by hedging their capital -
not surprising, given the volatility of today's markets. In the second quarter
of 2003, hedge fund inflows totaled just $1.6 billion compared to $8.2
billion during the first quarter of this year. However it's a different story
in Hong Kong, as the Hong Kong Investment Funds Association said second
quarter mutual fund inflows slumped 89%, compared with the first quarter -
from $2 billion to just $226.8 million. Over a three-month period, that's a
remarkable plunge. Despite a broad-based recovery for Hong Kong's economy, led
by the real estate sector, tourism and retail as more Chinese citizens visit
the province, investors have a trio of concerns; first and arguably most
important, China's attempts to cool its explosive economic growth. As a major
trading partner, this is obviously having an impact on Hong Kong investments.
Second, a new era of rising interest rates in the US. And third, soaring oil
costs, which are making business and manufacturing more expensive and
gradually eating into profit margins. That contributed to a 3.1% second
quarter slide for Hong Kong's Hang Seng stock exchange. And with so much
uncertainty in the market, the third quarter is unlikely to produce much by
way of a rebound.
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TODAY'S ECONOMIC CALENDAR
7:00 a.m.: Mortgage Bankers Association (MBA) Refinancing Index for the
week ending August 14 (last plus 2.5 percent).
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All stocks and options shown are examples only. These are not
recommendations to buy or sell any security and they do not represent in any
way a positive or negative outlook for any security. Potential returns do not
take into account your trade size, brokerage commissions or taxes which will
affect actual investment returns. Stocks and options involve risk and are not
suitable for all investors and investing in options carries substantial risk.
Prior to buying or selling options, a person must receive a copy of
Characteristics and Risks of Standardized Options available from Sharon at
800-837-6212 or at http://www.cboe.com/Resources/Intro.asp. Privacy policy
available upon request.
SOURCE Man Securities
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NewsCom:
http://www.newscom.com/cgi-bin/prnh/20020214/MANSECLOGO
AP Archive: http://photoarchive.ap.org
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CONTACT:
Michael Lavelle of Man Securities,
+1-800-837-6212
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