Nasdaq---Anthony (slow)
Retail sales---Carmen (fast)
>> the nasdaq closed higher today, the fifth up day for techs in the past six days, though just a two-point move on the nasdaq. the nasdaq 100 closed the day lower. there was some trading in internet stocks , they rallied more than 1%. yahoo some strength today, the stock continues to do well, hitting another 52-week high today. let’s look at the software stocks . microsoft, lehman brothers analyst neil herman says that these shares are overdue for a rally. in fact, that helped spark a rally in microsoft today, the stock closing just under $26. he said it’s underperformed other software stocks . let me show you some of those other software stocks . peoplesoft raising its earnings forecast saying the company once it acquires j d efforts its profit will be up for 2004. that boosted the shares of peoplesoft. oracle at one point hit a 52-week high. oracle, of course, interested in buying peoplesoft, but the stock came off that high, closing down for the day. j.d. edwards did close up. yesterday it had a pretty impressive day, closing again higher today. some other software strength in the software video game makers. electronic arts setting a record high today. this company, bank of america came out today and said they see it going to $80 a share, already up for the year. t.h.q. interactive, credit suisse first boston here saying sales may top forecasts on the back of their “finding nemo” video game. take 2 interactive near a record high. atari closing up higher today. quickly, dell unchanged. i wanted to give you the story here, a note from merrill lynch saying that they are neutral on the stock as it closed neutral today. they are positive that earnings surprises are probably unlikely for dell. they say there is little to worry about the overall fundamentals with dell, but they don’t see the stock going much higher from here minus a catalyst, that is. the nasdaq up for the day, back to you.
>> anthony massucci. retailing stocks fell today after some stores said consumers curbed spending in the first quarter. the concern about the economy, the war and chilly weather hurting sales. some investors seeing encouraging signs ahead. carmen roberts is here with that story.
>> you know, the last few months have been difficult for retailers on many fronts. payless shoe store says it had a fiscal second quarter loss because of the chilly spring time in the u.s. consumers are buying shoes with aggressive mark downs which caused shares to hit a four-and a half year low during interday trading, rebounding somewhat to close down 9%. circuit city say concerns about the economy, the war with iraq and inclement weather kept shoppers away from their store last quarter. they reported home furnishings said first quarter earnings fell 14%. the number two u.s. electronics chain says its first quarter loss widened to $44 million and hurt by rising costs for its credit card operations. pier one says back-to-school shopping should boost retailers and retailers should benefit thanks to the new round of tax cuts. allan riff kin says that’s what happened when taxes were cut two years ago.
>> that’s found money and with the significant cocooning that’s been going on in the united states for years, particularly in the aftermath of 9-11, consumer electronics retailers should benefit very handsomely from that.
>> money manager art brunell says that if you put a couple extra nickels in consumers’ pockets they’ll spend them, at least part of them. he’s not buying retail stocks . he now is waiting for the latest earnings report before changing his holdings of timberland, tuesday morning, jones apparel and columbia sportswear. and the manager of a $455 million at i.n.g. saws he’s interested in buying more retail stocks if the tax cut and back-to-school spending boost sales. he’s interested in out-of-favor companies. however, he says the jobless recovery, it’s crucial that the u.s. adds jobs. lane, back to you.
>> carmen roberts. treasuries may have fallen on the heels of today’s c.p.i. data. but does that mean the threat of deflation is off the table now? we’ll ask about that and what it means for interest rates when we return.
