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Newspaper
Baytown Sun
Location
Baytown, Texas, United States of America
Date
Jul 23, 2004
Page
7
Market outlook split as analysts debate bull or bear conditions. Experts hedge on long term trend while noting a rally from prior lows. brokers resist forecasting anything less than bullish. The piece explains the 20 percent rally rule and the difficulty selling funds amid mixed signals.
The article explains secular and cyclical market trends, noting the 1982 2000 Dow run as a secular bull and 1966 1982 as a secular bear. It argues that cyclical bulls since 2002 suggest shorter, predictable gains, while secular bears demand active risk management and attention to avoid losses. Gary Clemmons of Texas Capital Management offers guidance.
SBC Communications reports a 16 percent drop in quarterly profits to 1.17 billion dollars or 35 cents per share, on 10.31 billion in revenue. Excluding a 263 million labor settlement charge, earnings would be 40 cents per share, with analysts at 36 cents. AT&T retreat aids SBC sentiment.
CenterPoint Energy agrees to sell 81 percent of Texas Genco to GC Power Acquisition LLC for 3.65 billion in a two step deal. The transaction transfers ownership of Houston area generators including the Cedar Bayou plant and a stake in the South Texas Project nuclear facility pending NRC approval. Proceeds total about 2.9 billion cash to CenterPoint and 750 million to remaining shareholders as 19 percent stake buyout.
Crude and refined products advance on the Nymex by 1.9 percent after a stronger natural gas rally following a EIA report showing inventories up 72 billion cubic feet. Brent and Nymex futures rose with heating oil leading gains and gasoline lagging, amid pre week end caution over Middle East risk.
The market rose slightly as bargain hunting boosted the Dow above 10,000 though investors doubted the economy’s strength. Microsoft’s weak results and forecasts dampened mood while analysts warned of potential further selling if the Dow falters below 10,000. The Nasdaq and S&P 500 also edged higher amid mixed earnings and rising caution.
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