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Friday, September 19, 2003

Dow, S&P 500 Rise In Higher Volume Again

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BY JONAH KERI

INVESTOR'S BUSINESS DAILY

For the second time in three sessions, NYSE stocks surged on higher volume. The Dow rose 1.2%, the S&P 500 1.3% as NYSE volume climbed above its 50-day average. The small-cap S&P 600 lagged the major indexes, climbing just 0.6%.

Nam Tai Electronics (NTE) notched a 52-week high, rising 0.78 to 30.25 on brisk trade. The contract electronics manufacturer has zoomed 147% since clearing its split-adjusted pivot point of 12.23 on June 25. An uptick in contract electronics manufacturing is often a sign of an uptick in technology spending, as companies increasingly outsource production tasks to firms like Nam Tai.

Freeport McMoRan Cooper & Gold (FCX) gapped up 1.07 to 32.76 in nearly twice its usual turnover. The copper- and gold-mining firm has reaped the rewards of its Grasberg open-pit mine in Indonesia, in which the company owns a 90% stake. After seeing eight of nine quarters of flat or falling revenue, sales growth has picked up to 22% to 49% in the last four quarters. Profits have also jumped back on track after Freeport posted losses in late 2001 and early 2002.

CarMax (KMX) advanced 1.27 to 36.94 on above-average volume. The Richmond, Va.-based used-car superstore chain said Thursday it would reschedule its second-quarter earnings release and conference call to Monday, citing the potential for a Hurricane Isabel-related disruption as the cause.

Credit Suisse Group (CSR) gapped to a new high, up 1.19 to 35.52 in rapid trade. The Swiss financial services firm rose in step with the rest of the Finance-Investment Bankers group, whose 5.1% gain Thursday led all of IBD's 197 industries. Bear Stearns' bullish earnings release helped fuel the group's advance.

Clarcor (CLC) plunged 3.30 to 42.50 on more than four times its 50-day average volume.

The maker of filters, air-cleaning systems and consumer-product packaging posted fiscal third-quarter earnings of 56 cents a share, topping estimates by a penny. But sales rose just 1% year over year. Also, Clarcor said it expects fiscal fourth-quarter earnings of 61 cents a share, which would mark just a 5% gain year over year.

China Petroleum & Chemical (SNP) dived 1.70 to 25.83 on three times typical turnover. China's largest refiner and petrochemical producer has tumbled to 20% off its Aug. 22 high.

Nasdaq Marks 18-Month High As Leaders Climb

BY CRAIG SHAW

INVESTOR'S BUSINESS DAILY

Stocks rallied Thursday as positive economic data bolstered recovery hopes. The Nasdaq jumped 1.4% on heavier trade for its first trip past 1900 since March 2002. The large-cap Nasdaq 100 tacked on 1.7%.

Merge Technologies (MRGE) blasted ahead 2.38, or 14.3%, to 18.99 on nearly five times normal turnover. The maker of radiology imaging systems cleared a monthlong consolidation to mark an all-time high. Profit growth the past three quarters ranged from 57% to 100%, revenue growth from 35% to 54%.

EchoStar Communications (DISH) added 2.28 to 40.05 to maintain its yearlong uptrend. The satellite TV provider said it would issue $1.5 billion of bonds and use proceeds to repurchase existing debt. A Sanford Bernstein analyst said some shareholders may regard a possible retirement of convertible debt as an indication the company would begin to focus on share buybacks. The stock closed just 2% off its 52-week high.

Thoratec (THOR) marched to a 17-month high as it headed toward its sixth straight up week. The heart device maker gained 1.31 to 19.23. It said earlier this week that regulators had not yet made a coverage decision about its left ventricular heart assist device. Expanded reimbursement could add 100,000 congestive heart failure patients to the rolls.

Inamed (IMDC) vaulted 2.98 to 76.92 on robust trade, marking a 52-week high. The breast implant maker has more than doubled from its March breakout without touching its rising 50-day moving average. Profit has grown every year since 2000, with 27% and 16% growth seen the next two fiscal years.

Gen-Probe (GPRO) added 3.23, or 5.1%, on top of Wednesday's 10% surge. The diagnostic test provider closed at an all-time high of 66.13. The stock's test of its 50-day moving average this week proved successful as it bounced off the support line on the heaviest trade in seven weeks.

Digital River (DRIV) marked a 52-week high of 30.59 on above-average turnover. The e-commerce technology and services provider rose 1.66 to finish 117% above the pivot point of its April breakout.

On the downside, Synovis Life Technologies (SYNO) tumbled 1.92 to 29.04 on the year's heaviest trade. The medical device maker sold 1.5 million common shares in a private placement for gross proceeds of about $39 million. It'll have 11.4 million common shares outstanding after the placement is complete.