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by 6/23/2000 10:01 AM
Stocks quoted in this article:
Yesterday, grocery-store titan Kroger (KR - 21-5/8) announced that it would dissolve plans to purchase 74 Winn-Dixie (WIN - 14-9/16) stores in Oklahoma and Texas. This change in plans follows word from the Federal Trade Commission that such a purchase would give KR too strong a foothold in that region. KR officials noted that this FTC rejection would not ultimately affect the company's earnings potential for the upcoming year. In early trading Friday, KR has posted a gain of over 4.5 percent, while WIN is trading slightly in negative territory. Both stocks are seeing above-average volume. KR has now inched past potential double-top resistance at the 21 mark. <
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by 6/23/2000 10:01 AM
Stocks quoted in this article:
Darden Restaurants (DRI - 16-1/4) is the number-one operator of casual dining establishments, according to Hoover's Online. The company is the parent of the Red Lobster seafood chain and the Olive Garden Italian restaurants. DRI boasts over 1,100 units in the United States and Canada. Last night following the close, the firm reported that same-store sales at Red Lobster for the fourth quarter rose 13.1 percent, while the Olive Garden posted a same-store sales increase of over five percent for the three-month period. Additionally, DRI announced fourth-quarter earnings of 43 cents per share, a three-cent improvement over analysts' estimates. The stock is trading about two percent higher in early-morning activity today. The equity has been faced with overhead resistance at its 10-day and 20-day moving averages since the end of May.
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by 6/22/2000 3:33 PM
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Urban Outfitters (URBN - 8-7/8) sells apparel, accessories, books, and housewares geared at consumers between the ages of 18 and 30. The firm owns and operates more than 35 stores in the United States, the United Kingdom, and Canada. The retailer has been in a slump of late, losing around 70 percent of its value since the beginning of the year. Today, the shares took another turn for the worse, dropping over eight percent and marking a new five-year low at 8-5/8. This decline followed an announcement from URBN officials that the firm's second-quarter earnings numbers will fall significantly short of last year’s levels. In 1999, the company earned 23 cents per share for the second quarter; URBN is forecasting a five-to-seven cent result for this year. The Street had been expecting URBN to earn 32 cents per share. <
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by 6/22/2000 2:20 PM
Stocks quoted in this article:
It has been a dreary day for stocks, as investors are showing an unwillingness to take big risks ahead of next week's Federal Open Market Committee meeting on interest rates. The S&P 500 Index (SPX - 1462.44) is lower by 1.13 percent. Currently on the NYSE, 1,008 advancing issues are being crushed by 1,723 decliners, while 559 issues are unchanged. Up volume of 223,237,310 shares is lagging down volume of 445,984,960 shares by a wide margin. The 40 new highs are being trounced by the 62 new lows. The Nasdaq Composite (COMP - 4024.8) is lower by 0.96 percent. Advancing Nasdaq issues of 1,768 are lagging 1,997 decliners, while 660 issues are unchanged. Up volume of 598,259,400 shares is pushing past down volume of 477,819,800 shares. The 70 new highs are surpassing the 51 new lows. Option volume is showing little fear in the wake of today's broad-market weakness, as the put/call ratio for equities has come in at 0.48 thus far.<
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by 6/22/2000 12:33 PM
Stocks quoted in this article:
After notching an all-time closing high on Wednesday, the Morgan Stanley Healthcare Products Index (RXP - 917.1) is one of the leading index laggards this afternoon. The index has stepped back by nearly 20 points, as it heads toward the support of its uptrending 10-day moving average. From a short-term intraday low on June 12 to yesterday’s close, the RXP had vaulted ahead by almost nine percent. Top underperformers in this index today include Biogen (BGEN - 68-11/16), down 5.5 percent; Amgen (AMGN - 68-1/8), down 3.1 percent; Chiron (CHIR - 47-5/16), down 2.9 percent; and Johnson & Johnson (JNJ - 88-15/16), down one percent.<
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