CHICAGO, May 1 /PRNewswire/ -- Man Securities issues the following Morning
Update at 8:30 AM EDT with new PriceWatch Alerts for key stocks.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020214/MANSECLOGO )
Before the open ... PriceWatch Alerts for UNM, BLS, SWY, ICOS, and STN,
Put/Call Alert, FuturesWatch, Today's Economic Calendar, and the Quote Of The
Day.
QUOTE OF THE DAY
"You would expect to see some people step in and make some sales. A lot
of these stocks are up 25%, 35%, 40% since the beginning of March."
-- Robert Harrington, head of listed trading, UBS Warburg
New PriceWatch Alerts for UNM, BLS, SWY, ICOS, and STN ...
PRICEWATCH ALERTS - HIGH RETURN COVERED CALL OPTIONS
-- UnumProvident Corp. (NYSE: UNM)
Last Price 11.50 - SEP 10 CALL OPTION@ $2.40 -> 9.9 % Return assigned*
-- BellSouth Corp. (NYSE: BLS)
Last Price 25.49 - OCT 25 CALL OPTION@ $2.25 -> 7.6 % Return assigned*
-- Safeway Inc. (NYSE: SWY)
Last Price 16.62 - SEP 15 CALL OPTION@ $2.45 -> 5.9 % Return assigned*
-- ICOS Corp. (Nasdaq: ICOS)
Last Price 26.74 - JUL 25 CALL OPTION@ $3.80 -> 9.0 % Return assigned*
-- Station Casinos Inc. (NYSE: STN)
Last Price 21.61 - OCT 20 CALL OPTION@ $2.90 -> 6.9 % Return assigned*
* For our report on "The Top Seven Psychological Traps All Investors Need
To Avoid", go to: www.InvestorsObserver.com/top7d
** For a FREE subscription to The Wall Street Journal, Financial Times, or
Investors Business Daily go to www.InvestorsObserver.com/freenews
NOTE: All stocks and options shown are examples only. These are not
recommendations to buy or sell any security.
MARKET OVERVIEW
Overseas markets are primarily on holiday as just five of the 15 markets
that we track are open. Of the group of five, two are positive. The
cumulative average return on the abbreviated group stands at a plus 0.194
percent (a useless piece of information today). A little better than bad news
out of the United Kingdom as the April Purchasing Managers Index came in at
48.3, up from a 15 month low seen with March's 46.3. Analysts had expected a
reading of 46.3. Despite an improvement, the report still shows contraction
in the manufacturing sector.
Key pieces of economic data today include First-Quarter Costs which are
seen rising by 2.0 percent, an improvement over the last reported 3.8 percent
rise. Complementing this report, First-Quarter Preliminary Productivity is
expected to have risen by 2.0 percent, a marked improvement over the last
reading of plus 0.8 percent. Sharing the pre-open time slot, Initial Jobless
Claims for the week ending April 26 are actually expected to show a 20,000
decline versus the prior week's plus 8,000 surprise. The prior report had
continuing claims surge by 42,000 to 3,589,000. The four-week moving average
rose to a one-year high of 439,250. At 10:00 a.m., the April Institute of
Supply Management Manufacturing Index is seen advancing to 47.1 from the 46.2
reading in March. Recall from above that the Chicago Purchasing Managers
April Index came in below expectations. This report correctly predicted the
negative surprise in the ISM last month.
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.schaeffersresearch.com/redirect.asp?CODE=GJ01A3&PAGE=1
PUT/CALL ALERT
Equity option activity on the CBOE yesterday had 255,176 put contracts
trade compared to 400,102 call contracts. The resultant 0.630 put/call ratio
has permitted the 21-day moving average to persist lower for a fourth
consecutive session, now standing at 0.658. The CBOE Market Volatility Index
(VIX - 23.77) rose by 1.02 percent and the Nasdaq 100 Trust Volatility Index
(QQV - 27.98) slumped by 0.07 percent.
FUTURES WATCH
The futures markets are lower this morning after yesterday's late sell off
led by institutional selling on the last day of the month. It looks like the
market is showing some follow through this morning ahead of the ISM Index
report due out at 9:00 Chicago time. I think traders are looking for strong
economic data so this market can continue to maintain the upside momentum
we've seen in the past couple of weeks. That won't happen unless the market
can move higher into territory that hasn't been seen in some time. So far,
the market keeps taking baby steps before falling back into a sideways
pattern. I'd like to see the S&P futures get above the 92400 level in order
to increase that momentum. If it falls below the 90800 level, it could set
off some downside action and put the brakes on the rally temporarily.
*For a free Trader's Resource CD click the following link or paste it into
your browser address bar: http://www.manfutures.com/mucd.html
TODAY'S ECONOMIC CALENDAR
8:30 a.m.: First-Quarter Costs (seen plus 2.0 percent, last plus 3.8
percent).
8:30 a.m.: First-Quarter Preliminary Productivity (seen plus 2.0 percent,
last plus 0.8 percent).
8:30 a.m.: Initial Jobless Claims for the week ending April 26 (expect a
20,000 decline, last plus 8,000).
10:00 a.m.: April Institute of Supply Management Manufacturing Index (seen
advancing to 47.1, last 46.2).
10:00 a.m.: DJ-BTM Business Barometer (last minus 0.2 percent).
10:00 a.m.: March Construction Spending (seen up 0.1 percent, last plus
0.2 percent).
4:30 p.m.: Money Supply.
Man Financial Inc is one of the world's major futures and options brokers
and has been recognized as a leading option order execution firm for
individuals and institutions. Member CBOE/NASD/SIPC (CRD#6731). For more
information and a free CD with educational tools to help you invest smarter,
see http://www.mansecurities.com/mu.html .
This Morning Update was prepared with data and information provided by:
InvestorsObserver.com -- Better Strategies for Making Money -> For
Investors With a Sense of Humor. Only $1 for your first month plus seven free
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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
-0- 05/01/2003
/CONTACT: Michael Lavelle of Man Securities, +1-800-837-6212/
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/Web site: http://www.mansecurities.com/mu.html /
(UNM BLS SWY ICOS STN)
CO: Man Securities; UnumProvident Corp.; BellSouth Corp.; Safeway Inc.; ICOS
Corp.; Station Casinos Inc.
ST: Illinois
IN: FIN PUB
SU: INO
JK-AB
-- CGTH029 --
4598 05/01/200309:49 EDThttp://www.prnewswire.com