Charles Schwab & Co., Inc.
Email Alert

Midday Market View(TM) 
for Wednesday, November 21, 2001
as of 12:30PM EST
Information provided by Schwab Center for Investment Research
and Bridge 


U.S. INDICES
(12:30 p.m. EST)

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Market            Value     Change

DJIA           9,827.00    - 74.38
Nasdaq Comp.   1,859.74    - 20.77
S&P 500        1,134.68     - 7.98
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NYSE Advancing Issues        1,102	
NYSE Declining Issues        1,830
NYSE Trading Volume        543 mln
NASDAQ Advancing Issues      1,361
NASDAQ Declining Issues      1,875
NASDAQ Trading Volume      883 mln

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U.S. TREASURIES
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Value            Yield      Change

6-month bill      2.02%        n/a
5-year note       4.29%    - 15/32
10-year note      4.95%    - 21/32
30-year bond      5.35%    - 15/32

The tables above look best when viewed in a fixed-width font, 
such as "Courier."

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STOCKS LOWER IN PRE-HOLIDAY SESSION

U.S. equities are trading lower midday amid mildly positive 
economic data and mixed equity news. Jobless data and consumer 
sentiment figures released this morning were slightly better 
than expected, while biotech firms Amgen (AMGN,58,f1) and 
Guidant (GDT,51,f2) reported positive news and Chiron Corp. 
(CHIR,46,f1) reported negative news. U.S. Treasuries are posting 
declines mid-session and European markets are mostly lower late 
in the day.

As of 11:54 a.m. EST, the Dow Jones Industrial Average is down 
0.8%, while the Nasdaq is down 1.1%. The S&P 500 Index is down 
0.8%. Computer related and communication equipment stocks are 
leading the decliners, while drugs and medical products are 
pacing the advancers.

Shares of Amgen Inc. are higher after the biotech giant 
increased its earnings growth forecast to 20% in 2002, on the 
heels of 10%-12% growth this year, citing stronger sales of its 
new Aranesp anemia drug and Kineret arthritis treatment. The 
company also reaffirmed its previous target for compound sales 
and earnings growth in the low 20% range for the 2001-2005 
period. In other biotech news, Chiron Corp. is lower following 
news that one of its drugs yielded disappointing results. The 
company stated that Tifacogin, its severe sepsis drug, failed to 
reduce deaths in final stage trials as hoped.

Guidant Corp. is higher after the maker of heart devices 
reported that a study indicated its implantable defibrillators 
reduced deaths among heart attack survivors by 30%. The company 
said it plans to ask the FDA for expanded approval for the 
devices.

Communications-chip maker Analog Devices Inc. (ADI,41,f2) 
reported fiscal 4Q profits excluding items of $0.14 per share, 
ahead of the lowered First Call estimate of $0.12 per share. 
Sales for the quarter fell 47% to $423.3 million, as customers 
curbed new orders amid sluggish demand in the telecom industry. 
Going forward, ADI said that fiscal 1Q sales would likely fall 
5% below 4Q levels and it expects earnings at the low end of the 
Street's estimates. 

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TREASURY AND ECONOMIC SUMMARY

U.S. Treasuries were lower following the release of this 
morning's economic data. The University of Michigan consumer 
sentiment index for November came in at 83.9, higher than 
Bloomberg's 83.5 estimate and the 82.7 reading in October. The 
current conditions index rose to 95.3 from 94.0 in October, 
while the expectations index increased to 76.6 from October's 
75.5 reading, reflecting slightly improved consumer optimism.

In an earlier release, the Labor Department reported that 
initial jobless claims fell 15,000 to 427,000 for the week ended 
Nov. 17, from the prior week's downwardly revised 442,000 level. 
Analysts per Dow Jones Newswires were expecting an increase to 
450,000. The four-week moving average of claims dropped to 
454,250 and continuing claims through the week ended Nov. 10 
fell to 3,734,000. The drop in first-time claims reflects 
potential firming in the job market, but continuing claims, 
while improving, still remain near an 18-year high.

North American-based manufacturers of semiconductor equipment 
posted a 5% rise in orders to $651.1 million in October 2001 
from September's revised $619.2 million and a book-to-bill ratio 
of 0.71, up from the previous month's 0.64 reading. This 
reflects $71 in new orders for every $100 of product shipped. 
Although the situation is slightly improved, Semiconductor 
Equipment and Materials International CEO Stanley Myers 
commented that, "While the decline in orders has abated, the 
average monthly shipment figure continues to weaken, and there 
is no appreciable indication of a near-term trend reversal."

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WORLD MARKETS

European markets are mostly lower late in the session, with the 
Bloomberg European 500 index down 0.3% as of 11:54 a.m. EST. 
Telecom and media issues led the decliners, while banks and 
pharmaceuticals paced the advancers. On the economic front, the 
German IFO business sentiment index recorded a fresh 8-year low, 
falling to a worse-than-expected 84.7 reading from September's 
85.0 level and fueling speculation that Germany may not be able 
to avoid a recession. Adding to the worries, the European Union 
Commission slashed its euro-zone growth forecasts to 1.6% for 
2001 and 1.3% for 2002, from previous estimates of 2.8% and 
2.9%, respectively. The euro was trading near 3-1/2 month lows 
versus the U.S. dollar, mainly on the weak economic news out of 
Europe.

Jeffrey Reeve, Market Analyst

Editor's Note:  Due to the Thanksgiving Day holiday, Midday 
Market View will not be sent on Nov. 22.

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