'Healthier' Stocks Look Mixed This Morning

Protests at the World Trade Organization conference have Seattle in a state of civil emergency.
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Like the rest of New York, stocks are just trying to get warm again this morning.

At 9:05 a.m. EST, the

S&P 500

futures were down 0.1 to 1392.4, near fair value and indicating a mixed open.

Tech was lately getting bids in premarket trading, most notably

Yahoo!

(YHOO)

, up 21 1/8 to 234 on news that it will join the S&P 500. But though yesterday's "healthy" pullback has created some room to rebound, it could be a bit dangerous to chase a tech bounce higher in the early going. It's not too difficult to imagine the

Nasdaq Composite Index

-- still up more than 50% on the year -- getting a lot healthier yet if momentum should swing to the downside.

"You can sit down now and come up with all sorts of conflicting charts," said Doug Myers, vice president of equity trading at

IJL Wachovia

. "That usually portends a sideways move until the market gets its footing."

That's basically what the broader big-cap market has been doing lately. The S&P 500 has run into a lot of resistance since it finally punctured its July high two weeks ago, and has been ranging between the 1380 and 1420 levels.

Stocks may encounter some resistance from the bond market, where yields are back on the rise. The 30-year Treasury was lately down 25/32 to 97 1/32, putting its yield up at 6.347%. That could either slim or fatten when the

National Association of Purchasing Management

releases its

Purchasing Managers' Index

at 10 a.m.

Economists polled by

Reuters

expect the headline PMI to register 56.3 for November, down slightly from the prior month's 56.6 reading. As always, the PMI's prices-paid component will be watched closely.

Oil was stabilizing after the past couple days' declines, the January crude contract lately sitting up a nickel to $24.64 a barrel.

Meanwhile, Seattle is in a state of civil emergency amid protests of the

World Trade Organization

conference.

TheStreet.com

surveyed the chaos in a

story this morning.

Tokyo's currency market was relatively quiet after two days of intervention by the

Bank of Japan

. The dollar traded in a narrow range between 102 yen and 102.4 yen overnight, though it found a brief burst of buying pressure from traders interpreting some vague comments from BOJ Governor

Masaru Hayami

to mean that the bank would increase money supply to weaken the yen. There's no evidence that any such move is imminent, as the BOJ left its customary 1 trillion yen in the money market overnight.

The dollar was lately quoted at 102.28 yen.

The yen's strength continues to keep a lid on the Tokyo stock market. The

Nikkei

dropped 62.28, or 0.3%, to 18,495.95.

In Hong Kong, the

Hang Seng

added 45.33 to close at 15,422.52. Propping up the index were constituents

Hutchison Whampoa

and

Cheung Kong Holdings

, which found buyers on news that

Nippon Telegraph and Telephone

unit

NTT Docomo

set plans to take a minority interest in

Hutchison Telephone

. The move will dilute

Motorola's

(MOT)

stake in the mobile-phone division to 25.1%.

Strong manufacturing data from France and Germany haven't provided any support for the euro, which has tumbled from a morning high of $1.0122 back below the $1.01 level. Sentiment just seems to have grown too negative for the currency to sustain any upside momentum.

The euro was lately trading at $1.0092.

The large European bourses were mixed in early afternoon trading. London's

FTSE

was up 3.3 to 6600.5, while the Paris

CAC

was 1.39 lower to 5340.23. Frankfurt's

Xetra Dax

was up 31.49 to 5927.53.

-- Heather Bourbeau

Wednesday's Wake-Up Watchlist

By

Tara Murphy

and

Brian Louis

Staff Reporters

Standard & Poor's

said after yesterday's close that it will add

Yahoo!

(YHOO)

to the

S&P 500

index at the close of trading Tuesday, Dec. 7, reflecting the growing influence of Internet companies. Yahoo!, with a weighty market capitalization of $56 billion, will bump Canadian school bus company

Laidlaw

(LDW)

from the index.

The staff of the

Federal Trade Commission

has concluded that the proposed $29 billion merger between

BP Amoco

(BPA)

and

Atlantic Richfield

(ARC) - Get Report

violates antitrust law and has recommended that the full commission block the deal,

The New York Times

reported, citing two people who have been briefed about the decision.

Meanwhile, yesterday the FTC gave the green light to

Exxon's

(XON) - Get Report

acquisition of

Mobil

(MOB)

. BP Amoco said that terms in the FTC's decision to authorize Exxon's takeover of Mobil support its own plans to buy Arco.

Mergers, acquisitions and joint ventures

America Online

(AOL)

is acquiring

Tegic Communications

.

Abgenix

(ABGX)

said that it has inked a research license agreement with

Chiron

(CHIR) - Get Report

involving antibody products.

Separately, Abgenix also agreed to a deal with

Human Genome Sciences

(HGSI)

to develop antibody therapeutics.

INSMED Pharmaceuticals

, a privately held biopharmaceutical company, is acquiring

Celtrix Pharmaceuticals

(CTRX)

, with the total deal valued at about $140 million.

Scudder Kemper Investments

, a unit of

Zurich Group

, a Swiss insurance company, is expected to announce that it is folding its brokerage business into that of

DLJdirect

(DIR)

,

The Wall Street Journal

reported. DLJdirect is majority-owned by

Donaldson Lufkin & Jenrette

(DLJ)

, the investment bank.

DoubleClick

(DCLK)

is buying

Opt-In Email.com

, an Internet email marketing, publishing and list-management firm based in Boulder, Colo., for an undisclosed amount.

Hilton Hotels

(HLT) - Get Report

and

Promus Hotel

(PRH) - Get Report

said their shareholders favored Hilton's $2.7 billion acquisition of Promus.

Informix

(IFMX)

, a database software concern, is acquiring data-management software company

Ardent Software

(ARDT)

in a deal valued at $880 million.

Lockheed Martin

(LMT) - Get Report

said it would sell its

Hanford

subsidiary, a

Department of Energy

environmental management contractor, to

CH2M HILL

. Terms were not disclosed, though Lockheed said the sale is the first in a series of possible divestitures aimed at sharpening Lockheed's focus on its core business.

Medco Research

(MRE)

said its board favored selling the company to

King Pharmaceuticals

(KING)

Offerings and stock actions

Fidelity Holdings

(FDHG)

said it set a 3-for-2 stock split.

Earnings/revenue reports and previews

(Earnings estimates are from

First Call/Thomson Financial

.)

Analog Devices

(ADI) - Get Report

posted fourth-quarter earnings of 40 cents a share, beating the 20-analyst estimate of 35 cents a share and the year-ago 16 cents.

Bausch & Lomb

(BOL)

said it plans to cut 850 jobs globally in an attempt to consolidate its contact-lens manufacturing division. Bausch & Lomb said the restructuring would result in a fourth-quarter pretax charge of $56 million, or 61 cents a share. Separately, the company said it plans buy back 5 million shares of stock.

Dover

(DOV) - Get Report

said it sees its fourth-quarter earnings beating the 12-analyst estimate of 48 cents a share as a result of an increase in October and November orders.

Intimate Brands

(IBI)

reported November same-store sales rose 9%.

Tech Data

(TECD) - Get Report

posted third-quarter earnings of 60 cents a share, beating the 14-analyst estimate of 59 cents and but down from the year-ago 63 cents a share.

Analyst actions

Merrill Lynch

raised its long-term rating on

Liz Claiborne

(LIZ)

to buy from accumulate.

Credit Suisse First Boston

raised its price target on

Nokia

(NOK) - Get Report

to 160 and rated the stock a buy.

Merrill upgraded its intermediate-term rating on shares of

Solectron

(SLR)

to buy from accumulate.

Miscellany

Ryder

(R) - Get Report

said it will realign and refocus its organization on customer solutions. The company said it will combine its transport and logistics units and create a finance subsidiary. Ryder also said it would cut 200 of 30,000 jobs over six months due to the reorganization.