THE DAILY BRIEF

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Thursday 12.03.2009

CURRENT MARKET SENTIMENT

The Dow finished flat (-18) at 10453 and S&P party, it is approaching a major resistance in
1109. Today’s play all depends on the jobless the S&P at 1120. The Pivot is the best guide
claims. Asia’s good news is very likely to on the downside.
provide some impetus for the world economic
recovery. Provided that the market joins the

PRISM CALL
Thursday, Jobless Claims, Fed Chairman Testimony, and ISM Non-Mfg Index, all create a
combination of confusion and possibility for a large intraday move. The first leg might be choppy as
the market looks for direction despite a better than expected jobless claims number. The second leg
might be the best move which we believe might be on the upside prior to the unemployment number
tomorrow.

ECONOMIC CALENDAR INDU & SPUZ TECHNICALS

TIME INDICATOR RANGE EXPECTATION PRIOR ACTUAL INDICES S2 S1 PIVOT R1 R2

8:30 Non farm 7.2% to 8.5% 9.5% 8.1% INDU
am Productivity 9.5% 10371 10406 10463 10519 10555
(DOW)
8:30 Unit Labor -5.0% to -4.2% -5.2% SPUZ
am Costs 3.0% (S&P) 1100 1104 1110 1116 1120
8:30 Initial Jobless 450K to 480K 466K 457K
am Costs 500K

8:30 Continuing 3550K to 5400K 5423K 5460K

am Claims 5550K

10:00 ISM Non-Mfg 50.1 to 51.5 50.6

am Composite 53.0

10:30 Natural Gas -22 to 5 -2 2

am Storage Change

11:00 ICSC Chain 2.1%

am Stores Sales
YoY

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 FOREIGN MARKETS NEWS

AMZN Amazon.com: Cramer on

MARKET PRICE
 %
CNBC said he is willing to pay up to
$216 per share for AMZN before
FTSE 5348.14 20.75 0.39
he'd think it was too expensive -
DAX 5824.34 42.66 0.74 CNBC (142.25 +3.75)

HANG SENG 22553.87 264.30 1.19 CME CME nears deal with banks on
CDS clearing - Financial Times
NIKKEI 9977.67 368.73 3.84
(328.36 )
CHINA 3264.628 5.124 -0.16 BAC Bank of America is out of the
TARP program; BAC is going to
pay back $45 bln - CNBC (15.65 -
DOW STOCKS TO WATCH COMMODITY PRICES 0.24)

STRONG WEAK COMMODITY PRICE
 AAPL Apple initiated with a Buy at

Jesup & Lamont; tgt $240
JNJ CVX (196.23 )
OIL 77.3 0.70
DD IBM European Central Bank leaves rates
unchanged at 1.00% as expected
BA MCD
GOLD
1220.7 7.70
UTX CAT GME Gamestop: Price cuts by Wal-
Mart are nothing new; sell-off is
unwarranted; shares are
undervalued at current levels -
UPGRADES & DOWNGRADES Signal Hill (21.87 )

SNE Sony sees robust early U.S.

STOCKS UPGRADED
holiday demand - Reuters.com
BROKERAGE (27.00 )
COMPANY RATINGS CHANGE PRICE TARGET
FIRM
Leapfrog (LF) Stifel Hold » Buy STJ St. Jude Medical announced
$5
Nicolaus FDA approval of its next-
generation MultiSteering
Career Education Argus Sell » Hold Technology software (36.96 )
25.70
(CECO)
Goldcorp (CG) UBS Neutral » Buy SYK Stryker announces $750 mln
45.92 share repurchase program (51.24 )
Cubist Pharma RBC Capital Sector Perform »
$21 » $24 FDX FedEx estimates raised at
(CBST) Mkts Outperform
RBC Capital Mkts on stronger
Bank of America FBR Capital Mkt Perform » airfreight demand (87.10 )
15.65 $15 » $20
(BAC) Outperform
LVS Las Vegas Sands ests raised
Assured Guaranty UBS Neutral » Buy and tgt upped to $24 at JP Morgan,
$20 » $28
(AGO) following capital raise and Macau
momentum (16.12 )
STOCKS DOWNGRADED

BROKERAGE HOG Harley-Davidson factory

COMPANY RATINGS CHANGE PRICE TARGET
FIRM workers OK near 50% job cuts -
Teck Resources Teck Teck Resources $35 » WSJ (29.58 )
36.12
(TCK) Resources $37

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 EARNINGS

DWA Dreamworks Animation target raised to $40 at Thomas Weisel following Investor Day (37.96 )

PPD Pre-Paid Legal services announces additional stock repurchase authorization of up to 1 mln shares
(38.18 +0.06)++

NOC Northrop Grumman announces $171 mln advance procurement contract for DDG 51 destroyer
continuation (55.27 +0.01)++

HGSI Human Genome Sciences prices 15.5 mln common shares at $26.75/share (27.46 )

COST Costco reports November same store sales +6.0% vs +8.2% Briefing.com consensus (60.87 )

SI Siemens posts Q4 loss - WSJ (101.67 )

TOL Toll Brothers misses by $0.22, beats on revs (19.49 )

FE FirstEnergy reaffirms in-line FY09 EPS guidance, issues in-line FY10 EPS guidance (43.90 )

TD Toronto-Dominion Bank reports Q4 EPS of CDN$1.46 vs CDN$1.26 two est avg; revs rose 30% YoY
to $4.7 bln (no ests) (64.46 )

RSC REX Stores reports Q3 EPS of $0.24 vs $0.19 single analyst est, revs rose 64.4% YoY to $64.4 mln
vs $81 mln single analyst est (14.30 )

APWR A-Power Energy misses by $0.03, misses on revs; reaffirms FY09 guidance (15.39 )

GPS Gap Inc reports Nov same store sales 0.0% vs -0.2% Briefing.com consensus (21.73 )

DDS Dillard's reports November comparable sales of -11% vs -8% two analyst estimate (17.02 )

M Macy's reports Nov same store sales of -6.1% vs -3.2% Briefing.com consensus; reaffirms Q4 sales
and earnings (16.30 )

BJ BJ's Wholesale reports Nov same store sales +1.0% vs +4.9% Briefing.com consensus (34.31 )

ANF Abercrombie reports Nov same store sales -17.0% vs -10.0% Briefing.com consensus (39.90 )

TJX TJX November consolidated same-store sales up 8% - DJ (38.39 )

TJX TJX reaffirms Q4 EPS of $0.65-$0.71 vs the $0.73 consensus; comfirms Nov comps +8.0% YoY vs
the +9.1% Briefing.com consensus (38.39 )

TGT Target reports Nov same store sales -1.5% vs -0.6% Briefing.com consensus (47.72 )

JWN Nordstrom reports November comparable sales of +2.2% vs. +2.0% Briefing.com consensus
(34.72 )

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JCP JC Penney reports Nov same store sales of -5.9% vs -4.5% Briefing.com consensus (29.17 )

ROST Ross Stores reports Nov same store sales +8.0% vs +6.1% Briefing.com consensus; sees EPS at
slightly better than previous guidance range of $0.88-$0.94 vs. $0.97 consensus

SKS Saks reports November comparable sales of -26.1% vs. -21.0% Briefing.com consensus (6.21 )

DLM Del Monte beats by $0.10, misses on revs; guides FY10 EPS above consensus, reaffirms FY10 revs
guidance (10.96 )

FDO Family Dollar reaffirms Q1 EPS of $0.45-0.50 vs $0.48 First Call consensus; Q1 sales grew 3.9%
YoY to $1.823 bln vs the $1.857 consnesus with comps up 2.4% (30.73 )

AEO American Eagle reports November comparable sales of -2.0% vs. -2.2% Briefing.com consensus ;
expects Q4 EPS in the $0.29-0.32 range, consensus is $0.31

TECHNICAL ANALYSIS

Symbol S7 S6 S5 S4 S3 S2 S1 PIVOT R1 R2 R3 R4 R5 R6 R7
Sectors
SPX 1089.46 1093.39 1095.82 1099.75 1103.68 1104.89 1106.10 1110.04 1113.97 1115.18 1116.40 1120.33 1124.26 1126.69 1130.62
INDU 10278.46 10313.62 10335.34 10370.51 10405.67 10416.53 10427.35 10462.56 10497.77 10508.58 10519.44 10554.61 10589.77 10611.49 10646.66
NDX 1754.86 1762.40 1767.06 1774.60 1782.14 1784.47 1786.79 1794.34 1801.89 1804.21 1806.54 1814.08 1821.62 1826.28 1833.82
XBD 112.72 113.09 113.32 113.70 114.07 114.19 114.30 114.68 115.05 115.17 115.28 115.66 116.03 116.26 116.64
BKX 43.53 43.73 43.86 44.07 44.27 44.34 44.40 44.61 44.81 44.88 44.94 45.15 45.35 45.48 45.69
TRAN 3928.93 3947.46 3958.91 3977.44 3995.97 4001.70 4007.40 4025.95 4044.51 4050.21 4055.93 4074.46 4092.99 4104.44 4122.97
OIX 674.56 678.23 680.50 684.18 687.85 688.99 690.12 693.80 697.48 698.61 699.74 703.42 707.09 709.36 713.04
OSX 185.24 186.55 187.36 188.67 189.98 190.39 190.79 192.10 193.41 193.82 194.22 195.53 196.84 197.65 198.96
XNG 493.84 496.71 498.49 501.36 504.23 505.12 506.00 508.88 511.76 512.64 513.53 516.40 519.27 521.05 523.92
CYC 781.37 785.50 788.05 792.18 796.31 797.59 798.86 802.99 807.12 808.40 809.67 813.80 817.93 820.48 824.61
UTY 398.36 400.47 401.77 403.88 405.99 406.64 407.29 409.40 411.51 412.16 412.81 414.92 417.03 418.33 420.44
DRG 306.08 307.26 308.00 309.18 310.36 310.73 311.09 312.28 313.47 313.83 314.20 315.38 316.56 317.30 318.48
RLX 401.94 403.88 405.08 407.02 408.96 409.56 410.15 412.10 414.04 414.64 415.24 417.18 419.12 420.32 422.26

Tradeables

SPY 109.21 109.63 109.89 110.30 110.72 110.85 110.98 111.39 111.81 111.94 112.07 112.48 112.90 113.16 113.57
DIA 102.86 103.21 103.43 103.79 104.14 104.25 104.36 104.72 105.07 105.18 105.29 105.65 106.00 106.22 106.58
QQQQ 43.16 43.35 43.48 43.67 43.86 43.93 43.98 44.18 44.38 44.44 44.50 44.69 44.88 45.01 45.20
QLD 52.83 53.30 53.60 54.07 54.54 54.69 54.84 55.31 55.78 55.93 56.08 56.55 57.02 57.32 57.79
IWM 57.35 57.79 58.06 58.50 58.94 59.08 59.21 59.65 60.09 60.23 60.36 60.80 61.24 61.51 61.95
OIH 114.19 115.08 115.63 116.51 117.40 117.67 117.95 118.83 119.72 119.99 120.27 121.15 122.04 122.59 123.47
XLE 55.59 55.92 56.13 56.47 56.81 56.91 57.01 57.35 57.69 57.79 57.90 58.23 58.57 58.78 59.12
FAZ 18.35 18.56 18.69 18.90 19.11 19.18 19.24 19.45 19.66 19.73 19.79 20.00 20.21 20.34 20.55
FAS 71.57 72.38 72.89 73.71 74.52 74.78 75.03 75.85 76.67 76.92 77.17 77.99 78.80 79.31 80.13
SRS 7.47 7.63 7.73 7.89 8.05 8.10 8.15 8.31 8.47 8.52 8.57 8.73 8.89 8.99 9.15
SDS 34.18 34.45 34.62 34.88 35.15 35.23 35.32 35.58 35.85 35.93 36.02 36.28 36.55 36.72 36.98
USO 37.17 37.52 37.74 38.09 38.44 38.55 38.66 39.01 39.37 39.47 39.58 39.93 40.28 40.50 40.85
SKF 23.33 23.52 23.63 23.81 24.00 24.05 24.11 24.29 24.48 24.53 24.59 24.77 24.96 25.07 25.25

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