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Stocks closed lower on Wall Street Thursday after a slew of
disappointing economic reports.

The Dow Jones industrial average fell 85.64 points to close at
7914.96. The Nasdaq composite index was down 3.09 to 1331.23. Declines
led advances, 1648-1397, on the New York Stock Exchange in volume of
1,155,351,000 shares. On Nasdaq, advances led declines, 1589-1567.

The Philadelphia Fed business activity index, released at 11 a.m. CST,
was the latest poor economic news of the day with a reading of just
2.3, down from 11.2 in January. Economists had expected another 11.2
reading.

(MktNews) Energy, food, vehicles and a wide variety of other items
sent the Producer Price Index soaring 1.6% and the core rate up 0.9%,
without the help of any significant seasonal adjustment, the Bureau of
Labor Statistics reported Thursday morning. The U.S. trade deficit
soared to a record $44.2 billion in December, the Commerce Department
reported Thursday, well above the $38.5 billion economists had
expected. And initial unemployment claims last week climbed to
402,000, topping forecasts of 370,000-390,000.

"This is the worst economic news day since the 9/11 period," said Ken
Mayland, president of ClearView Economics LLC in Pepper Pike, Ohio.

"I think we can safely say that all thoughts of deflation have been
thrown out the window," Mayland added.

(AP) "People are unwilling to invest and make commitments until we get
clarity on Iraq," said Brian Bush, director of equity research,
Stephens Inc.

"Iraq is essentially a wet blank over the economy at this point," said
Kevin Caron, market strategist, Ryan, Beck & Co., LLC. "When you get a
slightly higher-than-expected jobless claims number and a rise in
producer prices because of oil, there is some concern about the
economy."

The Dow open, theoretical intraday high and low: 8002.70; 8051.37;
7858.24.

April gold futures gained $3.10 an ounce to $353.10.

Bonds were slightly higher, the 10-year note yield falling to 3.845%
from 3.88% late Wednesday.

NPS Pharmaceuticals (NASDAQ-NPSP), -$6.07 to $18.27, signed a
definitive agreement to a merger of equals with Enzon Pharmaceuticals
(NASDAQ-ENZN), -$1.13 to $12.90. Each Enzon shareholder will receive
0.7264 shares of the new company's common stock for each Enzon share
owned. Each NPS shareholder will receive 1.00 share for each NPS share
owned.

Biogen (NASDAQ-BGEN), -$3.20 to $34.96, said Thursday that the
Committee for Proprietary Medicinal Products, the scientific advisory
body of the European Medicines Evaluation Agency, requested more
information relating to its application for Amevive (alefacept) for
psoriasis.

(MktNews) Joe Osha, a semiconductor analyst at Merrill Lynch, shifted
his stance on the semiconductor sector from negative to slightly
positive, under the belief valuations are reasonable, "if not highly
attractive." Osha said low inventory levels and low capital spending
will tend to increase the industry's sensitivity to any improvement in
demand.

Upgraded to "neutral" from "sell" were Applied Micro Circuits
(NASDAQ-AMCC), +$0.15 to $3.56, Analog Devices (NYSE-ADI), +$0.60 to
$27.90, Broadcom (NASDAQ-BRCM), +$0.23 to $15.14, Conexant
(NASDAQ-CNXT), +$0.04 to $1.50, Intel (NASDAQ-INTC), +$0.22 to $17.02,
PMC Sierra (NASDAQ-PMCS), +$0.34 to $5.73, and Vitesse Semiconductor
(NASDAQ-VTSS), +$0.10 to $2.30.

(AP) Qwest Communications (NYSE-Q), -$0.57 to $3.48, was downgraded by
Banc of America Securities to "sell" from "neutral."


OmniVision Technologies (NASDAQ-OVTI), +$0.73 to $17.26, reported
third-quarter net income of 17 cents a share, excluding a one-time
benefit, topping First Call's 10-cent estimate. The company noted
strong demand from manufacturers of digital still cameras and cell
phone cameras, which it attributed to accelerated delivery schedules
in Asia in anticipation of the Chinese New Year in February.
Consequently, it expects only modest sequential growth in the fourth
quarter.

After the market closed Wednesday, L-3 Communications (NYSE-LLL),
-$1.07 to $37.18, said it continues to expect that it will achieve its
goal of 20% annual growth for sales and earnings, including 8% to 10%
growth excluding acquisitions, in 2003. The company noted that its
assumptions for sales of explosive detection systems in 2003 remain
unchanged. L-3 had assumed that the Transportation Security
Administration would likely order a smaller number of systems versus
2002 because a significant number of EDS systems had already been
ordered last year.

(AP) Kraft Foods (NYSE-KFT), -$1.48 to $30.00, reaffirmed its 2003
earnings targets Wednesday but warned pensions and restricted stock
compensation would likely hurt earnings again in 2004.

Kos Pharmaceuticals (NASDAQ-KOSP), -$1.73 to $17.25, reported
fourth-quarter net income of 18 cents a share, topping First Call's
5-cent estimate.

Merry Land Properties (NASDAQ-MRYP), +$3.01 to $12.52, will merge into
a wholly-owned subsidiary of Cornerstone Realty Income Trust
(NYSE-TCR), -$0.34 to $7.03. Total consideration is $136 million,
consisting of $42 million in Cornerstone stock and the assumption of
$94 million in Marry Land debt.

Hasbro (NYSE-HAS), +$0.24 to $12.14, was upgraded by Lehman Bros. to
"equal-weight" from "underweight."

Skechers U.S.A. (NYSE-SKX), -$1.91 to $6.09, reported a fourth-quarter
loss of 23 cents a share, more than the 21 cent loss analysts
anticipated.

Sylvan Learning Systems (NASDAQ-SLVN), -$1.98 to $14.18, posted
fourth-quarter profits of 33 cents a share, missing Wall Street's
forecast by 2 cents.

(AP) Kellogg (NYSE-K), -$1.10 to $30.12, was downgrded by Credit
Suisse First Boston to "neutral" from "outperform."

(AP) Nextel Communications (NASDAQ-NXTL), +$0.05 to $13.53, reported
fourth-quarter profits that exceeded analysts' expectations by 10
cents a share.

Cubist Pharmaceuticals (NASDAQ-CBST), +$1.00 to $7.44, received notice
from the FDA that its New Drug Application for the investigational
antibiotic Cidecin has been accepted and given priority review status.

Liquidmetal Technologies (NASDAQ-LQMT), -$1.65 to $5.55, lost 14 cents
a share in the fourth quarter, excluding discontinued operations.
Analysts surveyed by First Call expected a loss of 15 cents a share.
Higher expenses from a rapid scale-up resulted in losses.

Granite Construction (NYSE-GVA), +$2.07 to $16.06, reported
fourth-quarter ne tincome of 28 cents a share, well above the 15 cent
consensus estimate reported by First Call.

AutoNation (NYSE-AN), +$0.99 to $13.60, will be added to the S&P 500
index once the acquisition of Rational Software (NASDAQ-RATL) by IBM
(NYSE-IBM) is completed. The transaction is still subject to European
Union approval.

CBRL Group (NASDAQ-CBRL), -$2.38 to $25.10, said it expects
third-quarter net income to increase 10% to 15% from the year-ago 36
cents a share, thus topping out somewhat south of 42 cents a share.
Analysts surveyed by First Call expected 43 cents.

InterMune (NASDAQ-ITMN), +$0.98 to $20.04, lost 81 cents a share in
the fourth quarter, narrower than the $1.00 per share loss expected by
analysts surveyed by First Call.

J. C. Penney Co. (NYSE-JCP), +$1.34 to $19.77, said it expects
first-quarter earnings "in the low $0.30's per share." Analysts
surveyed by First Call expected 35 cents. The company expects sales
performance to improve through the year as it accelerates new store
growth.

Titan (NYSE-TTN), -$3.20 to $8.02, said president and COO Eric DeMarco
will be leaving the company in mid-March to pursue other interests.

(AP) Target (NYSE-TGT), -$1.10 to $26.77, met fourth-quarter earnings
expectations but reported a smaller-than-anticipated revenue. The
retailer also said same-store sales, those at stores open at least one
year, fell 2.2% in the last three months of 2002.

Waste Connections (NYSE-WCN), -$1.57 to $32.62, reported
fourth-quarter net income of 47 cents a share, or 50 cents excluding
certain expenses, including a jump from Nasdaq to the NYSE. First
Call's consensus estimate was 50 cents. The company sees 2003 revenue
climbing from $499 million to $585-$595 million.

Cephalon (NASDAQ-CEPH), -$2.70 to $49.00, said it expects
first-quarter net income of 20 cents a share, trailing First Call's
consensus estimate of 32 cents. For the year, Cephalon said it is
reiterating sales guidance of $650-$660 million and earnings per share
of $1.50.

Alcon (NYSE-ACL), +$1.94 to $38.38, reported fourth-quarter pro-forma
net income of 33 cents a share, topping First Call's consensus
estimate of 30 cents. For the full year 2003, the company expects
sales to range between $3.27-$3.33 billion, with earnings per share of
$1.82-$1.85. First Call's consensus had been $1.82.

(AP) Diageo plc (NYSE-DEO), +$1.26 to $39.66 reported a fiscal first
half pretax profit of $2.07 billion, before exceptional items, in line
with analysts' expectations. Diageo owns such spirits brands as
Smirnoff, Johnnie Walker, Cuervo and Tanqueray. Including a $2.2
billion loss on the sale of Burger King and other extraordinary items,
Diageo lost $733 million in the first half.

Patterson Dental (NASDAQ-PDCO), +$2.17 to $42.11, earned 44 cents a
share in the third quarter, a penny above First Call estimates.
Patterson sees 47-48 cents a share in the fourth quarter. First Call's
range had been 48-49 cents.

Taro Pharmaceuticals (NASDAQ-TARO), +$1.85 to $34.51, reported
fourth-quarter net income of 44 cents a share, 2 cents above First
Call estimates.

THQ Inc. (NASDAQ-THQI), -$1.36 to $11.99, said that although it
achieved record fourth-quarter revenues, sales of Red Faction 2 and
GameCube were lower than expected. The company said it sees a profit
of 80-85 cents a share in fiscal 2004. Analysts surveyed by First Call
expected a profit of $1.20.

CNT (NASDAQ-CMNT), -$1.16 to $6.09, said it expects revenues in the
first quarter to fall 10% to 15% sequentially due to normal
seasonality and the uncertain economic outlook for IT capital
spending.

Dendreon (NASDAQ-DNDN), +$0.17 to $6.40, said it will present new data
from recently completed clinical trials of Provenge, an
investigational therapeutic vaccine for treatment of prostate cancer,
at a meeting Sunday in Vail, Colorado.

Collins & Aikman (NYSE-CKC), +$0.49 to $3.95, reported fourth-quarter
net income of 12 cents a share, excluding restructuring and impairment
charges. Analysts surveyed by First Call expected a loss of 5 cents a
share. The company sees 2003 net income, excluding charges, of 52-62
cents a share. First Call's estimate had been 26 cents.

(AP) Reliant Resources (NYSE-RRI), +$0.47 to $3.90, said Thursday it
will sell its Dutch power business to Nuon NV, a Netherlands-based
electricity distributor, for $1.3 billion.

Williams Energy Partners LP (NYSE-WEG), +$0.12 to $35.50, said
Williams (NYSE-WMB), +$0.77 to $3.67, has indicated its intention to
sell its investment in the partnership. Williams currently owns the
partnership's general partner interest and approximately 55% of the
partnership's equity.

FPIC Insurance Group (NASDAQ-FPIC), +$1.03 to $5.94, earned 36 cents a
share in the fourth quarter, 2 cents above First Call estimates.

(AP) The Sports Authority (NYSE-TSA), +$0.63 to $6.14, and Gart Sports
Co. (NASDAQ-GRTS), +$1.54 to $16.48 have agreed to merge. Sports
Authority stockholders would receive 0.37 shares of Gart Sports common
stock for each share of Sports Authority common stock they own.

The American Association of Individual Investors reported Thursday
that 21.05% of investors surveyed online this week were bullish,
57.89% bearish, and 21.05% neutral. -- edited by Stewart Winograd

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