MAY Malaysia Fund (The)

MORNING UPDATE: Man Securities Issues Alerts for CSCO, CEPH, DIS, MAY, and HSP CHICAGO, Aug. 11 /PRNewswire/ -- Man Securities issues the following Morning Update at 8:30 AM EDT with new NewsWatch Alerts for key stocks. (Logo: http://www.newscom.com/cgi-bin/prnh/20020214/MANSECLOGO ) Before the open... NewsWatch Alerts for CSCO, CEPH, DIS, MAY, and HSP , Market Overview, Today's Economic Calendar, and the Quote Of The Day. QUOTE OF THE DAY "I think this is a foxtrot economic recovery, fast-fast then slow-slow." -- Jeffrey Saut, chief strategist, Raymond James NewsWatch Alerts for CSCO, CEPH, DIS, MAY, and HSP ... NEWSWATCH ALERTS - News That Could Move These Stocks ----------- Cisco Systems Inc. (NASDAQ:CSCO)* Reported late Tuesday a profit in its 4Q of $1.4 billion, or 20 cents a share, compared with $982 million, or 14 cents a share, 4Q 2003. Excluding one-time items, Cisco earned 21 cents a share. Analysts were expecting an EPS of 20 cents. Sales in the quarter that ended July 31 rose 26% to $5.93 billion from $4.7 billion last year. Inventory also rose slightly to $1.2 billion from $1.1 billion in the previous quarter. The stock closed down $0.20 at $20.05 and lost more in after hours trading. Cephalon Inc. (NASDAQ:CEPH)* Was downgraded Tuesday based on concerns from the FTC merger arrangement with Cima Labs that was announced on 8/9. As part of the agreement, CEPH has agreed to grant a license to Barr Pharma for Actiq. Presently, Actiq constitutes 30% of revenues. Therefore, the analyst consensus is that sales for CEPH would be almost halve immediately. Accordingly, 2005 EPS estimates were reduced to $2.41 from $2.50, that of 2007 to $1.65 from $2.48 and increased that of 2006 to $2.47 from $2.42. Consequently, CEPH finish down by $4.86 at $43.00 on the highest volume of the year. The stock sank below support and closed at a new 52-week low. The Walt Disney Co. (NYSE:DIS)* Reported late Tuesday that it earned $604 million, or 29 cents per share, for the 3Q, compared with $502 million, or 24 cents per share, in the same period last year. Revenue climbed 17% to $7.471 billion from $6.377 billion in the same period last year. Results beat expectations that were pegged at 27 cents per share mostly by a 20% percent rise in operating income at its theme parks which reported operating income of $421 million, compared to $352 million for the same period last year. The stock closed up $0.50 at $22.44 and climbed further in the after hours. May Department Stores Co. (NYSE:MAY)* The company posted net earnings on Tuesday for the 2Q of $110 million, or $0.36 per share, compared to $92 million, or $0.30 per share, in the prior year quarter. Excluding store divestiture costs and beating the estimates by a cent. Net earnings for the quarter were $101 million, or $0.33 per share, compared to a net loss of $110 million, or $0.39 per share, in the prior year quarter. MAY is in the process of consolidating its acquisition of Marshall Field's department store group completed on July 31, including 62 department stores and related inventory, customer receivables and distribution centers. Hospira Inc. (NYSE:HSP)* Reported net income, excluding items, for the 2Q of $0.56 per share, compared to $0.43 per share in the 2Q of 2003. On average expectations were pegged at $0.33 per share for the quarter. The adjusted net income for the quarter increased 31.7% to $88.9 million from $67.5 million in the prior year. Outlook for FY2004 is approximately $2.5 billion with an adjusted basis for FY2004 EPS in the range of $1.39 - $1.54. The analysts expect earnings of $1.47 per share on revenues of $2.56 billion for the FY2004. The stock closed at $27.15 up $2.40 or 9.70%. * To learn more about how to use these alerts and for our FREE report, "The 18 Warning Signs That Tell You When To Dump A Stock ", go to: http://www.investorsobserver.com/mu18n (Note: You may need to copy the link above into your browser then press the [ENTER] key) ** For the FREE report, "The Secrets of Smart Election Year Investing - Insights, Stocks, And Strategies." go to: http://www.investorsobserver.com/FREEelection NOTE: All stocks and options shown are examples only. These are not recommendations to buy or sell any security. MARKET OVERVIEW Overseas markets are looking fairly weak this morning as only three out of the 15 markets that we track are in positive territory. The Frankfurt DAX is currently dragging down the European indices with a 1.34 percent drop. In overnight trading, the Japanese Nikkei closed up 0.88 percent, but the Hong Kong Hang Seng fell 0.52 percent. The Paris CAC and the London FTSE are also lower in mid-day trading in Europe. The Federal Open Market Committee policy-making meeting yesterday resulted in a 25 basis point increase of the Federal Reserve's target federal funds rate to 1.5 percent. This is the rate that banks lend to each other overnight. Most investors anticipated the move even after last week's weaker than expected employment report. The Fed said that it plans to continue to tighten monetary policy at a "measured" pace, which is a phrase that it has been using for quite some time now. The central bank said that it sees balanced risks when it comes to inflation and sustained economic growth. After the Fed announcement was made yesterday, there was a brief positive reaction by the equity markets, which gave way to a sell-off. The markets quickly rebounded later in the day, moving to new highs. The S&P 500 closed up 1.3 percent for the day. 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.investorsobserver.com/freemo DYNAMIC MARKET OPPORTUNITIES Americans awoke yesterday morning to find a shock awaiting them. In overnight trading, US light crude had galloped to $44.99 per barrel -- the highest in 21 years. It later breached the $45 mark. The reason for this latest jump is yet more unrest in Iraq that had traders fretting over severe supply shortages. As the country with the second-largest oil reserves after Saudi Arabia, Iraq already played a major part in the oil market long before the war started and the current situation spiraled out of control. But these days, any hint of trouble can move the market in a rapid and damaging way. So when officials shut down several oil fields in southern Iraq amid fighting and threats of sabotage from groups loyal to radical cleric Moqtada al-Sadr, it was no surprise to see oil prices bounce upwards again. The fields supply Iraq's main oil terminal at Basra and account for 90% of total exports. One big, destructive hit here and it's highly likely prices would shoot straight to $50 per barrel. But there are other factors at work. Russian oil company Yukos has had its accounts frozen and is on the verge of bankruptcy, which would force it to suspend operations. Another potential inflammatory situation is the upcoming referendum to recall Venezuelan President Hugo Chavez on August 15. Venezuela is the world's fifth-largest oil producer, so despite government assurances to guarantee oil exports, unrest there could hit the market further. As it is, OPEC is already pumping a record 30 million barrels of oil per day, two million higher than its daily limit. President Purmono Yusgiantoro says the cartel may officially raise the production quota in September. He also said the group has the capacity to produce another 1.5 million barrels per day. Receive incisive economic/market commentary, profitable advice and access to a network of leading investment exports. Simply follow this link: http://www.investorsobserver.com/agora2 TODAY'S ECONOMIC CALENDAR 7:00 a.m.: MBA Refinancing Index (last minus 2.9 percent) 12:00 p.m.: June Chicago Fed Midwest Manufacturing Index (last plus 2.2 percent) Man Securities is one of the world's leading option order execution firms. Man's in-house broker team offers a level of personal service and experience unavailable from no-frills discount brokers. To improve your understanding of option pricing get Man's FREE "Margin/Option Wizard software at: http://www.investorsobserver.com/mancd. Member CBOE/NASD/SPIC. 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 bonuses worth over $420, see: http://www.investorsobserver.com/must 247profits.com: You'll get exclusive financial commentary, access to a global network of experts and undiscovered stock alerts. Register NOW for the FREE 247profits e-Dispatch. Go to: http://www.investorsobserver.com/agora Schaeffer's Investment Research - Sign up for your FREE e-weekly, Monday Morning Outlook, Bernie Schaeffer's look ahead at the markets. Sign Up Now http://www.investorsobserver.com/freemo PowerOptionsPlus - The Best Way To Find, Compare, Analyze, and Make Money On Options Investments. For a 14-Day FREE trial and 5 FREE bonuses go to: http://www.poweroptionsplus.com/ 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. http://www.newscom.com/cgi-bin/prnh/20020214/MANSECLOGO http://photoarchive.ap.org/ DATASOURCE: Man Securities CONTACT: Michael Lavelle of Man Securities, +1-800-837-6212 Web site: http://www.mansecurities.com/mu.html

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