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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	5/30/2001 10:03:16 AM
From: besttrader	of 37746

10:00 ET Dow -18, Nasdaq -48, S&P -5.38: [BRIEFING.COM] Equities are getting sold this morning on renewed concerns regarding the macroeconomic environment. Specifically, Sun Microsystems' (SUNW -12.0%) current quarter earnings warning is raising issues as to the timing of a ramp in IT spending. The company's warning was relatively deep with highlights such as "just barely above break even on a GAAP basis" and an 8% to 12% shortfall on revenues versus expectations. Not helping matters, Morgan Stanley was out this morning with particularly disturbing comments regarding the optics sector. Specifically, the firm stated the bottom of the optics business cycle may not be seen until the third quarter of 2002. This call is generating substantial sell pressure on optics and telecomm equipment issues in early trading. The broader markets continue to hold in reasonably well though also trade lower on the day. Buy interest is evident in financials, drugs, homebuilding and paper. DJTA -0.2%... DJUA +0.9%... SOX -3.9%... XOI -0.1%... BTK -1.4%... Nasdaq 100 -3.0%... S&P Midcap 400 -0.7%... Russell 2000 -0.7%... NYSE Adv/Dec 1041/1230... Nasdaq Adv/Dec 710/1937.

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