13:30 ET Dow -82, Nasdaq +2, S&P -7.18: [BRIEFING.COM] SOX Index making a run at breaking through 640 level which had acted
as a ceiling this morning while the Nasdaq continues to hug the flat line. While the Dow continues to languish, Eastman Kodak (EK 49.13
+2.37) is bucking the trend and leading the Dow on no news. Wireless equipment call from USB Piper Jaffray with Buy ratings having little
effect on NOK, ERICY and QCOM....Financials making a modest attempt at a turnaround, but still weak. Retailers, however, unable to
gain any traction. SOX +0.5%... NYSE Adv/Dec 1429/1509... Nasdaq Adv/Dec 1819/1779.
13:10 ET Dow -72, Nasdaq +4, S&P -6.45: [BRIEFING.COM] The Dow and the Nasdaq continue to trade sideways as conviction is
lacking to the upside or downside...Ciena (CIEN 59.75 +4.47) continues to gain on a mid-day call from CSFB saying that deal with TCM is
a market share gain as checks indicate that LU and NT were incumbents at the account....Seeing buying sweep into some chip stocks over
last 30 minutes including BRCM, PMCS, VTSS....Telecom service stocks have been sliding all day long, especially WorldCom (WCOM
17.93 -0.37) amid reports that company is raising the size of its planned bond offering by several billion dollars...Retailers and drug stocks
continue to languish today....Hotel stocks have been weak all day on negative analyst comments on Marriott (MAR 44.13 -1.42). Also
weak are Prime Hospitality (PDQ -6%) and Four Seasons (FS -4%). NYSE Adv/Dec 1409/1505... Nasdaq Adv/Dec 1773/1777. |
