11:30 ET Dow -72, Nasdaq -2, S&P -5.44: Not moving far from the unchanged level, the Nasdaq struggles as buying in the Internet area offsets the weakness in chip and computer hardware issues... Another bleeding tech area is the Internet Professional services stocks which have been hurt by CS First Boston's negative comments... Firm downgrades or lowers price targets on a host of companies as it believes that dot.com demise coupled with typical Q3 seasonality has created a dramatically softer demand environment for the group... Issues downgraded were MMPT (-4%), RRRR (-7%), VIAN (12%), CATP (-19%), and IGTE (-3%)... DJTA -22... DJUA +2... SOX -15... DOT +17... XOI -3... BTK +1... Nasdaq 100 -8... S&P Midcap 400 +0.3... Russell 2000 +0.2... NYSE Adv/Dec 1176/1292... Nasdaq Adv/Dec 1634/1855.
11:45 ET CSFB On B2B : CS First Boston out with report on B2B stocks. Notes that despite some recent weaknesses in IT services, recent meetings with major industrial companies and infrastructure providers suggest continued momentum and accelerating adoption. Firm is bullish on both large cap B2Bs as well as the mid-cap players such as VERT, FMKT, PPRO
11:28 ET Strong Group : B2B is the strongest group of the morning. Rally being paced by PPRO +7 1/4 and ITWO +6 5/8, with CLRS +3, FMKT +1 7/8, ARBA +1 3/8 also participating. Surge in tier-one names attracting money to the lower end of the space: ICGE +1 13/16, VNTR +1 7/8, ROWE +23/32, SQST +5/16.... VERT (+5/8) shares have been mixed on the session, after having edged higher over past several days.
09:52 ET OSI Systems, Inc. (OSIS) 13 +1 3/8 (+11.9%): Continues to attract the hot money after announcing introduction of several new fiber optic products by wholly-owned subsidiary OSI Fibercomm Inc.
08:56 ET Corning Inc (GLW) 309 5/8: Merrill Lynch lifting price target to $400 from $375. Raises FY01 earnings estimate range to $4.00-$4.20 from $3.95-$4.15.
08:37 ET Digital Lightwave (DIGL) 88 9/16: Receives order from Cisco Systems (CSCO) valued at more than $2 mln. Cisco purchasing a mix of the company's portable Network Information Computers for high-speed optical monitoring and analysis.
07:48 ET Juniper Networks (JNPR) 196 1/8: Issue to be added to the Nasdaq-100 Index, effective at the beginning of trading Thursday, September 7. Stock replaces VISX Inc (VISX).... JNPR shares bid at $200 in pre-market.
06:54 ET Rambus (RMBS) 80 5/8: Hyundai Electronics the latest chip maker to file suit against Rambus. The suit seeks to disprove Rambus' allegation that it is infringing on patents and must pay royalties for the use of its technology. |
