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Good evening Jim,
Here is your Money Mail for Tuesday, May 23.
THE BUZZ AT THE BELL
Fate has a cruel sense of timing. On the same day that two
exciting developments occurred in e-publishing, it was
announced that Smith Corona, on whose Old-Economy
typewriters an uncountable number of masterpieces of 20th
century literature, theater and cinema were undoubtedly
crafted, filed for bankruptcy.
First, the fun: Microsoft announced partnerships with Simon
& Schuster, Random House and barnesandnoble.com to make
books available on its new Pocket PC, a rival of Palm
Pilot. Among the first offerings (free to a limited number
of Pocket PC users) will be Michael Crichton's new novel
"Timeline." Also, Time Warner announced that it is forming
an e-publishing division called iPublish.com. Questions:
will we be able to scribble notes in the e-margins of
e-books? Will there be e-highlighters?
Now, the funeral: Smith Corona, which has been struggling
in recent years to find a place in the New Economy, will
sell its remaining assets to Carolina Wholesale Office
Machine Co. for $6 million. Smith Corona created the first
commercial portable in 1906. Teddy Roosevelt took a Smith
Corona on his African safari in 1910. To make matters worse,
Russian officials warned today that they may halt exports
of black caviar due to a poor sturgeon catch - which means
that Smith Corona execs can console themselves with the
thought that their company may go the way of caviar.
In equity markets, the Bear was loose again today.
The Dow closed down 120 points. But it was the Nasdaq
that got most of the attention. The tech-heavy index fell
almost 200 points, reaching its lowest close of the year:
3,164. Trading was very light.
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MAJOR INDEXES
* Dow Jones Industrial Avg.: 10422.27, down 120.30 or 1.14%
* Dow Transports: 2754.27, up 34.11 or 1.25%
* Dow Utilities: 326.21, down 5.17 or 1.56%
* S&P 500: 1373.85, down 26.87 or 1.92%
* Nasdaq Composite Index: 3164.62, down 199.59 or 5.93%
* Russell 2000: 459.10, down 12.57 or 2.66%
* 30-Year Bond Yield: 6.172, unchanged
* For our complete U.S. index list, go to:
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SCOUTING REPORT: WEDNESDAY
The denizens of Wall Street are going to start drifting
away to their weekend retreats for the long holiday,
making it unlikely that we will see a rally with any
strength tomorrow, or through the rest of the week.
Expected Earnings:
* Medtronic (MDT) Q4 Est. 0.26 vs. Year Ago: 0.21
* Neiman-Marcus (NMG) Q3 Est. 0.85 vs. Year Ago: 0.72
Economic Calendar:
* Federal court hearing on proposed penalties for
Microsoft in the government's antitrust case
STOCKS
* Yahoo! Wireless, B2B Plans Get Raves *
Analysts who follow Yahoo! say that last Thursday's meeting
with company executives convinced them that the Internet
portal is making the right moves to become a major force in
emerging wireless and B2B markets. Analysts are excited,
saying the stock has considerable upside potential, both
short and long term, despite a recent dip.
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* Stocks To Watch *
Joe Kernen's stocks for Tuesday:
wwwrd.0mm.com
INSIGHTS ON CNBC.COM
* Deals Validate Voice-Portal Players *
Two recent deals suggest that the young "voice-portal"
industry finally may be pulling itself to its feet. On
Monday, Tellme Networks announced an agreement with AT&T
to add voice access to Web sites. And Quack.com struck
a similar deal with Lycos that will allow people to
reach the portal's information over an ordinary phone.
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* IPO Market Still on the Critical List *
Despite signs of life in the near-dead IPO market, those
investors who are hoping for a return to the days of
moon-shot first-day offerings will likely have a long wait.
wwwrd.0mm.com
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WEDNESDAY ON CNBC
* ENTRUST CAPITAL Principal Gregg Hymowitz, Guest Host on
Squawk Box @ 7:00 a.m. EST
* Direct Focus (exercise-equipment maker) CEO Brian Cook on
Power Lunch at 1:20 p.m. EST
* APPNET (web site developer) Chairman Ken Bajaj on Power
Lunch at 1:40 p.m. EST
* Click here for a complete CNBC Guest List:
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