Good evening Jim,
Here is your Money Mail for Friday, November 24.
THE BUZZ AT THE BELL
True to history, the major indexes rebounded. The Friday after
Thanksgiving usually gives the stock market a boost and today
the Dow rose 70 points and the Nasdaq was up 148. Tech sectors
led the gains. Semiconductors rose 8% and biotechs were up 6%.
The SEC approved the merger of Chase Manhattan Bank with J. P.
Morgan, and each stock gained 3%. France's yogurt maker, Danone,
announced that it will not acquire Quaker Oats, with whom it
has been negotiating a merger. Quaker has now been left at the
alter by Pepsi, Coke, and Danone. Quaker's shares fell 4%.
Although trading volumes were light, today's bounce came as
welcome relief from the relentless blues of recent trading
sessions. The Nasdaq, which lost 9% in the three days before
the Thanksgiving holiday, gained 5% today.
For people who love gadgets as much as we do, and in honor of
the first day of the holiday gift-buying season, we offer a few
morsels of news gathered this week from the cutting edge of
irrelevance:
* IBM announced this week that it has sold to the U.S. Air Force
a supercomputer capable of identifying UFOs ("unidentified flying
objects"), such as old satellites or things that may be hurtling
toward earth. The computer, which cost almost $10 million, can
process 480 billion calculations per second, making it 40 times
faster than "Big Blue," the computer that beat Russian chess
champion Gary Kasparov a few years back. The massive processing
power of the Air Force's new toy enables it to bring blurred
telescopic images into sharper focus. In other words: Glasses!
* A research group called Starlab (in Brussels) is developing
"intelligent clothing," employing sensors, semiconductors and
wireless technology. One item on the lab bench: a jogging suit
that records the wearer's performance and sends the data to a
training center for evaluation before the athlete completes
the session. Is this "smart" fashion, or the coach from hell?
* Iceland has just passed Finland as the world's #1 mobile phone
country. In Iceland 75.8% of the population is packing cellular,
vs. 73.7% of the Finns. We wonder why? The long dark of winter?
The long light of summer? Hmmm. Anyway, go Vikes!
* Sony announced this week that it has developed a human-like
robot capable of walking its popular robot dog, "Aibo." The new
cyborg thing is 19 inches tall, weighs 11 pounds and can recognize
20 words of human speech. How about: "Clean up Aibo doo-doo!"
We wonder what the U.S. Constitution has to say about this: Can
it run for President?
Peter Nulty
Editor, Money Mail
moneymail@online.cnbc.com
MAJOR INDEXES
*Dow Jones Industrials: 10470.23, up 70.91 or 0.68%
*FOR THE WEEK: down 159.64 or 1.5%
*S&P 500: 1341.77, up 19.41 or 1.47%
*FOR THE WEEK: down 25.95 or 1.9%
*Nasdaq Composite Index: 2904.13, up 148.79 or 5.4%
*FOR THE WEEK: down 124.02 or 4.1%
*Dow Transports: 2849.89, up 50.34 or 1.8%
*Dow Utilities: 392.63, up 0.54 or 0.14%
*Russell 2000: 471.87, up 13.97 or 3.05%
*30-Year Bond Yield: 5.67%
* NYSE volume (preliminary): 402 million shares
* Nasdaq volume (preliminary): 804 million shares
* For our complete U.S. index listing:
wwwrd.0mm.com
SCOUTING REPORT FOR NEXT WEEK
Don't read too much into Friday's rally: The volume was light
and the holiday spirit regularly infects this first day of the
big shopping season. (Stocks! Bonds! Barbies!) But the market
is still searching for the catalyst that can set off a
sustained rally.
Expected Earnings:
* Dycom Industries (DY); Veritas (VTS); ADC Telecommunications
(ADCT); Credence Systems (CMOS); Petsmart (PETM); Brocade
Communications (BRCD); Tech Data (TECD)
STOCKS
* Two Hot Net Technologies *
Many investors have given up on Net stocks. But the evolution
of the Internet still provides great opportunities.
wwwrd.0mm.com
* Stocks To Watch *
Joe Kernen's stocks for Friday:
wwwrd.0mm.com
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FUNDS
* Should You Dump That Tech Fund?
It might be hard to remember right now, but investors in technology
funds have had far more pleasure than pain over the past decade.
wwwrd.0mm.com
BONDS
* Bonds Happy with Economic Developments *
Bond strategist Tony Crescenzi reviews the economic landscape and
finds it bonds-friendly.
wwwrd.0mm.com
CAREER CENTER
* Today's Job *
The United States Patent and Trademark Office is looking for a CIO:
wwwrd.0mm.com
THE WEEKEND ON CNBC
* MARTHA STEWART LIVING OMNIMEDIA CEO Martha Stewart and KODAK
CEO Daniel Carp on Market Wrap with Maria Bartiromo
* THE WALL STREET JOURNAL REPORT with CNBC's Consuelo Mack will
feature reports on lasik eye surgery, the biotech bonanza that will
follow the mapping of DNA and your rights with regards to your
medical records.
* For your local time and station, please check our affiliate list:
wwwrd.0mm.com
MONDAY ON CNBC
* SALOMON SMITH BARNEY Senior Equity Strategist John Manley,
Guest Host on Squawk Box at 7:00 am EST
* CISCO SYSTEMS CEO John Chambers on Power Lunch at 12:20 pm EST
* BLUE MARTINI SOFTWARE CEO Monte Zweben on Business Center
at 7:30 pm EST
* To view the latest CNBC guest list:
wwwrd.0mm.com
HOTSPOTS ON CNBC.COM
* Career Center: wwwrd.0mm.com
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* Gift Center: wwwrd.0mm.com
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* Your Portfolio: wwwrd.0mm.com
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