CBS MARKET WATCH>>OT
Wednesday, July 14, 1999
Today on CBS MarketWatch
European bourses head north
Apple beats estimates by 5 cents
Inktomi reports narrower loss
Old guard supports tech stocks
StockWatch: It's pickin' season
More top stories...
CBS MarketWatch Columns
Updated:
7/15/99 5:02:26 AM ET
--4:30 September S&P futures closed at 1,409.20, roughly 1 point above fair value. The S&P 500 ($SPX: news, msgs) finished at 1,398.17.
--4:18 The tech-heavy Nasdaq Composite ($COMPQ: news, msgs) finished strongly, up 39.66 to 2817.89, boosted by the rally in chip stocks. See Market Snapshot The PHLX Semiconductor index ($SOX: news, msgs) finished the day up 4.2 percent. Among the components: Rambus (RMBS: news, msgs) rocketed 7 5/8 to 97 9/16; Advanced Micro Devices (AMD: news, msgs) ran up 7.7 percent to 18 3/8, ahead of its expected earnings release; and Intel (INTC: news, msgs) advanced 2 3/8 to 67 3/4 (see 9:44 update). The Dow Industrials ($INDU: news, msgs) closed down 26.92 to 11,148.10. Union Carbide (UK: news, msgs) was the worst performer, losing 3.3 percent to 46 1/8 (see 2:03 update).
--3:49 Global Light Telecommunications (GBT: news, msgs) jumped 17.9 percent to 12 3/8. The company announced Wednesday that it agreed to settle various lawsuits with GST Telecommunications (GSTX: news, msgs). GST shares add 5/8 to 15 13/16.
--3:34 Shares of TIBCO Software Inc. (TIBX: news, msgs) are trading at 34 1/2 up 130 percent from its $15 IPO price. After their debut, the shares reached as high as 40 before settling back. See IPO Daily Report TIBCO is a unit of Reuters (RTRSY: news, msgs), which gained 1 3/8 to 81 1/8.
--3:14 Another stock seeing a late rally, is Copper Mountain (CMTN: news, msgs), up 13.1 percent to 99 1/4. The stock was at 92 1/2 an hour earlier. Traders cite now news for the spike higher.
--2:55 Amazon (AMZN: news, msgs) climbs 6 3/4 to 132 7/8, after trading on the 127 handle about an hour earlier. Nielsen NetRatings said Wednesday that the number of people visiting the top 10 Web sights saw steady gains in June. See full story Others on the list include: America Online (AOL: news, msgs), up 1/4 to 125 3/8; Lycos (LCOS: news, msgs), 2 11/16 higher at 102 3/8; and Yahoo (YHOO: news, msgs), rising 4 1/16 to 161. All have rallied nicely since noon.
--2:16 The CBOE Internet index ($INX: news, msgs) is up 1.2 percent after seesawing around flat most of the morning. The index is being pulled up by strength in Network Associates (NETA: news, msgs), which is up 7.7 percent to 21. Volume is over 3 times the daily average at 17.3 million shares. traders continues to cite take-over speculation for the recent run-up (see July 13 Pulse). The stock is up approximately 28 percent this week.
--2:03 Dow Chemical (DOW: news, msgs) loses 3 3/4 to 124 1/2. Lehman Brothers began coverage on the stock with a "neutral" rating. Other chemical companies initiated by Lehman as "neutral" include: Dupont (DD: news, msgs), up 1/4 to 73 1/4; Union Carbide, down 1 1/4 to 46 7/16; Nova Chemical (NCX: news, msgs), 2.7 percent lower at 22 5/16; and NL Industries (NL: news, msgs), up 5/16 to 12 5/8.
-- 1:34 Matsushita Electric ADRs (M C: news, msgs) shoot/ up 32 11/16 to 233 after Morgan Stanley Dean Witter & Co. added the company to its list of 40 "best" global stocks. See ADR report
--1:15 ViroPharma (VPHM: news, msgs) is the leading percent gainer in the Nasdaq market, rocketing 54.6 percent higher to 19 13/16, after leaping 38.5 percent Tuesday. Volume is 12 million shares, roughly 60 times the daily average. The company said Tuesday its antiviral drug pleconaril reduced the duration and severity of viral respiratory infection. See full story
--12:54 State Street Corp (STT: news, msgs) is down 10.9 percent to 72 3/4. Volume is 2.8 million shares, more than 6.5 times the daily average. The company reported earnings Wednesday of 75 cents per share, in line with Zacks earnings estimates. Merrill then downgraded the stock to "long-term accumulate" from "buy."
--12:23 Stocks head into the lunch hour mixed, with the Dow Industrials ($INDU: news, msgs) down 45.28 and the Nasdaq Composite ($COMPQ: news, msgs) inching up 2.49. 20 of the 30 Dow stocks are on the negative side, led lower by Sears (S: news, msgs), which is down 1.7 percent 45 11/16. Within the Industry Indexes, the PHLX Semiconductor index ($SOX: news, msgs) continues to lead the gainers, now up 2 percent (see 10:48). The losers are led by PHLX Gold and Silver index ($XAU: news, msgs), down 1.5 percent. August gold futures are down 19. Within the index, Ashanti Goldfields (ASL: news, msgs) is down 3.2 percent to 5 3/4 and Battle Mountain Gold (BMG: news, msgs) is off 2.9 percent to 2 1/16.
--11:59 Iridium (IRID: news, msgs) is now down 13 percent to 7 1/8 (see 9:59 update). CS First Boston downgraded the stock to a "sell" rating from "hold." Motorola (MOT: news, msgs) is 2 3/8 lower at 94 1/8.
--11:50 Oak Industries (OAK: news, msgs) rises 1 3/8 to 50 3/8. Needham started coverage of the stock to with a "strong buy."
--11:32 Polaroid (PRD: news, msgs) falls 11.5 percent to 25 7/16. The company reported earnings Wednesday of 33 cents per share for the second quarter, matching First Call estimates. However, traders say the "whisper number" was 36 cents.
--11:25 Other companies that have reported earnings include: AlliedSignal (ALD: news, msgs), up 9/16 to 65 9/16; Ford (F: news, msgs), 7/16 lighter to 53 1/16; Time Warner (TWX: news, msgs), edging 1/8 higher to 75 7/8; First Union (FTU: news, msgs), slipping 3/16 to 46 1/2; Silicon Storage (SSTI: news, msgs), losing 13/16 to 8 3/16; and Fleet Financial (FLT: news, msgs), adding 3/16 to 42 1/8.
--11:10 Weyerhaeuser (WY: news, msgs) is up 15/16 to 64 7/16. The company reported second-quarter earnings that beat First Call estimates by 12 cents. See full story Weyerhaeuser's strength is helping to lift the PHLX Forest and Paper Products index (PHLX: news, msgs), up 0.8 percent. Among the components, Georgia-Pacific (GP: news, msgs) is 7/8 better to 51 15/16 and International Paper (IP: news, msgs) is up 1 3/16 to 54 3/16. IP's stock is a Dow component.
--10:48 Stocks are are virtually flat as the Dow Jones Industrials ($INDU: news, msgs) inches up 7.60 and the Nasdaq Composite ($COMPQ: news, msgs) adds 6.90. See Market Snapshot 41 of the 55 Industry Indexes are seeing gains, led by the PHLX Semiconductor index ($SOX: news, msgs), up 1.8 percent. Within the index: Rambus (RMBS: news, msgs) is up 5 9/16 percent to 95 1/2; Novellus Systems (NVLS: news, msgs) heads 3 7/16 higher to 73; and Intel is now up 1 3/8 to 66 3/4 (see 9:44 update). Of the Dow components, Boeing (BA: news, msgs) is the big gainer, up 2.4 percent to 47 7/16. McDonalds (MCD: news, msgs) leads the losers, down 1.5 percent to 44 1/16.
--10:18 The CBOE Oil Service index ($OSX: news, msgs) is up 0.8 percent. Among the index: R & B Falcon (FLC: news, msgs) gains 3.8 percent to 10 1/4; Transocean Offshore (RIG: news, msgs) is up 1/2 to 30 1/4; and Schlumberger (SLB: news, msgs) rises 1.2 percent to 64 7/16. The American Petroleum Institute's crude and gas inventory figures showed larger than expected drops. See Futures Movers
--10:13 Internet companies Exodus Communications (EXDS: news, msgs) and TicketMaster Online (TMCS: news, msgs) were also started by Banc of America with "buys." Exodus stock is 5.1 percent better at 142 3/8 while TicketMaster slips 3/16 to 35 1/16.
--10:06 Inktomi [s inkt] rises 3 15/16 to 129 1/2. Banc of America initiates coverage of the stock with a "buy" rating, while setting a $170 price target for the stock.
--9:59 Motorola is losing 1 3/4 to 94 3/4. Despite reporting earnings late Tuesday that beat estimates, the stock is being hurt by concerns over the company's exposure to Iridium. See full story Iridium shares plummet 16 percent to 6 7/8.
--9:44 Intel rises 1 1/16 to 66 7/16. The chip bellwether missed analysts' earnings estimates for the second quarter by 2 cents late Tuesday. But the rosy picture it painted for the second half of the year is helping to lift the stock. See full story Reuters reported Wednesday that Intel was cut to "outperform" from "buy" by ABN Amro. Meanwhile, Salomon Smith Barney upgraded the stock to "buy" from "outperform," according to Newstraders.com
TMCS mentioned in article: |
