<font color=BLUE>MARKET SNAPSHOT-- Major averages mixed
Tech shares find buyers
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 10:30 AM ET Sep 12, 2000 NewsWatch
Latest headlines
NEW YORK (CBS.MW) - The major averages put on a mixed performance Tuesday as Nasdaq stocks finally found sponsorship while Dow shares retreated.
The rotation out of tech and into other areas of the market - like retail and financial stocks - has highlighted action over the previous trading sessions. But this recent trend abated on Tuesday as bargain hunters snapped up tech stocks, with most of the interest concentrated in the Internet and chip sectors.
Meanwhile, oil prices remain on investors' minds with crude oil futures at 10-year highs. October crude slipped after posting gains right out of the gate, shedding 16 cents to $34.98. Oil service stocks slid in reaction to the dip in oil after rallying on Monday.
The Dow Jones Industrials Average ($DJ: news, msgs) slipped 47 points, or 0.4 percent, to 11,147.
The Nasdaq Composite ($COMPQ: news, msgs) rose 47 points, or 1.2 percent, to 3,943 and the Nasdaq 100 Index ($NDX: news, msgs) advanced 61 points, or 1.6 percent, to 3,768.
The Standard & Poor's 500 Index ($SPX: news, msgs) edged up 0.3 percent while the Russell 2000 Index ($RUT: news, msgs) of small-capitalization stocks advanced 0.3 percent.
Volume came in at 219 million on the NYSE and at 355 million on the Nasdaq Stock Market. Market breadth was positive, with advancers outnumbering decliners by 11 to 10 on the NYSE and by 18 to 14 on the Nasdaq.
Specific movers
Oakley (OO: news, msgs) added 38 cents to $16.88. The company said late Monday that it expects to report a profit from operations of at least 21 cents a share, well ahead of the 18 cents expected by First Call.
In earnings news, a string of retail companies unleashed their results. The retail sector edged lower in early dealings after rising for six straight trading sessions, with the S&P Retail Index ($RLX: news, msgs) gaining 11.1 percent during the same period. The Index shed 0.3 percent on Tuesday.
Kroger (KR: news, msgs) reported a second-quarter profit from operations of 28 cents a share, in line with the First Call estimate. Looking ahead, the company said it remains comfortable with the Wall Street consensus estimate for earnings per share for fiscal 2000. The stock was flat at $23.38.
Best Buy (BBY: news, msgs) checked in with second-quarter earnings of 36 cents a share, 2 cents ahead of the First Call estimate. The company made 27 cents in the year-ago period. Shares were up $2.81 to $67.25.
And Pier 1 Imports (PIR: news, msgs) registered earnings of 18 cents a share in the second quarter, beating the First Call estimate by 2 cents. The company made 12 cents in the year-ago quarter. Shares gained 56 cents to $12.
Treasury focus
While government prices saw nifty gains out of the gate, the bulk of the advance dissipated as stocks opened for trading, with tech shares capturing investors' interest.
The 10-year Treasury note shed 1/32 to yield ($TNX: news, msgs) 5.775 percent and the 30-year Treasury bond added 3/32 to yield ($TYX: news, msgs) 5.73 percent.
Over on the economic front, though no data is set for release on Tuesday, market watchers are bracing for the onslaught of fresh news on the inflation and consumer spending front due out later in the week. View Economic Preview, economic calendar and forecasts and historical economic data.
In the currency arena, dollar/yen (C_JPY: news, msgs) put on 0.8 percent to 106.96 while euro/dollar (C_EUR: news, msgs) gained 0.7 percent to 0.8648. |
