RECAP & STOCKS TO WATCH FOR TUESDAY, 12- 26-00
Friday’s rally was followed today by little follow-through in a mixed session plagued by low volume due to many traders still being gone from their posts for the holidays. Those players that did show up seem ready to put this year behind them and start fresh in 2001, when the tax-loss selling will have ended, earnings warnings will be expected, and the anticipated Fed easings will begin. Barring any big rally in the next 3 trading sessions, the Nasdaq Composite poised to deliver its worst 1-year performance in history.
The Nasdaq Composite finished with a 23- point loss to close at 2,493. Volume was a paltry 1.5 billion shares, with 101 stocks making new highs compared to 374 new lows. Blue chips added to their gains from Fri., as the Dow added 56 points to finish at 10,692. Volume on the Big Board was 802 million shares, with 277 stocks making new highs compared to 105 new lows.
From a technical standpoint, the Semiconductor Index (SOX) is in the process of forming a double bottom that could provide a test of resistance at the 650 level.
The SOX on a daily basis: tradewindsonline.net
Handspring (HAND): Company to acquire Bluelark Systems, developer of Blazer and BlueSky, a Palm OS web browser and proxy server system, for up to 450,000 shares of Handspring common stock.
Networks Assoc (NETA): Company warns for Q4; sees revenue in the range of $55 to $65 mln and a net loss of between $130 and $140 mln; EPS estimate for Q4 is a $0.31 profit. NETA also announced Mr. Edwin Harper has become chairman of the board, and the board has initiated a search for a new CEO. |
