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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 239.30

-1.0%

Jan 30 9:30 AM EST

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To: H James Morris who wrote (118231)	2/20/2001 10:23:45 PM
From: Mark Fowler	Read Replies (1) of 164685

lose Dow -68.94 at 10730.88, Nasdaq -106.97 at 2318.41, S&P -22.58 at 1278.95: [BRIEFING.COM] Not a great day to be invested in tech as the Nasdaq took it on the chin for a bloody 4.4% daily loss. Following a positive open this morning, the Nasdaq trended lower for the better part of the day closing under key support in the area of 2380. Breadth on the index was poor with decliners leading advancers by a margin of 25 to 13. The high/low differential closed on a weak note as well with new lows outpacing new highs 117 to 78. Nasdaq decliners drew more than fair share of volume with down volume ahead of up volume by about 6 to 1. With the Nasdaq under key support levels look for a test of the year's low at 2251. Also note the index is exceptionally oversold which makes a trading rally likely in the near term. Downgrades on communication chip makers Applied Micro Circuits (AMCC -5.34) and PMC Sierra (PMCS -7.88) by CS First Boston contributed to drag on the broader markets. A downgrade on JDS Uniphase (JDSU -1.63) by USB Piper Jaffray hurt the optics sector as well. For the day, chips, optics, b2b and internets weighed on the Nasdaq with strength found in stock specific issues only rather than broader sectors. Separately, the Dow closed lower as well as investors sought safety in an economic and earnings environment being seen as increasingly hostile. Defensive sectors saw strength as tobacco, beverages and cyclicals performed well. Retail issues also demonstrated strength behind pre-market earnings reports from Wal-Mart (WMT +1.04) and Home Depot (HD +1.09). Financials and technology served to drag the broader markets. DJTA -0.6%... DJUA 0.6%... SOX -7.4%... DOT -6.5%... XOI +0.5%... BTK -2.3%... CRB -0.6%... Nasdaq 100 -5.3%... S&P Midcap 400 -1.7%... Russell 2000 -1.6%... NYSE Adv/Dec 1314/1762... Nasdaq Adv/Dec 1312/2510.

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