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Strategies & Market Trends : Guidance and Visibility

AAPL 259.93

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3:57 PM EST

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To: ChrisJP who wrote (8519)	7/25/2001 9:53:06 PM
From: SusieQ1065	Read Replies (2) of 208838

Could see some bargain hunting in the optical sector tomorrow after a number of them established new 52-wk lows during today's session and the tech sector in general attempts to build on its recovery rally. Wednesday After Hours Changes vs the 4pm close: The heavy slate of earnings continues. Today's after hours headline grabbing name (but not the largest mover) reporting results is Corning Inc (GLW +0.40). The company reported Q2 profit of $0.28 which, if the inventory write-off of $0.20 is excluded by analysts, beat the consensus by $0.10. Revenue also topped estimates but GLW said that they continue to see a very significant decrease in the long-haul market in North America. Stocks that typically run with Corning include Ciena (CIEN +0.30) and JDS Uniphase (JDSU +0.09). Foundry Networks (FDRY) beat on the top and bottom line for Q2 but the company declined to give any guidance and said there are fewer deals which has weighed. Company considers Extreme Networks (EXTR -0.27) the closest competitor as both are in the metro and enterprise space. Two of the larger movers and volume leaders were Homestore.com (HOMS 3.10)and GoTo.com (GOTO +2.25) which both beat their estimates and guided higher. On the downside is MedImmune (MEDI -2.70). The company targeted 2001 EPS between $0.80 and $0.82 (consensus $0.82) and put revenue above $600 mln vs the consensus of $630 mln. The slide suggests that the market is taking these as a warning. Could see some bargain hunting in the optical sector tomorrow after a number of them established new 52-wk lows during today's session and the tech sector in general attempts to build on its recovery rally. The S&P futures, currently at 1193, are trading 1.8 points below fair value while the Nasdaq 100 futures, at 1643, are trading 6 points above fair value. For further details of after hours developments, be sure to visit Briefing.com's Earnings Calendar and Short Stories pages. -- Jim Schroeder, Briefing.com

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