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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: stockman_scott who wrote (40093)	8/9/2001 8:05:11 AM
From: Dealer	Read Replies (1) of 65232

M A R K E T .. S N A P S H O T -- More losses in store for shares By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 7:41 AM ET Aug 9, 2001 NEW YORK (CBS.MW) -- Cautious comments from Nortel Networks are setting the stage for another sloppy session once trading begins Thursday. The Canadian fiber-optic giant (NT) saw its shares edge down 10 cents to $7.52 after saying in a Securities and Exchange Commission filing that it doesn't expect a recovery in capital spending to take place before the second half of 2002 and indicated it wouldn't provide year-end forecasts. and The company said there "can be no certainty as to the duration or severity of this industry adjustment" and also announced that it would be selling $1 billion in convertible notes. Checking the futures markets, September S&P 500 futures gave up 4.50 points, or 0.3 percent, and were trading about 6.20 points below fair value, according to HL Camp & Co. And Nasdaq futures lost 11.00 points, or 0.7 percent. Government bond prices extended gains after staging a furious rally late Wednesday on the heels of a soft Beige book report and a hugely successful 10-year note auction. Investors have the last leg of Treasury's refunding auctions to contend with as $5.0 billion in 30-year bonds are set to sell Thursday afternoon. The 10-year Treasury note gained 9/32 to yield ($TNX) 4.95 percent while the 30-year government bond added 10/32 to yield ($TYX) 5.48 percent. On the economic front, weekly initial claims and the July import and export price indexes will be released. and economic calendar and forecasts. In the currency sector, dollar/yen gave back 0.4 percent to 123.16 while euro/dollar swelled 0.5 percent to 0.8847.

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