I'm seeing some profit taking now Don but the early rise in the SOX put us firmly on an upward path. That and a distinct lack of earnings warnings this morning. Atta Boy Don!
More from Briefing.com: 9:59AM Leading Point Gainers : CCMP +2.40, KLAC +2.12, ACS +2.10, ATK +2.08, CERN +1.97, AMAT +1.93, NVLS +1.90, EXPE +1.88, ICOS +1.83, IDTI +1.82, ERTS +1.71, IBM +170, QCOM +1.66, NVDA +1.64, MXIM +1.54, DNA +1.50, BRCM +1.40, OVER +1.29, VPHM +1.18... Notable strength in semiconductor equipment and semiconductor sectors, with SOX gaining 3.1% on the session.
9:24AM Helix Tech reinitiated with Strong Buy at Needham (HELX) 22.82: Needham resumes coverage with a STRONG BUY rating and a $34 price target; says co should experience an upturn in its service biz powerful enough to carry the co to solid top line growth for at least the next 4 qtrs; also, valuation is about equal to the industry average of 2.22x peak sales, yet HELX has far better near term rev growth prospects than the rest of the industry.
9:40AM : A solid start to the week for the market averages with the tech sectors pacing the way thus far led by semiconductor (Bear Stearns indicated semiconductor foundries TSM and UMC both extremely bullish), storage, Internet, software, computer-hardware, Internet security and networking. Also seeing gains in biotech and airline. Weakness noted in healthcare (HMO -3.4%) and homebuilding. Volume is moderate but early breadth statistics are firmly in the bullish camp. DOT +2.3%, SOX +2.6%, XOI -0.1%, NYSE Adv/Dec 1370/886, Nasdaq Adv/Dec 1611/843
8:50AM Solly raises S&P 500 forecast : Salomon Smith Barney raises their S&P 500 EPS forecasts by $1.25 for both 2002 and 2003, representing a 7.5% growth rate for 2002 and a 13.3% growth rate for 2003. Changes were prompted by an upward revision to firm's GDP forecast, which now assumes a more "front-loaded" improvement this year.
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