11:57 ET Buyers Enter: Indices bounding off lows: Dow -286, Nasdaq -85, S&P -35. DELL (-3 1/4) has recovered 2 points over last five minutes.
11:44 ET Dow Slips Through 8200: DJIA now trading 333 pts lower (-3.9%) at 8189. S&P 500 off almost 4% at 1041, breaking through key support
level of 1050. Nasdaq in the hole 88 pts. Transportation Avg hits new 52-week low, led by continued sell-off in airlines.
11:27 ET PanAmSat Corp. (SPOT) 43 5/8 -5 5/16 (-12%): Stock hitting turbulence amid news a Boeing-built Delta III rocket carrying a Galaxy satellite
exploded a minute into flight. The satellite was to begin providing television and data services to the United States and the Caribbean.
11:09 ET Selling Accelerates: Dow (-210, or -2.47%) hitting new intraday lows. Nasdaq currently off 54 pts. S&P 500 down 24.5 or 2.26%.. No
arguing that selling in U.S. equities is severe, but very tame compared to other major markets. Just across the border, Toronto exchange down 6.3%...
France taking a 4.3% hit... Germany down another 3.3%. Brazil 5.9% lower. Even DELL (-1) having trouble holding up.
10:49 ET Republic New York Corp. (RNB) 47 -3 1/8 (-6%): --Update-- Shares of bank holding company resume trading. Stock was halted on news
company expects Russian debt losses to wipe out much of Q3 profits.
10:46 ET Provident Companies (PVT) 35 1/2 +1 3/4: Issue advances 5.2% on news insurance company shares will be added to the S&P 500 Index,
replacing Bay Networks, which is being acquired by Northern Telecom.
10:28 ET Here Comes DELL: Shares of leading PC maker Dell Computer (DELL 129 +3/8) charging back into positive territory and is, this morning,
setting another 52-week high. Intraday range 126 1/4 to 129 3/8.
10:25 ET St. John Knits Inc. (SJK) 19 1/8 +5/8 (+3.4%): --Update-- Stock recovering some ground from yesterday's 8 pt decline. After the close, the
designer and manufacturer of women's clothing and accessories announced plans to repurchase 1 mln shares. News followed SJK warning that Q3 results
will come in shy of Wall Street views.
10:14 ET Republic New York Corp. (RNB) 49 15/16 -3/16 (halted): Bank holding company says sees Q3 earnings "substantially eliminated" due to
losses in Russia. Company valuing its position in Russian debt at 15 cents on the dollar. Will take a $110 mln charge from debt value. RNB was expected
by analysts to earn $1.06 a share for the qtr vs yr-ago net of $0.98.
10:09 ET DoubleClick Inc. (DCLK) 31 7/8 -1 1/2: Shareholder Bozell Jacobs Kenyon, & Eckhardt Inc has filed to sell a 779,000 lot of the Internet
advertising company's stock. DCLK shares tumbled 4 1/2 pts yesterday after news was disseminated.
09:55 ET FORE Systems (FORE) 17 3/4 -1 1/8: DLJ calling yesterday's 5 3/8 pt sell-off an overreaction. Although company paid a premium for
Berkeley Networks, DLJ says Berkeley more mature than earlier targets. Firm has a target price of $33 on the stock.
09:52 ET 3Com Corp (COMS) 28 3/4 -1/2: Needham & Co initiates coverage of networker with a "buy" rating.
09:43 ET Market Open: MSFT -1 1/2, ADBE -1/2, IBM -2 11/16, DELL -1 1/4, -4 7/8, INTC -1 3/8, CSCO -1 3/4, LU -2 1/4, GCTY -3, AOL -2
1/2, YHOO -3, AMZN -3 1/4, XCIT -2 1/2. Oil drilling/services continue to tumble.. Internets weak across the board... Dow -132, Nasdaq -38, S&P
-15, SOX -6.2, Russell 2000 -5.8.
09:35 ET Excide Inc (EX) 11 7/16 -1: CS First Boston downgrades issue from "buy" to "hold."
09:31 ET CLOSURE Medical Corp (CLSR) 24 1/4 +2 1/2: Company has received FDA approval for market release of its Dermabond Topical Skin
Adhesive. Dermabond is used to replace sutures, staples, and adhesive strips for closing certain topical incisions and lacerations.
09:29 ET Brazilian Market Open: Brazil's Bovespa Index tumbles 3.2% at the open. Out of Russia, the Kremlin denying reports that Yeltsin will resign.
09:24 ET AgriBioTech Inc. (ABTX) 11 1/8: --Update-- CEO on the tube stating that there is absolutely no chance company will restate earnings. Says
recent earnings cuts by analysts based on SEC decision to make company change way it accounts for acquisitions. CEO says move will simply push the
earnings out one quarter.
09:22 ET Stock Indications: MSFT -1 1/2, ADBE -7/8, AAPL -1, DELL -2, INTC -1 5/8, CSCO -1 3/8, YHOO -2 3/8, AMZN -2 1/2, XCIT -1
3/8.
09:15 ET BB&T Corp. (BBK) 32 3/16: Banking concern to acquire MainStreet Financial Corp. (MSBC 25 1/2) in a stock transaction valued at $554.3
mln or $38.87 per share based on BB&T's Tuesday closing price of $32.94; MSBC will exchange 1.18 shares of BB&T common stock for each share of
MainStreet common stock.
09:14 ET AgriBioTech Inc. (ABTX) 11 1/8: CEO of seed company will appear on CNBC this morning at 09:20 ET. ABTX shares down 4 1/4 pts over
past two sessions. See Story Stocks for more on this situation. This morning, the stock is indicated 5/8 higher.
09:09 ET Stock Buybacks: Coastcast Corp. (PAR 11 7/16) will repurchase up to 925,400 shares....Genesco Co (GCO 5 5/8) announces plan to
repurchase up to 2.6 mln shares... St. John Knits Inc. (SJK 18 1/2), which fell 8 pts yesterday after company issued earnings warning, says it plans to buy
back up to 1 mln shares.
09:02 ET General Instrument (GIC) 27 3/16: Leveraged buyout firm Forstmann Little & Co. plans to distribute to partners or sell its stake in cable
equipment maker. Forstmann looking to unload 21.7 million GIC shares or about 12.5% of company's outstanding common stock. Forstmann may also sell
or distribute stakes in Comscope Inc. (CTV) and General Semiconductor (SEM).
08:57 ET CBS Corp. (CBS) 27 3/16: Major media company to spin-off up to 20% of its radio/outdoor group in an IPO; new company to be called
Infinity Broadcasting, will consist of CBS Corporation's radio and outdoor businesses; Infinity Broadcasting will own and operate the largest radio group,
with more than 155 radio stations. Several firms making bullish comments on stock this morning.
08:49 ET Excite Inc (XCIT) 39 3/8: Wall Street Journal article discussing creative accounting used by company. According to CIBC Oppenheimer
analyst Henry Blodget, company's accounting for marketing pact with Netscape Communications was "an aggressive accounting choice that distorts future
operating earnings," making costs "vanish like a puff of smoke." XCIT shares indicated 1 3/8 pts lower this morning. For Briefing's take on the situation, see
our July 17 Story Stock.
08:45 ET Cendant Corp. (CD) 14 9/16: provider of consumer and business services to delay its 10-K filing as SEC wants more changes to its revenue
recognition policy. CD shares indicated 2 pts lower this morning.
08:42 ET Provident Companies (PVT) 33 3/4: Insurance company shares will be placed into the S&P 500 Index.
08:39 ET Coca-Cola Co. (KO) 79 3/16: Merrill Lynch downgrades beverage company from near-term "accumulate" to "hold" due to turmoil in emerging
markets; Merrill says that KO generates 75% of its profits from overseas and 50% from Japan and emerging markets; firm maintains long-term "buy" rating.
08:37 ET Market Indication: Situation in Russia only getting worse. Receiving reports that Yeltsin being shown the door and country considering
reverting back to communist economic policies, including nationalization of certain industries. Moreover, government plans to no longer defend the ruble.
News hitting world equity markets: Germany -2.9%, France -2.6%, Japan -3%, London -1.6%, Russia -7.8%... Flight to quality continues to push
long-bond higher, this morning trading plus 25 ticks. Current level of S&P futures suggest Dow will retreat 110 to 115 pts at the open. |
