09:19 ET Brazil Opens: Volatile Bovespa Index trading 8.3% lower.
09:16 ET Stock Indications: MSFT -2 3/4, DELL -3 1/2, INTC -2, DPMI -6 5/8, COMS -1, CSCO -2, ASND -2, IMNX -1 5/8, YHOO -4,
AMZN -4 1/2, CMGI -4, INKT -4.
09:11 ET Apollo Group (APOL) 36 3/4: Investors may be overlooking risks at Phoenix-based provider of higher education programs for working adults,
including a pending audit by the Department of Education. According to the Wall Street Journal, DOE contends that a federal team had been provided with
"invalid" and "inaccurate" information, and that the number of student drop-outs and withdrawals had been "significantly underreported." APOL shares
currently trade at 49 times analysts 1999 earnings estimate, a 63% premium to expected long-term growth rate. APOL shares indicated 4 3/4 pts lower this
morning.
08:59 ET Immunex Corp. (IMNX) 58 1/8: 58 1/8: Issue indicated 3 pts higher on news FDA panel approves company's rheumatoid arthritis treatment,
Enbrel. Drug appeared to cause far fewer side effects than currently available drugs. As expected, drug recommended or use alone in patients who have
failed other so-called Disease Modifying Anti-Rheumatic Drugs (DMARDs) and use in combination with methotrexate. See yesterday's Story Stock for
additional information.
08:54 ET DuPont Photomasks Inc. (DPMI) 26 3/4: Chip equipment maker warning that Q1 revenue and earnings will come in lower than Wall Street
estimates. Puts Q1 net between $0.19 and $0.24 a share, well below Wall Street estimates of $0.39 a share, while revenues expected to fall 6% to 10%
below year-ago level of $68.81 mln. DPMI shares indicated 6 5/8 pts lower.
08:52 ET Advanced Micro Devices (AMD) 16 3/4: Merrill Lynch raises earnings estimate on chip maker; raises FY99 EPS forecast from break-even
to $0.70 a share. Don't get too excited, firm simply late to the game. Current FY99 mean estimate for AMD is $0.78. According to First Call, at least one
analyst expecting $1.50.
08:49 ET Gillette Company (G) 40 3/16: Merrill Lynch lowers FY98 estimate from $1.40 to $1.35 and FY99 from $1.63 to $1.55. G warning
yesterday prompting Merrill to cut estimates on several other consumer products names. Lowers FY98 view on Revlon (REV), Dial (DL) and Colgate
(CL), each by approximately 5 cents.
08:44 ET Alcatel Alsthom (ALA) 31 5/16: Shares of world's 4th-largest telecom equipment maker fell 30% in France and indicated sharply lower on the
NYSE after company said won't meet earnings estimates this year. Firm attributes difficulties to cutback in spending by European customers, due to Asian
economic woes. News pummeled French market (-5.7%), as investors fear further fallout from slumping Asian economies.
08:35 ET Market Indication: Greenspan downplays idea of coordinated interest rate cut... Continued concerns over crisis in Japanese banking system...
French telecom equipment giant Alcatel Alsthom (ALA) issues profit warning; ADRs expected to tumble 30% in New York... Broader market indicated
sharply lower. Current level of S&P futures suggest Dow decline of more than 150 pts. Nasdaq 100 futures limit down at minus 30... Overseas markets
sharply lower: France -5.5%, Germany -4.4%, Hong Kong -3.6%, Japan -2.4%, London -4.1%... 30-yr bond trading 22 ticks higher. |
