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Strategies & Market Trends : Fatty's Donut Shop -- Ignore unavailable to you. Want to Upgrade?

To: OLD JAKE JUSTUS who wrote (1884)	6/21/1999 9:22:00 PM
From: Matt Brown	Read Replies (1) \| Respond to of 5041

OK! Let's have some fun for you good Researchers!! I have a challenge for everybody on the Internet... There is an error in this Press Release/Report by Individual Investor! If you can find it, I will personally treat you to a full 12-pack of refreshing Pepsi-Cola!! If you are on the Internet, email me at: mrfattmatt@hotmail.com Hint--"It's off by a dollar." Hint #2 - "I still see us as the hunter, not the hunted." <--Ah man, that made it too easy! Here is the report... fnews.yahoo.com Market Wrapup Jun 21, 1999 Closing Bell (6/21/99) Money has rotated back into tech and out of bulldozers. Now that Fed Chairman Alan Greenspan has alleviated fears that he has no intention of aggressively ratcheting up the interest rate -- a single ¼ point increase is all that's expected -- investors are realigning themselves. Growth is back, as lower interest rates make investing in high multiple, low yielding stocks more appealing. So, today, on the strength of the tech and Internet sectors, the Nasdaq Composite gained 66.84 points to 2,630.28 -- up 9.3% in the past three trading days. These gains, of course, came at the expense of the Dow, which lost 39.58 points to close at 10.815.98. The S & P 500 index gained 6.16 to 1,349. The rotation in the market comes as the infatuation with cyclicals fades. The rallies in the energy and commodity-based companies over the past two months may have been too optimistic over the prospects for a global economic boom. The Bank of Japan's continued intervention to stem the rising yen is a prime example of the fragile state of the recovery. A strong yen would undermine the competitiveness of Japanese exports. But the yield on the 30-year treasury -- down to 5.95% last week -- has flown back up to 6.02%. The pressure may be due to the fact that about $18 billion in debt, both government and corporate, is slated to hit the market this week as lenders take advantage of lower rates prior to the FOMC meeting. The tech sector's big names are beginning to regain their market leadership role. Cisco Systems (NASDAQ:CSCO - news) jumped $3.75, hitting a new 52-week high of $123 per share. Dell Computer (NASDAQ:DELL - news) gained $2.50 to $39.94 per share. Texas Instruments (NYSE:TXN - news) added $3.75 to a new 52-week high of $136.50. And Intel (NASDAQ:INTC - news) climbed $2 to $56.81, regaining some recent losses caused by last week's analyst downgrades. Financials stocks also took comfort in the fact that their worst interest rate fears won't be realized. Merrill Lynch (NYSE:MER - news) ran up $3.19 to $78.25 per share and Morgan Stanley Dean Witter (NYSE:MWD - news) leapt $4 to $99.75 per share. Online broker Ameritrade (NASDAQ:AMTD - news) jumped $16.91 higher to $89.75 per share. Internet stocks recovered from their recent drubbing. America Online (NYSE:AOL - news) gained $3.75 to $115.75, Yahoo (NASDAQ:YHOO - news) shot up $14.88 to $158.88, while Go2Net (NASDAQ:GNET - news) rocketed $26.75 to $152.12 per share. Retailers also rejoiced over the fact that the money spigot will not be turned off. Ann Taylor (NYSE:ANN - news) closed up $2.75 to $42.61. American Eagle Outfitters (NASDAQ:AEOS - news) hiked $2.50 to a new 52-week high of $48.50. Fossil (NASDAQ:FOSL - news) , which markets inexpensive watches, leather accessories and sunglasses, also hit a new high, up $1.75 to $47.12 per share. The Gap (NYSE:GPS - news) gained $1.75 to $71 per share. As for the Dow sell-off, it was very orderly on moderate volume and was more about repositioning than conviction. The main drags on the Dow were Alcoa (NYSE:AA - news) , down $4.88 to $62.75, Mobile (NYSE:MOB - news) , off $2.81 to $99.46, and Exxon (NYSE:XON - news) , down $2.06 to $78.25 per share. Phoenix Technologies (NASDAQ:PTEC - news) , the computer system software developer, rose $4.38 to a new high of $16.12. The company announced Softbank Holdings will buy a 20% stake in its newly formed Internet subsidiary, ebetween. Phoenix also recently signed contracts with mighty-might AOL (NYSE:AOL - news) . UST Corp. (NASDAQ:USTB - news) jumped up $6.06 per share to $30.31. This morning Boston's second largest commercial bank announced it will be acquired by Scotland's Citizens' Financial Group for $1.4 billion in cash. The price tag equates to $32 per share -- a 32% premium from Friday's closing price. UST has $5.9 billion in assets and 89 branches in Massachusetts. Finally, KN Energy (NYSE:KNE - news) shareholders reacted adversely to the news that Sempra Energy (NYSE:SRE - news) cancelled its proposed $5 billion acquisition offer. After a delayed opening, the stock got hammered down $5.12, or 26%, to $13 per share. The two companies apparently agreed the merger would not meet their objectives. Sempra will reportedly pay KN $6 million to reimburse expenses incurred. KN also warned investors it will post a $0.20-$0.25 per share loss in the second quarter because of mild winter temperatures. -------------------------------------------------------------------------------- For more in-house professional stock analysis and commentary, visit us at Individual Investor Online. --------------------------------------------------------------------------------