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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Clint E. who wrote (22050)	7/14/1999 10:32:00 PM
From: Suresh	Read Replies (1) \| Respond to of 69956

Hi Clint, this is a good biospace.com site for tracking biotech stocks. -Suresh

To: Clint E. who wrote (22050)	7/15/1999 12:26:00 AM
From: Clint E.	Read Replies (3) \| Respond to of 69956

U.S. PPI Fell 0.1% in June; Core Rate Dropped 0.2% (Update2) By Vincent Del Giudice U.S. PPI Fell 0.1% in June; Core Rate Dropped 0.2% (Update2) (Adds closing markets in 5th-6th paragraphs.) Washington, July 14 (Bloomberg) -- Prices paid to U.S. factories, farmers and other producers unexpectedly dropped in June -- the first decline in four months -- reflecting lower costs for autos and computers. The cost of food and some raw materials rose. The producer price index fell 0.1 percent last month, the Labor Department said. The core rate, which excludes food and energy, fell 0.2 percent during the month. For June, analysts expected 0.1 percent increases in both the PPI and the core rate. The Federal Reserve isn't seeing ''the whites of inflation's eyes yet, though there may be some pressures building,'' said Joel Naroff, president of Naroff Economic Advisors in Holland, Pennsylvania. With oil prices topping $20 a barrel, ''most of he good news on inflation is behind us, but we haven't seen the bad news yet,'' Naroff said. In a separate report today, the Commerce Department said retail sales rose 0.1 percent in June as a falloff in auto sales mostly offset rising demand at the nation's department and chain stores. Bonds were little changed, to yield 5.91 percent, as concern about rising prices for raw materials and semi-finished goods tempered investors' optimism that inflation concerns are abating. Stocks were mixed. The Dow Jones Industrial Average fell 27 points, or 0.2 percent, to close at 11148.10. the Nasdaq Composite Index rose 40 points, or 1.4 percent, to close at a record 2817.99. Prices of intermediate goods -- milled steel sold to appliance makers, for instance -- increased 0.4 percent last month. Intermediate goods prices excluding food and energy rose 0.5 percent. Crude goods prices increased 1.4 percent during June, reflecting a 3.4 percent rise in petroleum costs. Crude goods prices excluding food and energy rose 0.5 percent. First Decline Since February The decline in the overall PPI was the first since a 0.5 percent drop in February, the Labor Department said. The decline in the core rate was the first since a 0.2 percent drop in January. During May, the PPI rose 0.2 percent and core rate increased 0.1 percent. For the year to date, the PPI has risen at a 1.5 percent annual rate, compared with a 1.5 percent decline for the six months through June 1998. The core rate of the PPI has fallen at a 0.4 percent rate this year, compared with a 1.4 percent increase through June 1998. Producer energy prices fell 0.3 percent during June, the first decline since February, as both gasoline and home heating oil costs retreated. Food prices increased 0.4 percent, in part reflecting the biggest increase in beef costs since October 1985. Intel Cutting Prices Computer prices dropped 1.4 percent in June, continuing a pattern. The last time producer computer prices rose was in September 1994. Intel Corp., the leading computer-chipmaker, reduced prices on its low-cost Celeron microprocessors by as much as 21 percent as it steps up its push to gain lost business in the market for cheap personal computers. Intel gave up sales to rivals last year, when its market share fell to 76 percent from 86 percent in 1997. It's regained some of that lost market in recent months by slashing prices and offering deep discounts. In other categories, producer tobacco prices were unchanged in June. Auto prices decreased 1.3 percent and prescription drug prices rose 0.2 percent. On June 30, Fed policy-makers raised the overnight bank lending rate a quarter point to 5 percent to cool economic growth and keep inflation from accelerating. It was the Fed's first rate increase since March 1997. ''They're being pre-emptive,'' said Gary Thayer, chief economist at A.G. Edwards & Sons in St. Louis. The Fed has repeatedly expressed concern about the economy's strength and the effects of that strength on demand and ultimately on prices. Underscoring the Fed's concern, a recent survey showed more companies find it easier to raise prices on the goods and services they produce. Businesses said they expect that situation to continue through the rest of this year as consumer demand stays high, according to the survey released last week by the National Association for Business Economics. Steel and Oil Allegheny Teledyne Inc., of Pittsburgh, the world's biggest specialty-metals maker, said it will raise its stainless steel prices by about 7 percent because of higher costs for the raw materials used to make the product. Rival producer J&L Specialty Steel Inc. said it will match the increase by reducing discounts to certain customers. Stainless steel, made with chromium and sometimes nickel, is used in autos, appliances, surgical tools and other products. Benchmark nickel prices on the London Metal Exchange have risen more than 15 percent in the past three months. Today's report showed prices of intermediate steel mill products rose 1.1 percent in June after declining in the two previous months. Oil prices, too, have been creeping higher. Crude oil closed above $20 a barrel yesterday for the first time since November 1997. An industry report this week showed that strong gasoline demand led to an unexpectedly large drop in motor fuel inventories. Demand from gasoline wholesalers, as derived from American Petroleum Institute figures, rose 5 percent to 9.55 million barrels a day, the second highest level ever, according to Bloomberg calculations. Tomorrow, the Labor Department is expected to report the consumer price index increased 0.1 percent in June after showing no change during May, analysts said. The CPI core rate probably increased 0.2 percent last month after rising 0.1 percent during May, analysts said. =-=-=-=-=-=-=-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-= U.S. June Retail Sales Rise 0.1%; Ex-Autos Rise 0.4% (Update2) By Noam Neusner U.S. June Retail Sales Rise 0.1%; Ex-Autos Rise 0.4% (Update2) (Updates market reaction in 9th-11th paragraphs.) Washington, July 14 (Bloomberg) -- U.S. retail sales rose at a slower than expected pace in June, as a decline in auto sales offset increased purchases of clothing, medicine and building materials, government figures showed today. June sales rose 0.1 percent to $243.316 billion after posting a revised 1.2 percent gain in May, previously reported as a 1 percent increase. Excluding autos, June sales rose 0.4 percent after rising 0.5 percent in May, the same as previously reported. The overall increase was less than the 0.3 percent gain analysts had expected, due to a 1 percent decline in auto sales. Still, analysts expressed little concern, saying the drop was largely the result of discounted prices. Automakers, enjoying a record year so far, agreed. ''There are so many positive factors at work in the U.S. economy right now,'' said Ford Motor Co. Chief Executive Jacques Nasser. ''We're confident vehicle sales will remain strong through the balance of 1999 and into the year 2000.'' Ford today said second- quarter earnings rose 4.3 percent, more than expected. The overall gain in June was the lowest since March. It was led by gains in all categories except for automotive dealers, grocery stores and gas stations. It's not surprising for spending to cool off after several months of gains, economists said. ''What you're doing is sustaining a very high level'' of sales, said Ken Mayland, chief economist at Keycorp in Cleveland, before the report was released. ''You're due for a breather after that kind of pace.'' Consumer spending is still frenetic, just slower than the first-quarter's pace. Personal consumption rose 7 percent in the first-quarter. Economists said today's numbers on retail sales indicate second-quarter consumption rose about 4 percent. ''So there's a slowdown, but in the broader scheme of things, it's still pretty strong,'' said Michael Niemira, economist at Bank of Tokyo-Mitsubishi. Bonds were little changed on concern that central bankers might see the need for a further increase in borrowing costs to slow the economy as a way of keeping prices in check. A separate report on producer prices contained hints of a possible inflation risk. The Treasury's benchmark 30-year bond fell 1/8 point, pushing up its yield a basis point to 5.91 percent in late afternoon trading. Stocks were mixed. The Dow Jones Industrial Average fell 27 points, or 0.2 percent, to close at 11148.10. The Nasdaq Composite Index rose 40 points, or 1.4 percent, to close at a record 2817.98. Details Purchases of big-ticket durable goods such as autos, appliances and furniture fell 0.4 percent last month after rising 2.3 percent in May. Sales of non-durable goods, such as clothing, rose 0.4 percent in June after a 0.5 percent increase in May. Retail spending is key to the economy's performance since consumption accounts for two-thirds of the nation's output. In the first quarter, consumer spending rose at its fastest pace in 11 years, helping companies such as Wal-Mart Stores Inc., the world's largest retailer. U.S. retailers have benefited from a combination of rising wages and low unemployment. Personal income rose 0.4 percent in May, while the U.S. unemployment rate in June was 4.3 percent, near 29-year lows. Personal spending in May rose 0.6 percent. U.S. retail sales at stores open at least a year rose 7.4 percent in June, according to the Bank of Tokyo Mitsubishi Ltd. The increase was the biggest since March and was paced by 8.4 percent gains at both Federated Department Stores Inc. and May Department Stores Co., more than double their average monthly gain the past year. ''It's a good economic environment, and the stock market being where it is contributes to psychological well-being,'' said William Welch, president of Oaktree Asset Management Inc., which holds shares of Staples Inc., Home Depot Inc. and Amazon.com Inc. Sales rose 9.2 percent at discount chain Kmart Corp., 13 percent at Gap, and 6.5 percent at Wal-Mart. Same-store sales are a key gauge of a retailer's business because they don't include new and closed stores. Sales rose 6.8 percent in May and 4.2 percent in April, said Bank of Tokyo. ''People feel good about their jobs,'' said Rick Evans, owner of Huntington Beach Chrysler Plymouth in Southern California. ''That's what gets them to sign on the line to take on a car payment every month for the next five years.''

To: Clint E. who wrote (22050)	7/15/1999 5:07:00 AM
From: Clint E.	Respond to of 69956

Wednesday July 14, 4:11 pm ,,VISX Reports Record Revenues and Earnings SANTA CLARA, Calif.--(BW HealthWire)--July 14, 1999--VISX, INCORPORATED (Nasdaq NM: VISX - news) today announced financial results for the second quarter ended June 30, 1999. Revenue for the second quarter of 1999 was $62,503,000 compared to $31,663,000 for the comparable period of the prior year. Net income was $21,526,000, or $0.32 per share, in the second quarter of 1999 compared to a net loss of ($15,329,000), or ($0.25) per share, in the comparable period of the prior year which included a $35,000,000 litigation settlement. Revenue for the six-month period ended June 30, 1999 was $116,452,000 compared to $55,973,000 for the comparable period of the prior year. Net income was $41,257,000, or $0.61 per share, for the six-month period ended June 30, 1999 compared to a net loss of ($6,367,000), or ($0.10) per share, in the comparable period of the prior year which included a $35,000,000 litigation settlement. Commenting on the announcement, Mark B. Logan, Chairman and Chief Executive Officer of VISX, stated, ''Another tremendous quarter with record results.'' Mr. Logan went on to say, ''We are closing in on the one millionth procedure performed in the U.S. on VISX lasers since FDA approval. The driving force in this market is the outstanding results experienced by consumers who have had their vision corrected on VISX systems by VISX-trained physicians. The recent start of our consumer advertising campaign is intended to strengthen our leadership in the dynamic laser vision correction industry.'' The foregoing statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and actual results could differ materially. Factors that could affect the Company's business include: fluctuations in customer orders for systems and VisionKey® cards, acceptance of the laser vision correction procedure in the market, competition from other laser systems (a number of which have now received FDA pre-market approval for United States commercial sale), competition from other vision correction products and procedures that are currently in use or that may be developed and introduced in the future, the degree to which VISX is successful in generating royalty income from its patent rights or in enforcing its patent rights, and developments in pending or future patent and antitrust litigation. Additional discussion of factors affecting the Company's business is contained in the Company's most recent filings with the Securities and Exchange Commission, including VISX's Annual Report and Form 10-K for the year ended December 31, 1998 and VISX's Form 10-Q for the quarter ended March 31, 1999. VISX is a worldwide leader in the development of refractive laser technology. VISX systems are commercially available in the United States and markets worldwide. VISX, Incorporated Condensed Consolidated Statement of Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended 6/30/99 6/30/98 6/30/99 6/30/98 System sales $ 14,848 $ 9,435 $ 26,762 $ 16,995 License, service and other revenue 47,655 22,228 89,690 38,978 Total revenue 62,503 31,663 116,452 55,973 Cost of revenues 12,496 7,477 23,093 13,307 Marketing, general and administrative 12,968 6,956 22,061 12,654 Research, development and regulatory 3,316 2,806 6,951 5,217 Total costs and expenses 28,780 17,239 52,105 31,178 Income from operations 33,723 14,424 64,347 24,795 Interest and other income, net 2,532 1,380 4,414 2,801 Litigation settlement -- (35,000) -- (35,000) Income before provision for income taxes 36,255 (19,196) 68,761 (7,404) Provision for income taxes 14,729 (3,867) 27,504 (1,037) Net income $ 21,526 $ (15,329) $ 41,257 $ (6,367) Earnings Per Share Basic $ 0.34 $ (0.25) $ 0.66 $ (0.10) Diluted $ 0.32 $ (0.25) $ 0.61 $ (0.10) Shares Used For Earnings Per Share Basic 63,283 60,760 62,711 60,813 Diluted 68,185 60,760 67,522 60,813 Condensed Consolidated Balance Sheet (in thousands) (Unaudited) 6/30/99 12/31/98 Cash, cash equivalents and short-term investments $ 189,362 $ 116,539 Accounts receivable 36,426 27,822 Inventories 9,076 6,820 Other current assets 20,895 15,457 Current assets 255,759 166,638 Property and equipment, net 5,150 4,318 Other assets 6,380 5,663 Total assets $ 267,289 $ 176,619 Accounts payable $ 6,909 $ 3,682 Accrued liabilities 39,635 33,948 Current liabilities 46,544 37,630 Stockholders' equity 220,745 138,989 Total liabilities and stockholders' equity $ 267,289 $ 176,619