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To: Clint E. who wrote (22153)	7/19/1999 10:44:00 PM
From: Clint E.	Respond to of 69822

Monday July 19, 6:12 PM, U.S. stocks, bonds slip; NEW YORK, July 19 (Reuters) - U.S. stocks settled slightly lower on Monday, as investors appeared to be pushing the ''pause'' button after last week's record highs, and bonds slipped as well. -The price of the 30-year U.S. Treasury bond declined 6/32, or $1.8750 on each $1,000 of face value. Its yield, which moves in the opposite direction, rose to 5.90 percent late Monday from 5.88 percent at Friday's close. Bond investors aren't likely to make commitments until they hear Federal Reserve Chairman Alan Greenspan's semi-annual Humphrey-Hawkins testimony to Congress on Thursday, traders said. In the broader market, declining issues led advances 1,733 to 1,175 on moderate volume of 636 million shares on the New York Stock Exchange. -''There's a little bit of a 'show-me' type of feeling out there in the market,'' said Marshall Acuff, an equity analyst at Salomon Smith Barney. With high expectations for a strong summer earnings period and three solid weeks of record highs, Wall Street takes a little more to be impressed lately, he said. Attention was focused on Microsoft Corp.(Nasdaq:MSFT - news) and International Business Machines Corp.(NYSE:IBM - news) Both reported earnings after the regular trading session's final bell. Microsoft fell 1-1/16 to 98-3/8. IBM slipped 1-1/2 to 134-3/4. Rao Chalasani, strategist at EVEREN Securities, said some technology issues, including Internet stocks, were in a downward ''correction'' that could have further to go. Hewlett-Packard Co.(NYSE:HWP - news) rose 2-1/8 to 116-1/4. The personal computer and printer company named Carleton ''Carly'' Fiorina, a top executive at Lucent Technologies Inc.(NYSE:LU - news), as its new president and chief executive. She will succeed Lew Platt, who is retiring. Fiorina is the first female chief executive of one of the 30 companies making up the Dow industrials. Lucent fell 2-5/16 at 76-1/8. Among big U.S. banking companies that reported earnings on Monday, Citigroup Inc.(NYSE:C - news) inched up 1/16 to 49-1/16. The financial services giant, which includes Citibank, Travelers Insurance and Salomon Smith Barney, reported earnings of 71 cents a share -- well above the First Call consensus estimate of 65 cents. Citigroup said profits at its global consumer business were up 40 percent from a year ago. J.P. Morgan & Co. Inc. (NYSE:JPM - news) rose 1 at 138-3/8, also on strong results. But the stocks of three other big American banking concerns fell Monday, despite good earnings. Wells Fargo & Co.(NYSE:WFC - news) was off 5/8 at 42-11/16, Bank of America Corp.(NYSE:BAC - news) slid 1-5/8 to 74-1/8 and Bank of New York Co. Inc. (NYSE:BK - news) was off 5/16 at 38. Bank of New York results matched expectations, while the earnings of Wells Fargo and Bank of America were slightly higher. ETrade Group Inc. (Nasdaq:EGRP - news) closed down 2-13/16 to 34-11/16. The online broker Monday posted a smaller-than-expected loss of 10 cents a share. =======--------=======--------=======--------=======-------- Monday July 19 9:21 PM ET,,,Microsoft Net Jumps, Warns Of Slowdown By Martin Wolk SEATTLE (Reuters) - Microsoft Corp. (Nasdaq:MSFT - news) Monday said earnings rose 62 percent in its fiscal fourth quarter, well ahead of analyst expectations, as sales of the software giant's Office 2000 upgrade got off to a strong start. But in typically cautious year-end guidance, Microsoft Chief Financial Officer Greg Maffei warned that profit and revenues would grow far more slowly in the year ahead because of slowing demand for personal computers and concerns about the Year 2000 computer bug, among other factors. Redmond, Wash.-based Microsoft posted net income of $2.2 billion, or 40 cents per diluted share, in the quarter ended June 30, compared with $1.36 billion, or 25 cents, a year earlier. Analysts on average had expected earnings of 36 cents a share, according to First Call Corp. Microsoft stock, which lost $1.06 to $98.38 in regular Nasdaq trading before the earnings announcement, fell to $97.56 in after-hour activity. Revenues rose 39 percent to $5.76 billion for the quarter that ended June 30, capping a fiscal year that saw the software giant fall just short of the $20 billion mark in annual sales. ''We had a very strong quarter with the Office 2000 launch,'' Maffei said in an interview. He also said results were boosted by increased penetration of the company's higher priced Windows NT operating system, now shipping in 27 percent of new personal computers, up from 20 percent a year ago. In a statement and conference call with analysts Maffei warned the company's sales growth rate would slow to the ''high teens'' in fiscal 2000 from 29 percent in the year just ended. And he said profit margins had peaked for now as Microsoft squeezed all the costs it could out of its business model by shifting to sales of licenses instead of packaged software. ''The easy money has been made there,'' he said. ''It's hard to see how we're going to see significant margin enhancements in fiscal '00, and frankly I think we're going to be lucky to keep them constant.'' Maffei said in the interview he remained comfortable with the First Call consensus estimate that the company would earn $1.54 a share in fiscal 2000, up just 8.5 percent from the $1.42 posted for the year just ended. Analysts said they were not surprised by the company's cautionary stance. ''Their comments about next year's results were characteristically cautious, citing familiar caveats -- economic growth and PC demand,'' said analyst Rick Sherlund of Goldman Sachs. ''I did not hear any major stock-impacting news conveyed on the call.'' Revenues in the latest quarter were boosted by several one-time factors, including a $250 million reduction in estimated software returns reflecting the shift away from sales through retailers and other reseller channels. Maffei said the decision was unrelated to a recently disclosed U.S. Securities and Exchange Commission investigation into how the company accounts for its reserves. The one-time revenue factors were offset by unusual expenses including $80 million in unspecified legal expenses, meaning that on a net basis, the company beat earnings expectations by about 3.5 cents a share, Maffei said. Fiscal 2000 earnings will be reduced about 3 cents a share by a new rule affecting the way Microsoft accounts for employee stock options, which Maffei said was one of the factors behind his cautious earnings guidance. Even without the unusual factors, revenues rose 31 percent, well above Sherlund's estimate of 26 percent. Revenues apparently got a huge boost from the June 8 launch of Office 2000, the upgrade to the desktop productivity package that is the company's single biggest money-maker. Revenues from applications and developer products, which includes Office, rose 48 percent to $2.93 billion in the quarter. Revenue from platform products including Windows 98 and Windows NT rose 32 percent to $2.25 billion. For the full 1999 fiscal year, Microsoft reported net income of $7.79 billion, or $1.42 a diluted share, vs. $4.49 billion, or 84 cents, in fiscal 1998. Revenues rose to $19.75 billion from $15.26 billion. =======--------=======--------=======--------=======-------- Monday July 19 9:41 PM ET IBM Second-Quarter Profit Tops Forecasts By Eric Auchard NEW YORK (Reuters) - International Business Machines Corp. (NYSE:IBM - news) Monday posted stronger-than-expected second-quarter net income of $2.4 billion, including a tax benefit of $687 million, as revenues rose by 16 percent. Beating Wall Street estimates by three cents per share, the world's largest computer maker's profit amounted to 91 cents per share, excluding a tax-related gain of 37 cents per share. Including that gain, IBM posted a profit of $1.28 per share in second quarter, up from the $1.5 billion, or 75 cents per share earned in the year-ago quarter. The latter figure was adjusted for a two-for-one stock split that took place in May. Wall Street analysts had estimated operating earnings at 88 cents per share, according to First Call Corp., which surveys brokerage estimates. Revenues of the Armonk, N.Y.-based company grew to $21.9 billion from $18.8 billion in the second-quarter of 1998. IBM Chairman and Chief Executive Louis Gerstner said the results reflected a strong performance geographically and across the company's major business segments. ''In summary, our results were strong worldwide,'' Gerstner said in a statement. ''We continued to build on our strategic priorities in the second quarter,'' he said of IBM's ongoing shift to become a supplier of computer services, software and technology components, while reducing its dependence on computer hardware sales. Hardware revenues, typically a growth laggard versus other businesses, grew to $9.4 billion in the second quarter, an increase of 22 percent. The growth in part reflected easy comparisons with the year-ago quarter, which was hurt by an industry-wide inventory glut of personal computers. Personal computers, research workstations and mainframe server computers all posted revenue gains, while sales of its AS/400 business computers declined by several percentage points, amid sales execution problems in its European unit. Revenues from IBM computer services business, including older mainframe maintenance fees, grew 15 percent to $8.0 billion, or roughly 36 percent of total IBM revenues. Excluding maintenance, IBM Global Services, which now amounts to the mainstay of IBM's business, rose 19 percent to $6.7 billion. During the quarter, IBM signed $9.5 billion in new services contracts and had a total services backlog of future contracts of about $55.2 billion at the end of June. Software revenues increased 9 percent to $3.1 billion, but produced a disproportionate share of the company's profits. Second-quarter revenues from the Americas grew 16 percent compared with the same period of last year, while revenues from its Europe, Middle East and Africa business rose 14 percent and Asia-Pacific revenues grew 19 percent. The net after-tax benefit of 37 cents resulted mainly from closing the sale of a large chunk of the IBM Global Network, its Internet service provider business, to AT&T Corp. The gain partially was offset by charges for restructuring actions taken in its chip-making and data storage units, and an accounting change to shorten depreciation on outmoded personal computers used in the company to three years from five years. With the restructuring moves, Gerstner said IBM was well along on its plans to exit the manufacturing of commodity-like computer memory chips in order to focus on more profitable custom logic chips in demand for new types of equipment. IBM said it expected to realize cost-savings from the consolidation of hard-disk drive component manufacturing to a Mexican plant from a San Jose, Calif., facility, leading to the elimination of 1,100 jobs. The cuts were announced in June. In a conference call with Wall Street analysts that followed the earnings report Monday afternoon, IBM Chief Financial Officer Doug Maine reiterated the company's generally upbeat financial guidance for the rest of 1999. Specifically, he said IBM was seeing no new evidence of an impending slowdown in spending on new computers as customers rush to fix older equipment ahead of the Year 2000 -- comments that echoed recent reports by other major computer makers. Maine said evidence that Year 2000 equipment repair is having any effect on IBM's overall performance ''continues to be inconclusive,'' adding that, ''With each succeeding month, if there is an impact, it's going to be short-term in nature. Goldman Sachs analyst Laura Conigliaro said the second-quarter financial report contained ''no real surprises.'' ''It was sort of a repeat of last quarter... driven by easy (year-over-year) comparisons in PCs and mainframes and on-going strength in services and software,'' she said. Shares of IBM -- a Dow industrials component that has jumped 60 percent since its first-quarter earnings report in April -- closed down $1.50 at $134.75 during regular trading. After the report, however, the stock rebounded to $136 after it resumed activity in after-hours trading. ''People got what they wanted so they should be happy,'' David Takata, an analyst with Gruntal & Co. in Los Angeles, said of the likely positive impact on the price of IBM shares in Tuesday trading. =======--------=======--------=======--------=======-------- Monday July 19, 7:07 PM,,,Tellabs sales, net income rise on TITAN demand LISLE, Ill., July 19 (Reuters) - Telecommunications equipment maker Tellabs Inc. (Nasdaq:TLAB - news) beat analysts' expectations and reported higher second quarter sales and net income on the back of demand for its TITAN brand products. ''This is clearly a quarter where sales growth was driven by the TITAN digital cross-connect system family,'' Michael Birck, Tellabs' president and chief executive officer said in a statement. ''Continuing strong demand for the SONET-based TITAN 5500 and 532L systems resulted in a 28.6 percent increase over last year's extremely robust second-quarter level,'' he said. Earlier, Tellabs said its net income for the second quarter ended July 2 was $127.8 million, or 32 cents a diluted share, compared with $119 million, or 32 cents a share in the year-ago period. A consensus of analysts' estimates pegged Tellabs' second quarter earnings at 30 cents a share. Tellabs' year-ago figures for the second quarter included a pretax gain of $73.4 million as well as a pretax write off of $24.8 million. Without those items, earnings were 23 cents a diluted share. Sales for the second quarter were $540.4 million, up 39 percent from year-ago sales of $387.7 million. Commenting on the sales, Birck said its MartisDXX system sales did not meet expectations for the quarter, but Tellabs' continues to project relatively strong sequential growth for the product throughout the rest of the year. The company also said the previously announced acquisitions of NetCore Systems Inc. and DSC Communications would allow it to speed complementary products to market and it sees both deals closing in the third quarter. Shares of Tellabs ended off $3.13 at $69.75. =======--------=======--------=======--------=======-------- Qualcomm sees profits surge on phone demand By Bloomberg News Special to CNET News.com July 19, 1999, 5:25 p.m. PT Qualcomm, which developed the world's second-most popular cellular phone technology, said fiscal third-quarter profit surged more than fivefold on strong demand for cell phones and the chips that run them. Profit from operations in the quarter ended June 27 rose to $134.9 million, or 75 cents a share, from $24.7 million, or 17 cents, a year earlier. That beat the 63-cent average estimate of analysts polled by First Call. Estimates ranged from 56 cents to 68 cents. Sales rose 15 percent to $1 billion from $875.5 million. Qualcomm said the growth came from demand for cell phones and semiconductors for cell phones, as well as royalties from other companies that use its technology. The stock has been gaining since March, when the company settled a patent dispute with No. 3 cellular-phone maker Ericsson, which also agreed to buy Qualcomm's money-losing cellular network equipment business. Qualcomm said it shipped 1.7 million phones during the quarter and 11 million chips. Phone sales were hurt somewhat by parts shortages, which could also limit fourth-quarter results, the company said. Royalty payments almost doubled to $93 million from $47 million a year ago. The higher earnings are expected to boost the company's tax rate to 35 percent in the year ending Sept. 30, from 30 percent in fiscal 1998. After a pretax charge of $117 million, or 40 cents a share, for the network unit sales, Qualcomm had net income of $58.9 million, or 35 cents. A year earlier, net income was $6 million, or 8 cents a share, including charges to write down the value of some investments. =======--------=======--------=======--------=======-------- AFTER THE CLOSE ***** DoubleClick Inc. (DCLK) 94 13/16 -5 5/16: Internet advertising company posts a Q2 loss of $0.13 a share, excluding charge, in line with the First Call mean, vs year-ago loss of $0.13 a share; system revenue rose 155% to $44 mln; see press release...... Motorola Inc. (MOT) 94 5/8 -2 7/8: cell phone equipment and semiconductor maker to sell 2.8 mln shares of Nextel Communications (NXTL 55 15/16 -1 11/16) in Q3, reducing its stake in the company to approximately 19%..... EchoStar Communications Corp. (DISH) 162 15/16 +6 7/16: direct broadcast satellite (DBS) programming services company to launch a 20 channels of Spanish-language television and audio programming from Latin America and Spain; see press release..... Globix Corp. (GBIX) 50 7/8 +3/4: provider of Internet service and one-stop Internet-based solutions posts a fiscal Q3 loss of $1.06 a share, much narrower than the First Call loss estimate of $1.77, vs year-ago loss of $1.16; revenues rose 65% to $9.4 mln; see press release ..... DoubleClick Inc. (DCLK) 94 13/16 -5 5/16: Internet advertising company posts a Q2 loss of $0.13 a share, excluding charge, in line with the First Call mean, vs year-ago loss of $0.13 a share; system revenue rose 155% to $44 mln; see press release...... Micromuse Inc. (MUSE) 56 7/16 -2 5/8: provider of fault and service-level management software posts a fiscal Q3 net of $0.10, excluding a tax credit related to prior year net operating losses, two cents better than the First Call mean, vs year-ago profit of $0.01; revenues rose 103% to $15.4 mln; see press release..... Proxicom Inc. (PXCM) 34 1/2 -2: Internet software developer posts a Q2 net of $0.03 a share, a penny ahead of the First Call estimate, vs year-ago break-even; revenues rose 54.4% to $16.22 mln; see press release..... Corning Inc. (GLW) 71 5/8 +3/8: maker of optical fiber, cable and photonic products and high-performance displays and components posts a Q2 net of $0.49 a share, three cents better than the First Call mean, vs year-ago profit of $0.39; sales increased 19% to $1.02 bln; see press release..... PRI Automation Inc. (PRIA) 38 1/8 -1/4: semiconductor factory automation company posts a fiscal Q3 operating loss of $0.17 a share, in line with the First Call estimate, vs year-ago loss of $0.40 a share; net revenues fell 20.6% to $34.49 mln; see press release..... Lattice Semiconductor (LSCC) 59 7/8 -1/8: developer and marketer of high performance programmable logic devices posts a fiscal Q1 operating net of $0.53 a share, a penny better than the First Call estimate, vs year-ago profit of $0.41; see press release ..... Citrix Systems (CTXS) 62 3/8 -1 1/8: developer of system software for server-based computing reports Q2 net of $0.32 a share (excluding charges), a penny better than analysts were expecting, vs yr-ago EPS of $0.11; revenue rose 68% to $94.4 mln; see press release..... Sanmina Corp (SANM) 72 1/2 -2 1/2: contract manufacturer reports Q3 earnings of $0.51 a share, in line with the First Call mean estimate, vs yr-ago net of $0.43; see press release .... QUALCOMM Inc. (QCOM) 158 11/16 +7/16: digital wireless communications company posts a fiscal Q3 operating net of $0.75 a share, twelve cents better than the First Call estimate, vs year-ago profit of $0.04; revenues rose 14.3% to $1 bln; see press release ..... Helix Technology (HELX) 28 1/16 +1 1/16: semiconductor equipment maker reports Q2 earnings of $0.13 a share, three cents above the First Call mean, vs a yr-ago loss of $0.02; sales rose 26% to $32.5 mln; see press release..... ISS Group (ISSX) 38 5/16 -1 7/16: provider of e-business risk management solutions reports Q2 net of $0.04 a share, a penny more than analysts were expecting, vs yr-ago EPS of $0.03; revenue rose 131% to $16.95 mln; see press release..... WebTrends Corp (WEBT) 42 11/16 -1 13/16: provider of management and reporting solutions for Internet-based systems reports a Q2 profit of $0.04 a share, a penny above analysts' estimates, vs yr-ago earnings of $0.01; see press release .... Entrust Technologies Inc. (ENTU) 28 3/4 -1/8: developer of network management products posts a Q2 net of $0.02 a share, a penny better than the First Call estimate, vs year-ago loss of $0.04 a share; see press release ..... Tellabs Inc. (TLAB) 69 3/4 -3 1/8: telecommunications equipment company posts a Q2 net of $0.32 a share, two cents better than the First Call estimate, vs year-ago profit of $0.23; revenues rose 39.4% to $540.4 mln; see press release ..... Microsoft Corp (MSFT) 98 3/8 -1 1/16: software giant reports Q4 net of $0.40 a share, four cents above the First Call mean estimate, vs yr-ago earnings of $0.25; revenue rose 39% to $5.76 bln; see press release ..... Kemet Corp. (KMET) 23 3/4 -15/32: manufacturer of solid tantalum and multilayer ceramic capacitors posts a fiscal Q1 net of $0.12 a share, three cents better than the First Call estimate, vs year-ago profit of $0.04; see press release ..... IBM (IBM) 134 5/8 -1 5/8: computer maker/tech services company reports Q2 net of $0.91 a share (excluding gains), three cents above the First Call mean; revenue rose 16% to $21.9 bln; see press release .... Xircom Inc. (XIRC) 32 13/16 +11/16: maker of computer connectivity peripherals posts a fiscal Q3 net of $0.48 a share, five cents ahead of the First Call mean, vs year-ago profit of $0.20; see press release ..... =======--------=======--------=======--------=======--------

To: Clint E. who wrote (22153)	7/19/1999 10:51:00 PM
From: Clint E.	Respond to of 69822

=-= Monday July 19, 1999,,, vol 950M,,,,Pre-MSFT&IBM =-= Sell-on-the-news mentality has been prevalent. Therefore, stocks that reported earnings in the morning as well as the ones that are expected to report in the next few days sold off today. The volume dropped as traders waited for IBM & MSFT to report. #reply-10573606 Indices [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- VIX 19.470 1.340u 18.130 18.490 20.100 18.190 375 324 1 3:59 60.630 16.730 QQQ 121.500 -1.250d 122.750 123.250 123.250 121.016 34165 1610 10 5:01 123.438 97.000 BKX 898.000 -3.200d 901.200 903.900 908.300 895.600 1666 1479 1 4:30 953.200 545.700 SPZ 1407.700 -11.100d 1418.800 1418.800 1420.100 1404.600 1789 1608 1 5:00 1418.800 923.300 SOX 510.120 -19.960d 530.080 530.080 530.080 510.020 1774 1601 1 4:30 533.460 182.590 DJII 11188.000 -22.000d 11210.000 11210.000 11252.000 11160.000 N/A 10036 N/A 4:04 N/A N/A COMP 2830.200 -34.200d 2864.400 2874.600 2874.900 2829.800 474 428 1 5:16 2871.900 1357.100 NDX 2424.600 -34.900d 2459.500 2459.500 2468.400 2422.600 1863 1692 1 5:15 2466.800 1063.300 DOW [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- AXP 139.188 3.313u 135.875 136.000 139.750 135.750 16567 1462 10 4:54 142.625 67.000 HWP 116.250 2.250u 114.000 115.750 118.438 115.250 48392 2924 1 4:09 114.563 47.063 GE 120.000 1.125u 118.875 119.000 120.000 118.000 51347 3288 3 5:04 119.000 69.000 JPM 138.000 0.625u 137.375 137.250 139.250 136.500 10774 979 43 4:13 147.813 72.125 WMT 48.063 0.063u 48.000 48.000 48.563 47.625 43323 3038 N/A 4:08 53.406 26.219 MRK 70.625 -0.500d 71.125 71.375 71.750 70.188 38315 3055 109 4:05 87.375 57.500 Tech_Titans [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- INTC 67.563 0.438u 67.125 67.125 68.000 67.000 17M 3050 799 4:01 71.844 34.875 EMC 64.375 0.375u 64.000 63.938 65.250 63.438 48197 4050 205 5:02 67.469 20.844 WCOM 90.438 0.313u 90.125 90.063 91.000 89.438 7M 7416 14 4:01 96.766 39.000 DELL 42.438 -0.813d 43.250 43.500 43.750 42.375 15M 14413 21 4:01 55.000 20.375 CSCO 64.938 -1.063d 66.000 66.125 66.125 64.750 16M 19178 824 4:01 69.250 20.563 MSFT 98.375 -1.063d 99.438 100.000 100.750 97.813 41M 47786 7 4:01 99.875 43.875 LU 76.828 -1.609d 78.438 78.438 78.500 76.000 10M 8237 110 5:02 79.750 26.719 IBM 134.625 -1.625d 136.250 136.500 138.875 133.688 8M 5158 999 4:02 139.188 55.375 ETitans [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- ATHM 46.750 1.125u 45.625 46.438 48.563 46.000 11M 17767 8 4:01 99.000 11.750 PCLN 97.656 0.250d 97.406 105.375 108.000 97.500 27857 8624 24 4:00 165.000 58.000 CNET 49.188 -0.625u 49.813 48.375 50.500 47.313 22725 3349 2 4:00 79.750 7.250 YHOO 149.500 -0.750d 150.250 150.875 152.500 147.500 63596 14172 1 4:01 244.000 29.500 AOL 119.000 -0.891d 119.891 120.000 122.500 118.375 13M 11200 32 5:01 175.500 17.250 RNWK 83.500 -3.125d 86.625 86.500 86.875 81.063 13049 3179 9 4:00 131.875 7.625 EBAY 117.688 -5.281d 122.969 123.563 123.625 117.250 29193 7415 80 4:00 234.000 8.406 DCLK 94.813 -5.313d 100.125 100.500 101.750 94.188 25491 5416 7 4:00 176.000 6.750 AMZN 131.688 -5.938d 137.625 136.000 136.625 131.500 47192 10345 8 4:01 221.250 21.656 CMGI 101.500 -7.813d 109.313 108.000 108.625 101.250 53497 13492 5 4:01 165.000 8.609 INKT 114.938 -8.063d 123.000 121.313 121.875 114.000 25340 4841 15 4:00 159.125 19.500 Networkers [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- COMS 27.438 -0.250d 27.688 27.750 27.875 27.375 29697 3070 7 4:01 51.125 20.000 SUNW 73.813 -2.250d 76.063 76.188 76.250 73.063 7M 8587 42 4:01 76.438 19.188 WirelessMfr_Carrier [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- PCS 61.875 3.063u 58.813 59.438 61.875 59.438 11233 1010 4 4:06 60.750 12.750 QCOM 158.688 0.438d 158.250 161.375 164.438 154.063 55522 10338 2 4:01 159.875 18.875 NOK 97.750 -0.375d 98.125 98.000 98.563 96.500 16430 1289 25 4:01 99.375 29.531 NXTL 55.938 -1.688d 57.625 57.250 57.250 55.438 36923 3415 3 4:01 58.313 15.375 MOT 94.625 -2.875d 97.500 97.500 97.500 94.250 25455 1618 3 4:19 100.188 38.375 Tcom&Cable_Gear [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- JDSU 175.000 2.750u 172.250 173.875 176.750 172.500 7430 1532 1 4:01 177.438 31.250 ETEK 47.844 0.094u 47.750 47.719 48.563 46.750 3138 312 6 4:00 51.188 19.438 WCII 62.250 -0.188u 62.438 62.188 64.438 61.500 9349 1218 1 4:00 63.750 10.250 OCLI 86.250 -0.563d 86.813 86.500 86.625 85.625 944 79 33 3:59 88.375 14.375 HLIT 66.000 -0.875d 66.875 67.250 68.250 65.000 1045 206 10 3:59 68.375 7.625 AWRE 58.156 -1.219d 59.375 60.500 60.563 57.250 3693 552 20 4:00 87.125 4.250 ANTC 37.125 -1.500d 38.625 38.750 39.000 37.000 2228 294 1 4:00 42.438 11.500 ADCT 44.563 -2.063d 46.625 47.000 47.000 44.125 15854 1509 1 4:01 53.625 15.750 NT 91.750 -2.313d 94.063 93.813 93.813 91.438 11492 883 159 4:03 94.125 26.813 TLAB 69.750 -3.125d 72.875 73.438 73.750 69.625 40130 4376 15 4:01 74.000 15.688 CMVT 77.625 -3.750d 81.375 81.750 82.000 77.250 11706 1294 3 4:01 82.375 19.578 TERN 43.938 -4.438d 48.375 47.438 47.688 43.938 6892 1138 4 4:00 60.500 7.000 EFNT 51.875 -6.750d 58.625 59.000 59.000 51.250 11014 2883 2 3:59 68.000 43.000 RBAK 163.000 -7.000d 170.000 172.000 175.000 157.000 4458 1621 2 4:00 199.250 65.000 PDYN 48.875 -7.375d 56.250 56.000 56.000 48.500 24508 4778 1 4:00 58.000 50.000 JNPR 135.000 -7.875d 142.875 148.250 149.000 134.750 3397 1012 3 4:00 162.000 90.125 Tcom&Cable_SrvcPrvdr [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- GBLX 46.375 0.250d 46.125 49.313 50.000 46.000 36692 3632 9 4:00 64.250 8.000 COVD 64.750 -0.250d 65.000 64.875 67.750 63.375 5296 1198 5 4:00 81.000 20.656 ADLAC 65.250 -0.500u 65.750 65.063 66.125 64.625 1361 113 24 4:00 87.000 29.125 GTSG 77.250 -0.625d 77.875 78.625 78.625 76.750 5528 438 4 4:00 91.688 21.125 QWST 33.938 -1.063d 35.000 36.750 36.938 32.875 30M 28220 3 4:01 52.375 11.000 MCLD 63.063 -1.188d 64.250 64.250 64.250 63.000 6624 394 2 4:00 67.375 15.250 MFNX 36.938 -1.813d 38.750 39.000 39.000 36.625 13196 1878 200 4:00 47.563 4.219 NXLK 94.063 -1.875d 95.938 96.750 96.750 93.375 2418 455 39 4:00 98.438 10.563 RCNC 47.250 -2.500d 49.750 50.500 51.500 47.125 7263 1276 20 4:00 54.500 8.750 LVLT 64.125 -2.875d 67.000 67.438 67.688 63.750 10415 1556 4 4:01 100.125 22.375 CMTN 94.281 -5.344d 99.625 100.750 100.750 93.000 3153 526 12 4:00 107.000 50.500 ISPs [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- CNCX 36.750 -1.563d 38.313 38.625 38.938 36.250 4760 603 1 3:59 57.625 7.125 ELNK 56.500 -2.500d 59.000 59.063 59.438 55.625 11666 2278 2 4:00 99.375 19.500 PSIX 60.375 -2.625d 63.000 61.250 62.750 59.250 10862 1458 5 3:59 73.750 8.375 MSPG 45.500 -3.250d 48.750 48.063 48.063 45.000 19267 4169 15 4:00 66.500 11.563 WebHosting [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- VRIO 83.250 0.875u 82.375 82.000 85.000 82.000 6886 689 1 4:00 83.500 13.000 ABOV 41.156 -1.969d 43.125 42.750 43.000 40.500 5842 979 16 4:00 75.500 5.750 EXDS 119.188 -18.813d 138.000 138.500 138.625 118.563 30919 7139 6 4:00 148.188 7.75 EPortals [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- INSP 57.000 -2.563d 59.563 58.938 58.938 56.250 8730 1333 1 4:00 72.625 9.750 LCOS 100.313 -4.438d 104.750 105.125 106.500 100.188 9793 2300 1 4:00 145.375 20.063 GNET 75.125 -8.188d 83.313 82.938 82.938 74.563 9749 2625 1 4:00 99.500 3.203 EBanking [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- NTBK 30.750 -1.125d 31.875 31.375 31.750 30.250 10322 1514 12 4:00 83.000 3.578 TBFC 33.125 -2.250d 35.375 35.000 36.000 32.500 6346 825 14 4:00 75.875 3.938 SONE 41.000 -2.750d 43.750 43.875 45.000 40.125 5136 613 1 4:00 79.250 4.625 EBrokers [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- NITE 52.000 -2.500d 54.500 52.875 54.875 51.250 33955 5633 3 4:00 81.625 2.250 AMTD 31.750 -2.500d 34.250 32.625 33.500 31.000 49572 9027 10 4:00 62.781 1.875 EGRP 34.688 -2.813d 37.500 36.500 37.000 34.625 10M 16293 223 4:01 72.250 2.500 SCH 49.500 -2.938d 52.438 52.438 52.438 49.000 56993 3475 10 4:14 77.500 9.250 NDB 44.250 -4.188d 48.438 47.125 47.188 43.500 11651 2122 5 4:10 93.000 8.125 ESoftware [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- VERT 107.563 -0.688d 108.250 110.000 113.000 107.125 2161 481 10 4:00 149.000 34.750 BVSN 73.500 -1.500d 75.000 75.250 77.125 72.500 5188 887 4 4:00 80.000 9.250 NSOL 79.000 -3.781d 82.781 82.563 82.625 77.500 5147 1168 2 4:00 153.750 10.500 INTU 92.500 -5.188d 97.688 97.625 97.688 92.250 3686 825 1 4:01 110.750 26.250 VRSN 86.875 -7.375d 94.250 94.500 94.938 86.875 8468 1770 1 4:00 96.750 9.68 EMisc [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- GMST 74.063 -0.688d 74.750 75.375 76.000 73.250 3705 505 102 4:00 77.500 15.500 STRM 51.250 -1.625d 52.875 52.500 52.875 47.500 2831 732 7 3:59 70.000 24.000 PHCM 77.500 -4.500d 82.000 84.500 85.250 77.000 1991 529 1 4:00 89.750 32.250 PCs [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- AAPL 54.438 1.375u 53.063 53.938 55.813 52.313 50116 6788 5 4:01 56.625 28.500 GTW 70.000 -0.500d 70.500 71.000 71.750 70.000 6589 755 9 4:01 84.500 36.125 BBY 73.188 -2.500d 75.688 75.375 75.625 72.750 14788 1301 104 4:00 80.500 15.969 SemiCapX_EDA [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- AMAT 77.563 -1.000d 78.563 77.875 79.938 76.750 57396 7085 1 4:01 79.625 21.563 TER 75.500 -1.625d 77.125 77.313 78.250 75.500 12281 491 162 4:00 79.250 15.000 SNPS 60.625 -2.063d 62.688 62.625 63.000 60.438 4232 564 1 4:01 63.250 24.500 LRCX 49.063 -2.125d 51.188 50.750 51.500 48.875 7493 933 1 4:01 52.063 8.375 KLAC 68.625 -2.875d 71.500 70.938 72.000 68.563 14636 1947 1 4:01 73.063 20.750 NVLS 65.625 -9.234d 74.859 72.250 72.750 64.750 9M 8277 1 4:01 75.875 20.875 Semis [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- QLGC 156.688 9.188u 147.500 155.000 158.000 149.250 8831 1960 4 4:01 155.000 15.813 RFMD 83.625 2.750d 80.875 84.625 86.625 82.125 11149 1644 1 3:59 83.625 5.500 AMCC 90.750 1.250u 89.500 89.750 95.000 89.688 7297 911 157 4:00 89.500 12.250 TQNT 49.750 0.375d 49.375 50.125 51.875 48.250 7872 1560 94 4:00 49.750 7.328 TXCC 50.125 0.250d 49.875 50.500 50.875 49.625 2523 327 4 3:58 52.250 7.328 LSCC 59.875 -0.125u 60.000 59.750 61.750 59.500 3767 399 10 4:01 64.500 18.875 CREE 77.500 -0.750d 78.250 79.000 79.625 76.500 1844 508 2 4:01 82.000 10.500 ALTR 40.063 -0.938d 41.000 40.563 41.813 39.125 51332 3914 7 4:01 46.875 14.531 MMCN 44.000 -1.063d 45.063 45.750 46.125 43.000 5177 672 3 4:00 51.500 7.750 MCHP 52.438 -1.750d 54.188 54.938 54.938 52.000 5957 684 1 4:00 54.938 17.000 GALT 60.250 -2.000d 62.250 62.000 64.750 60.250 4705 580 1 3:58 63.000 6.625 LLTC 70.375 -2.313d 72.688 72.813 73.000 70.125 11412 1423 1 4:01 75.750 19.563 XLNX 61.125 -3.000d 64.125 64.250 64.625 60.750 21678 2465 2 4:01 65.125 14.875 BRCM 136.750 -3.063d 139.813 140.125 140.563 136.375 11387 2191 69 4:00 149.500 23.500 VTSS 63.375 -3.438d 66.813 67.188 67.250 62.750 15492 2097 1 4:01 73.875 17.125 PMCS 79.000 -3.500d 82.500 84.500 84.625 78.375 12160 2703 11 4:00 86.625 11.438 TXN 149.938 -4.250d 154.188 154.188 155.375 149.750 24968 2344 4 4:36 154.688 45.375 RMBS 98.625 -14.375d 113.000 112.250 114.000 98.063 37261 7233 2 4:00 117.500 45.000 Software [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- SEBL 63.500 2.188u 61.313 62.375 65.125 61.688 15553 2242 1 4:01 67.375 15.125 ADBE 91.750 1.750u 90.000 89.750 93.625 89.750 9436 1509 42 4:01 91.750 23.625 VRTS 62.750 1.563u 61.188 60.875 62.938 59.750 20713 2483 7 4:01 63.438 11.875 CHKP 56.250 1.063u 55.188 55.875 56.750 55.250 8286 785 150 4:01 60.250 10.875 EFII 59.438 0.438u 59.000 59.063 60.375 58.000 10168 1179 1 4:01 59.750 13.500 ORCL 39.500 -0.250d 39.750 39.625 39.750 39.188 10M 6288 19 4:01 41.156 12.125 CPWR 35.688 -0.313d 36.000 36.000 36.375 35.125 34606 2325 5 4:01 39.906 16.375 CA 55.313 -0.688d 56.000 56.000 56.000 54.438 10513 651 181 4:01 61.938 26.000 RATL 34.063 -0.688d 34.750 34.875 35.375 33.500 12528 610 210 4:00 40.000 10.500 MERQ 43.000 -0.875d 43.875 44.125 45.875 42.250 9848 1016 9 4:00 45.000 10.563 LGTO 79.969 -0.906d 80.875 80.750 81.063 78.750 8234 835 10 4:00 82.813 27.500 CTXS 62.375 -1.125d 63.500 64.063 64.125 61.750 8031 1199 5 4:01 65.250 23.125 BMCS 59.688 -4.000d 63.688 63.688 63.750 59.375 25589 3422 1 4:01 64.875 30.000 ECM [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- JBL 47.250 -2.250d 49.500 49.563 49.563 47.188 4565 318 25 4:01 55.375 11.500 SANM 72.500 -2.375d 74.875 75.563 75.750 72.000 9517 1177 47 4:01 83.500 19.625 SLR 67.875 -3.188d 71.063 70.500 71.000 67.438 9841 864 1 4:02 73.250 19.406 FLEX 49.875 -4.563d 54.438 54.000 54.063 48.375 34584 1851 10 3:59 60.250 10.984 Misc [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- ADIC 48.125 0.750d 47.375 49.750 49.875 47.000 2384 269 1 4:00 48.625 6.125 NTAP 60.906 -1.094d 62.000 63.000 63.500 60.500 7451 754 8 4:00 67.000 16.000 EXTR 62.750 -6.875d 69.625 70.000 70.000 62.125 3598 537 3 3:59 71.125 35.063 Banks_Brokers [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- GS 69.438 1.375u 68.063 68.250 70.750 68.250 6461 572 10 4:03 77.250 60.500 C 49.188 0.188d 49.000 49.938 50.938 48.875 15M 5954 4 4:28 51.750 19.000 MWD 99.688 -0.250d 99.938 100.188 101.500 98.813 13049 1144 296 4:02 116.938 36.500 MER 74.625 -2.000d 76.625 77.000 77.375 74.063 25325 1985 1 4:17 109.125 35.750 Bios_Drugs [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- BGEN 72.188 0.688d 71.500 72.500 73.188 70.375 31703 2789 1 4:01 73.438 20.875 PFE 37.125 -0.688d 37.813 38.750 38.750 37.000 10M 7345 20 4:31 50.031 28.656 AMGN 73.438 -4.188d 77.625 77.688 77.688 72.750 56332 6279 1 4:01 81.375 28.969 IMNX 121.063 -6.813d 127.875 128.500 129.500 120.500 7229 1053 1 4:01 145.875 23.938 Laser [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- VISX 97.625 3.375u 94.250 95.500 98.875 95.438 18564 3073 57 4:00 96.563 10.484 BEAM 19.438 -0.500d 19.938 20.031 20.125 19.250 6449 719 265 4:01 23.438 3.000

To: Clint E. who wrote (22153)	7/19/1999 11:01:00 PM
From: Clint E.	Respond to of 69822

Monday July 19 6:21 PM,,,Novellus Shares Fall On Cautious Outlook SAN FRANCISCO (Reuters) - Novellus Systems Inc. (Nasdaq:NVLS - news), a maker of semiconductor equipment, reported on-target second-quarter earnings Monday, but its stock fell due to cautious comments the company made about fourth quarter revenues in a conference call, analysts said. Novellus reported second quarter net income of $12.4 million, or 31 cents a share, down from $16.1 million or 46 cents a share a year ago. Its earnings were exactly in line with expectations. Revenues were down 8.3 percent to $130.9 million, versus revenues of $142.8 million in the year-ago period. But on a sequential basis, revenues were up almost 14 percent from $115.2 million in the first quarter of 1999. ''The semiconductor industry continues to show significant signs of improvement, as it benefits from continued economic strengthening worldwide,'' said Richard Hill, Novellus's chairman and chief executive, in a statement. He said that the company's momentum is continuing with new products that will enable chip firms to manufacture chips with finer geometries. But Novellus's shares tumbled more than 12 percent, falling nearly $9.25 to $65.625, in active trading on the Nasdaq, after the company's conference call Monday morning with analysts. ''The biggest thing people don't like is they were a little more cautious about the fourth quarter,'' said Mike O'Brien, a Soundview Technology Group analyst. ''Most people had double-digit revenue growth for the fourth quarter (on a sequential basis). They are guiding (expectations to) 3 to 5 percent (revenue) growth from the third quarter.'' Officials at Novellus, based in San Jose, Calif., were not immediately available for comment. The semiconductor equipment industry is now developing products to make computer chips using copper as the interconnect element, instead of aluminum, for faster chips. At the same time, chip makers are starting to move toward so-called 300 millimeter technology, which will yield more chips per wafer than the current 200 millimeter technology. O'Brien said that he is getting the sense that Novellus, which was the first company to unveil systems to make chips using the faster copper technology, is losing its lead on copper to industry behemoth Applied Materials Inc. (Nasdaq:AMAT - news) . ''I think it's because of the momentum on copper,'' O'Brien said, of the company's fourth quarter forecast. ''Applied is getting people to look more heavily at their copper plating tools...The momentum swing on copper has moved to Applied.'' ''Revenues, gross margin and SG&A (sales, general and administrative costs) were all in line, but R&D (research and development) was $1.3 million above our estimate,'' said Gunnar Miller, a Goldman Sachs analyst, in a note to clients, adding that the higher research spending was likely due to new copper product launches and development of 300 millimeter products. Shares of Santa Clara, Calif.-based Applied finished down $1 at $77.56. Analysts pointed out that most semiconductor equipment stocks had a big run-up ahead of earnings and last week's SEMICON West industry trade show.

To: Clint E. who wrote (22153)	7/19/1999 11:05:00 PM
From: Clint E.	Read Replies (1) \| Respond to of 69822

Monday July 19, 7:05 pm ,,,Major Banks Report Strong Earnings Several major U.S. banks posted second-quarter earnings Monday that met or exceeded Wall Street's expectations. Confident consumers charged up their credit cards, bought or refinanced their homes and took advantage of the gravity-defying stock market -- all to the benefit of the banks' bottom lines. Banks also generated big fees by helping companies sell stock or make acquisitions. Citigroup (NYSE:C - news) and J.P. Morgan topped estimates, while Bank of America, Wells Fargo and Bank of New York all posted profits that met analysts' forecasts. The numbers ''are largely being driven by market-sensitive revenues, like investment banking, equity underwriting and foreign exchange trading,'' said Brad Ball, a bank analyst for Credit Suisse First Boston. Looking forward to the second half of the year, however, Ball said, ''While the momentum looks good thus far in the third quarter, as we get closer to the year 2000, I think transaction volumes and customer flows should slow.'' Here is at the results of banks that reported earnings Monday: Citigroup Inc. Citigroup, which owns Citibank, Travelers insurance group and the Salomon Smith Barney investment bank, reported net income of $2.45 billion, or 70 cents a share, for the April-June period. That beat Wall Street's estimate of 65 cents a share, according to First Call Corp. Citigroup earned $2.24 billion, or 63 cents a share, in the second quarter last year. The results include a one-time charge of $29 million in the most recent quarter, and a $191 million restructuring charge in the second-quarter last year. Citigroup, which was created last October by a merger of Citibank and Travelers, has slashed costs and jobs to become more efficient, offering consumers a wide range of products, from simple checking accounts to life insurance and stock brokerage services. ''We do believe the company has the ability to continue to perform well,'' said John S. Reed, co-chairman and co-chief executive officer. ''Some of the benefits of the merger have yet to be realized and we look forward to the coming years.'' As of June 30, the New York-based company had already taken actions to save $1.7 billion in costs, and executives said they would exceed their $2 billion target by the end of the year. Revenues for the quarter were $14.68 billion, a 12 percent increase from revenues of $13.06 billion in the year-ago period. Investors responded to the news by sending Citigroup's stock up 18 3/4 cents to $49.18 3/4 a share on the New York Stock Exchange. For the first half of the year, Citigroup earned $4.81 billion, or $1.38 a share, up from $4.4 billion, or $1.23 a share, in the first half of 1998. Revenues were $29.19 billion vs. $25.69 billion. Bank of America Corp. Bank of America reported net income of $1.92 billion, or $1.07 a share, compared with $2.3 billion, or $1.28 a share, in the same period a year ago. Those results include a one-time charge of $145 million for the cost of the merger with NationsBank. Excluding that charge, profits from operations totaled $2.06 billion, or $1.15 a share, a penny above analysts' estimate, according to First Call. The year-ago results include a one-time gain of $277 million on the sale of its Florida branches. Excluding the gain, profits from operations were $2.02 billion, or $1.13 a share. The Charlotte, N.C.-based bank had revenues of $8.19 billion, down slightly from $8.30 billion in the year-ago quarter. ''Bank of America continues to make significant progress toward our goals, as reflected in our successful merger integration efforts, solid core operating results and many new initiatives aimed at improving and expanding customer relationships,'' Hugh L. McColl Jr., chairman and chief executive officer, said in a statement. Bank of America's stock fell $1.50 to $74 on the NYSE. Net income for the first half of the year totaled $3.83 billion, or $2.15 a share, up from $3.63 billion, or $2.03 a share. Revenues were $16.05 billion vs. $16.46 billion. Wells Fargo & Co. Wells Fargo, the No. 7 bank in the country, reported record net income of $931 million, or 55 cents a share, beating Wall Street's forecast by a penny. The San Francisco-based company earned $719 million, or 43 cents a share, for the second quarter of 1998. Revenues were $5.31 billion, up from $5.21 billion. ''We're pleased with the progress of our merger integration to date and we continue to be on schedule for systems conversions, which will begin later this year in the overlapping banking states of New Mexico, Nevada and Arizona,'' Dick Kovacevich, Wells Fargo's president and chief executive officer, said in a statement. The company's stock fell 43 3/4 cents to $42.68 3/4 a share on the Big Board. Net income for the first six months of 1999 was $1.82 million, or $1.08 a share, up from $1.40 billion, or 85 cents a share. Revenues were $10.53 billion vs. $10.18 billion. J.P. Morgan J.P. Morgan reported a 25 percent increase in second-quarter income, soaring past Wall Street's expectations. The investment and commercial bank had net income of $504 million, or $2.52 a share, topping analysts' estimate of $2.24 a share. J.P. Morgan earned $481 million, or $2.36 a share, in the second quarter of 1998. That quarter, however, included a $79 million one-time gain on the sale of the company's global trust and agency services business. Excluding that gain, the New York-based actually posted a healthy 25 percent increase in a year-over-year comparison. Revenues totaled $2.19 billion, almost flat from revenues of $2.15 billion in the second quarter last year. Investors responded the the rosy numbers by bidding up J.P. Morgan's stock by 62 1/2 to $138 on the NYSE. For the first half, net income totaled $1.10 billion, or $5.53 a share, compared with $718 million, or $3.51 a share, in the first six months of 1998. Revenues were $4.68 bilion. vs. $4.14 billion. Bank of New York Co. Bank of New York reported a 10 percent in second-quarter earnings, and announced an aggressive plan to buy back about $1 billion of its stock. The Bank of New York earned $323 million, or 42 cents a share, matching analysts' forecast. In the year-ago period, the bank earned $295 million, or 38 cents a share. Revenues totaled $1.08 billion, a 9 percent increase from $985 in the second quarter last year. The bank's stock rose 43 3/4 cents to $38 on the Big Board. The Bank of New York said it would buy back 30 million of its common shares upon completion of the sale of BNY Financial Corp. Companies use stock buybacks to increase their earnings-per-share, and therefore the market price. The company attributed its gains to strong revenue growth in fee-based businesses and its continuing cost controls. For the first six months, Bank of New York had profits of $639 million, or 82 cents a share, up from $578 million, or 74 cents a share. Revenues were $2.14 billion, up from $1.94 billion. =======--------=======--------=======--------=======-------- Monday July 19, 7:30 PM,,FOCUS-Citigroup core profit a record $2.5 billion By Mary Kelleher NEW YORK, July 19 (Reuters) - Citigroup Inc.(NYSE:C - news), the No. 1 U.S. financial services company, said on Monday its second-quarter profits before one-time items jumped 21 percent to a record $2.48 billion, beating expectations as it scaled back costs and its consumer business surged. Citigroup, formed last year from the merger of Citicorp and Travelers Group, earned core income of 71 cents per diluted share in the quarter, exceeding year-ago results of 57 cents. In the 1998 second quarter, core income totaled $2.05 billion. The financial services giant's results topped the Wall Street forecast of 65 cents a share, according to First Call Corp., which tracks analysts' earnings estimates. The 1999 second-quarter operating profits exclude a $29 million restructuring charge, while last year's figure excludes a $191 million restructuring reserve benefit. Net income for the second quarter was $2.45 billion, or 70 cents per diluted share, up from $2.24 billion, or 63 cents per diluted share a year ago, Citigroup said. ''Citigroup's numbers were terrific and we're particularly impressed, given that their trading income wasn't as strong as it was in the first quarter,'' said Lawrence Cohn, an analyst at Ryan, Beck & Co. ''You can really see the progress Citigroup is making in squeezing expenses out of Citibank, particularly on the consumer side, and they have indicated there is more to come.'' On Monday, Citigroup stock ended 6.25 cents higher at $49.0625 on the New York Stock Exchange. In composite NYSE trade, the stock was up 18.75 cents at $49.1875. Citigroup said a 40 percent rise in core income at its global consumer arm, to $1.11 billion, lifted overall results, along with a 26 percent increase in global corporate and investment banking profits, to $1.26 billion. Its total revenues rose 10 percent to $14.95 billion. Citigroup, which has tried to pare costs since its merger, also said it had taken steps to cut about $1.7 billion in expenses and expects to surpass its goal of $2 billion in annualized pretax expense savings by year end. ''The success of our expense reduction magnifies the impact of strong revenue growth on the bottom line,'' said John Reed and Sandy Weill, Citigroup's chairmen and co-chief executive officers. The company said a decline in some costs at its consumer business, where full-time jobs and other positions have been reduced by about 5,500, aided results, as did a 96 percent gain in credit card profits to $267 million. Reed told a conference call the recently merged company had yet to reach its maximum potential, especially overseas and also in terms of offering its full line-up of financial products to its vast customer base. ''The potential of the company is probably even stronger, in terms of revenue growth,'' Reed said. Its retail consumer bank profits soared 186 percent to $106 million, as costs dropped and the sale of investment products and continued growth in client accounts generated fees. Income at its commercial credit operation rose 45 percent to $87 million, while its international consumer business saw profits jump 25 percent to $303 million. At its corporate and investment bank, strong investment banking and robust markets lifted results at its Salomon Smith Barney securities unit, whose income rose 75 percent to $610 million on revenues of $3.27 billion. ''Clearly strong markets benefited the quarter, but the company cites principal transactions are only 9 percent of total revenues,'' George Bicher, an analyst at Deutsche Banc Alex. Brown, wrote of Citigroup's earnings. ''With cost savings still to be recognized and good performance at most business units, this performance could be viewed as sustainable.'' Its global arbitrage business, which Salomon Smith Barney scaled back significantly after severe losses during last year's emerging market turmoil, was moderately profitable in the second quarter, it said. Profits in the corporate and investment bank's emerging markets business rose 22 percent to $295 million in the quarter, while the division that provides corporate banking to Citigroup's top multinational companies fell 34 percent to $158 million because of a $104 million after-tax gain on real estate sales in the 1998 quarter. Losses at Citigroup's Internet venture, e-Citi, increased 19 percent to $44 million, as Weill and Reed reaffirmed their commitment to doing more business online. ''As we look to the future, it is imperative that we continue to build on our strong presence on the Internet,'' they said. U.S. banks and brokers are scrambling to sell products over the Internet as their customers rush online. Merrill Lynch & Co. Inc.(NYSE:MER - news), the top U.S. securities firm, recently raised the stakes by announcing plans to offer full-blown Internet stock trading. =======--------=======--------=======--------=======--------

To: Clint E. who wrote (22153)	7/20/1999 1:44:00 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69822

Clint, Did you listen to the MOT CC. QCOM is reporting that component shortages could limit growth going forward. Current guidance is for the company revenue growth to be on track, only upside surprises will be effected. An analyst reported that MOT reported the same component shortage problem in their call. Component shortages are across the board and not any one specific item. The shortages seems to be rotating and are based on timing issues. Suppliers are adding capacity, but still did not expect this kind of demand. Shipments of handset next Q should be made up of their new thin phone (50 percent up from 20 percent this Q). Margin are higher on the thin phone. An analyst suggested the shortage might be in displays and filters, but QCOM said it was not any one item. Most analysts seem to have adapted to their forward looking royalty revenue recognition scheme. I still don't like it, but that is the way the company has decided to account for the royalties. Harry