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To: HECTOR RUBERT who wrote (26470)	7/22/1999 12:12:00 PM
From: Ed Forrest	Read Replies (1) \| Respond to of 41369

Market Movers Jul 22, 1999 Midday Movers Investors are impatiently awaiting Alan Greenspan's semi-annual testimony to Congress, scheduled to begin at 11 a.m. (EDT). Despite adopting a 'neutral bias' at the last FOMC meeting, some investors are anticipating that the Fed Chairman might signal that another rate increase is in the cards. Even so, the Dow was up slightly in early trading, adding 18.36 points to 11,021.14. The NASDAQ has not fared as well though, dropping 32.14 points to 2729.63. The index has lost almost 5% for the week after its record close last Friday. Bonds are faring better, with traders speculatively bullish about interest rates. The yield on the 30-year Treasury bond stands at 5.89%. A $25 billion influx by the Federal Reserve has not been enough to stop the momentum of the Japanese Yen. The possibility of a turnaround in Japan is sending foreign investors clamoring for the currency, and sending the dollar towards recent lows. Internet stocks got bombed this morning, riding largely on news that Amazon.com (NASDAQ:AMZN - news) earnings estimates were cut by Merrill Lynch after meeting second quarter loss forecasts. The stock dropped $15.44 to $110 after the online retailer reported an earnings loss of $0.86 per share, or $0.51 per share excluding merger-related expenses. America Online (NYSE:AOL - news) was also down $3.13 to $111.94, following the continued pattern of selling after encouraging earnings news. It beat second-quarter estimates and Merrill Lynch analyst Henry Blodget upped his forecast for the company. Yahoo! (NASDAQ:YHOO - news) fell $3.94 to $147.94, Lycos (NASDAQ:LCOS - news) dropped $3.38 to $97.56, Excite@Home (NASDAQ:ATHM - news) was down $1.13 to $45.88, and eBay (NASDAQ:EBAY - news) fell $4.38 to $110.94. Shares of Xerox (NYSE:XRX - news) , the No.1 copier maker, dropped $3.69 to $51.69 after the company said that second-quarter earnings rose 13% and warned that a rising dollar may slow sales and profit growth for the rest of the year. The company reported earnings of $0.62 per share, compared with $0.54 in the year-ago period. But the rising U.S. dollar may cut per-share earnings by $0.05 or more for the rest of 1999, the company said. I2 Technologies (NASDAQ:ITWO - news) shed $8.78 to $33.69, despite the company reporting record second quarter revenue after yesterday's close. Total sales of $131.4 million represented a 57% increase (year-over-year). Analysts at Prudential Securities cut their rating on the enterprise managers to 'hold,' citing shrinking margins and dilutive acquisitions. International Telecomm Data Services (NASDAQ:ITDS - news) got hammered by investors this morning, losing $5.50 to $10.19. The company reported a strong second quarter though, earning $0.26 per share on a record $35.2 million in sales. Analyst Michael Turits of Prudential cut his rating on International to 'hold,' noting that the outlook for the future is uncertain. Shares of Compuware (NASDAQ:CPWR - news) fell $8.38 to $25.25, after a slew of analyst downgrades. No fewer than five major banks cut their ratings on the company, in spite of yesterday's announcement of a blowout fiscal first quarter. MP3.com (NASDAQ:MPPP - news) dropped $0.31 to $63 after the stock more than doubled Wednesday, its first day of trading, as investors bet that it would revolutionize music distribution. The stock was down as much as $2.56 in earlier trading. On Wednesday, MP3.com shares surged $35.31 to $63.31 as almost 16 million shares traded. Its day high reached $66 then dropped off to $63. Initial trading opened at $28 per share. Despite beating analyst estimates, Sybase (NASDAQ:SYBS - news) dropped a buck to $10.69 today despite reporting second-quarter earnings of $0.17 a share, up from just $0.01 in the year-ago period. However, revenue fell 3.5% to $210.2 million from $217.9 million. The stock was downgraded by analyst Robert Tholmeier at First Albany from 'accumulate' to 'neutral.' Peregrine Systems (NASDAQ:PRGN - news) , a leading provider of infrastructure management solutions, rose $1.63 to $27.88 after it reported first quarter earnings of $0.14 per share. This compares with $0.08 per share in the year ago period. The company was expected to earn $0.14 per share based on the average analyst estimate. Analyst Damian Rinaldi at First Albany raised the stock from 'accumulate' to 'buy.' Conexant Systems (NASDAQ:CNXT - news) gained $6.25 to $64.25. The company reported fiscal third quarter earnings of $0.24 per share, triple the prior quarter. Revenue also increased 20% sequentially, led by a 76% increase in its Network Access business. -------------------------------------------------------------------------------- For more in-house professional stock analysis and commentary, visit us at Individual Investor Online. -------------------------------------------------------------------------------- Archives: [ Wed Jul 21 \| Tue Jul 20 \| Mon Jul 19 \| Fri Jul 16 \| Thu Jul 15 \| more ] -------------------------------------------------------------------------------- Enter one or more ticker symbols, or you may look up the symbol by company name. Basic DayWatch Fundamentals Detailed Quotes Chart Research -------------------------------------------------------------------------------- Copyright © 1999 Yahoo! All Rights Reserved. Copyright © 1999 Individual Investor Online This material is for personal use only. 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