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Technology Stocks : Intel Corporation (INTC) -- Ignore unavailable to you. Want to Upgrade?

To: Ibexx who wrote (86421)	7/30/1999 4:47:00 PM
From: Joseph Pareti	Respond to of 186894

>I would prefer mixed reviews there is enough "kurlak legacy" in the system to provide for that. Some day some pundit will wake up in the morning and say "gee cool stuff that dresden stuff " and that will give us some trading mileage

To: Ibexx who wrote (86421)	7/30/1999 5:42:00 PM
From: Ibexx	Respond to of 186894

Closing Market Commentary by Larry Wachtel of Prudential (7/30): ___ July 30, 1999, 4:51 p.m. EDT A Friday in July on Wall Street is the stuff of drifting, not drama. Stocks kissed off July with a whimper, falling for the fourth time this week and completing two weeks of corrective action. Actually, most of the damage today came in the 30 stock Dow Industrial Average. The index fell 136 points with a 6 point decline in American Express and a 3 point hickey in General Motors doing most of the damage. Other losers included JP Morgan, General Electric, American Telephone, and Hewlett Packard. Some offset came from a 2 point rise in Procter & Gamble and point sized gains in Exxon. While the Dow floundered, Big Board advances and declines were in approximate balance while NASDAQ was able to hang tough with a one point decline. Big Board volume was dribbly at 725 million shares and that was helped by end of month programs. For the week the Dow fell 255 points on top of the last week 300 point decline, all of which tends to correct some of the excesses of the first 6 1/2 months. The downside catalyst continues to be fear of rising rates. Today we got further evidence of a quickening economic pace and to the bond vigilantes, good news is bad news. The Commerce Department reported rising New Home Sales and higher Personal Income and Spending for June. Meanwhile, the July Purchasing Managers Index showed a robust economy and a recovering manufacturing sector. Moreover, the prices paid portion of the Chicago Managers Report reflected some inflationary pressures. The 30-year Treasury fell back sending the yield up four basis points to 6.11% with a high water mark of 6.13%. Bond yields are once again approaching areas where money managers start shifting from stocks to bonds. Of course, each burst of business strength and each sign of upward price pressure move the street closer to the view that the Fed will tighten again on August 24th. LAM Research and BMC Software helped the technology sector with better than expected earnings and a 9 point gain for LAM while BMC Software tacked on 5. Better earnings also helped Proctor & Gamble, American Education, Sinclair Broadcasting, Mercury Computer and Cardinal Health. Negative bottom line results impacted American Financial, RG Barry, Steris Corp., Champion Enterprises and Noodle Kidoodle. On the zeal to deal ANB Corp rose over four after agreeing to be acquired by Old National Bancorp while Chicago Title gained six on speculation about a bid from Fidelity Investments. In the week ahead, Monday will likely prove dribble with the chance for improvement on snap back Tuesday. But the week is strewn with economic news, culminating in the July job figures on Friday and Alan Greenspan will be reading each dispatch. They say adversity molds character. We say, "Who needs it." ________ At least it's fun reading. Have a nice weekend, Ibexx