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

To: Clint E. who wrote (22887)	8/17/1999 6:04:00 PM
From: ynot	Read Replies (1) \| Respond to of 69874

x, brcd, might be worth a buy, but i am not sure how to relate value here other than be part of the p&d crowd or squeeze the short crowd? as usual the VC's are compressing as many 'divisibilities' as possible to maximize the number of IPO's in the market however at the end of the day, and after a nice ride up, what prevents NTT, NT, LU from mopping up here? tia ynot ;)

To: Clint E. who wrote (22887)	8/17/1999 9:28:00 PM
From: Clint E.	Respond to of 69874

8/17/99,,CPI Report Eases Rate Concern; Housing, Output Point to Further Growth By Michael McKee U.S. Economy: Tame CPI Report Eases Rate Concerns (Update2) (Adds closing markets in 8th paragraph.) Washington, August 17 (Bloomberg) -- U.S. consumer prices rose in July for the first time in three months, boosted by oil and airfare increases that analysts said are unlikely to recur. The Labor Department's consumer price index rose 0.3 percent last month. The core index, which excludes food and energy costs, rose 0.2 percent. Both increases were in line with expectations, and indicate little immediate danger of accelerating inflation, analysts said. That means the Federal Reserve could avoid a series of interest-rate increases to slow the economy, said Patrick Dimick, an economist at Warburg Dillon Read in Greenwich, Connecticut. ''There's still no visible inflation enemy for the Fed to aggressively engage,'' Dimick said. He and other analysts expect the Fed will boost the overnight bank lending rate once before the end of the year, probably at next week's meeting of the policy-making Open Market Committee. Separate reports on housing construction and industrial production today showed the economy is still growing fast enough for higher inflation to remain a possibility. Housing starts rose 5.7 percent last month, the Commerce Department said, more than double the gain analysts had expected. That followed a 5.8 percent decrease in starts during June. U.S. industrial production rose 0.7 percent in July, the sixth straight monthly increase, Fed figures showed. The figures reflect a rise in output by manufacturers, which had been trailing the rest of the economy, and a demand for electricity to power air conditioners through a July heat wave. Annual Inflation Low Today's increase in the CPI -- the government's broadest gauge of costs for goods and services -- puts it on track to rise 2.4 percent this year. That would be the third lowest rate of inflation in more than a decade. The message of benign inflation reassured investors. The benchmark 30-year Treasury bond rose more than a full point, pushing down its yield 8 basis points to 6.01 percent. Stocks rose. The Dow Jones Industrial Average rose 70 points, or 0.6 percent, to close at 11,117.08, while the Standard & Poor's 500 Index gained 13 points, or 1 percent, to close at 1344.16. Energy prices, which account for about a tenth of the price index, rose 2.1 percent during July. The rise in that category reflected a 4.3 percent increase in gasoline prices, the biggest since a 15 percent surge in April. U.S. retail gasoline prices rose to $1.195 a gallon during the last week of July, the highest price since October 1997, the Department of Energy said. Air Fares Headed Lower Airline fares increased 6.5 percent, the biggest jump in since a 7.9 percent increase in October 1992. Air fares in the past three years have fallen in May and June, only to be followed by a large increase in July. Already this month, United Airlines and other carriers have announced airfare sales. ''Embedded in this report were logical reasons why it was up, which is why we're not concerned going forward,'' said Joel Kent, an economist with Lehman Brothers Inc. in New York. Food prices, which account for about a fifth of the index, rose a restrained 0.2 percent after holding steady in June. Housing costs, which account for 40 percent of the index, rose just 0.1 percent. Clothing and apparel costs fell 0.9 percent, the biggest drop since January. Even while inflation has shown few signs of accelerating, concern that high demand for labor could lead to wage increases and ultimately rising consumer prices is keeping the Fed on guard. The FOMC voted June 30 to raise the overnight bank rate a quarter-point to 5 percent. Factory Output Rising July's gain in industrial output raised optimism among analysts about the contribution of American mills and factories. Among major groups, manufacturing output advanced 0.6 percent in July. Mining output rose 0.8 percent. And output at utilities increased 2.5 percent. ''The manufacturing sector has lagged behind the performance of the overall economy, but now it's starting to regain momentum,'' said Ken Mayland, chief economist at KeyCorp in Cleveland. Late in the month, nationwide power output set a record at 81,144 gigawatt-hours, according to the Edison Electric Institute trade group. A gigawatt-hour is enough power to run a million homes for an hour. The plant-use rate, which measures industrial capacity in use, rose to 80.7 percent in July, the highest since last December, from 80.3 percent during June. July's rise in housing starts would keep the pace of homebuilding ahead of 1998's 11-year high of 1.62 million units. Housing Starts Up Starts of new-single family homes rose 4.4 percent during the month, while construction of apartments and other multi- family homes rose 11.4 percent. Starts rose in the Northeast, South and West, and fell in the Midwest. The increase should not have surprised analysts, said Robert Toll, chief executive officer of Toll Brothers Inc., the nation's leading builder of luxury homes. With new home sales breaking records month after month, builders' backlogs are at record levels. The company, which saw sales revenues climb 21 percent over the last nine months, has a backlog of 2,481 homes waiting to be built. If sales stopped today ''it would probably take about 10 months to work that off, in some communities up to 12 months,'' Toll said. That means further strength ahead for the economy. ''With building activity remaining robust, spending on appliances, furniture, flooring and most other home and building products will not ease significantly, if at all,'' said Joel Naroff, president of Naroff Economic Advisors in Holland, Pennsylvania. And there's little indication of a big falloff in home sales, although rising interest rates have damped the outlook for the coming months. Since reaching a 32-year low of 6.64 percent last September, the average rate on a 30-year fixed mortgage has climbed to above 8 percent. Perhaps reflecting that, permits for new housing construction decreased 0.5 percent in July.

To: Clint E. who wrote (22887)	8/17/1999 9:36:00 PM
From: Clint E.	Read Replies (1) \| Respond to of 69874

EGRP rising on this news!!!!!...EGRP Will Offer After-Hours Trading With Reuters' Instinet By Philip Boroff ETrade Will Offer After-Hours Trading With Instinet (Correct) (Corrects first name of Wit's president in 18th paragraph. Adds 23rd paragraph.) Menlo Park, California, Aug. 17 (Bloomberg) -- ETrade Group Inc., the second-biggest online stockbroker, said it will offer after-hours stock trading through Reuters Group Plc's Instinet, which runs the largest electronic trading network. The agreement would let individual investors use Instinet, which is currently available almost exclusively to institutional investors who use it to trade some 20 million shares each night. ''This is the first time retail clients are going to be able to get online access to our institutional pool of liquidity,'' said Doug Atkin, Instinet's chief executive. ETrade will be the exclusive online broker on Instinet from September, when the service starts, until the end of the year, giving ETrade an advantage over potential competitors. After that, Instinet is free to sign similar accords with other firms. Several, such as Wit Capital Corp. and MarketXT Inc., have said they plan to start evening trading sessions. Datek Online Holdings added evening trading on July 20, though the firm handles less than 1,000 trades on average. The partnership is expected to start in September and would allow ETrade's 1.3 million customers to trade until 6:30 p.m. Regular market hours are from 9:30 a.m. to 4 p.m. Christos M. Cotsakos, ETrade's chairman and chief executive said the agreement may pave the way to 24-hour trading within about a year. ''We want to take it one step at a time,'' he said. Big Player Instinet, founded in 1969, allows institutions including securities firms, mutual funds and pension funds to trade New York Stock Exchange and Nasdaq Stock Market shares directly and anonymously with one another via computer. ''When the store closes, I don't think you should complain about consumers going to another place,'' said Doug Atkin, Instinet's chief executive. ''This is about nimble 21st century companies getting together to redefine the market.'' Atkin said his system would be the safest for investors, because Instinet's large volume, or ''liquidity,'' will give investors the best prices and smoothest trading. Yet even after hours Instinet trading is relatively inactive and risky, said David Whitcomb, president of Automated Trading Desk, a Charleston, South Carolina trading firm that uses Instinet. ''You can get big price swings and you don't have as much liquidity as during the day,'' he said. The NYSE and Nasdaq have formed committees to study extended hours and their possible effect on the securities industry. Both expect to publish reports on this in a few weeks. The NYSE has said it won't extend hours until the third quarter of 2000, after solving computer problems associated with the Year 2000 and overcoming challenges in converting stock price increments to decimals from fractions. Nasdaq hasn't set a timetable. Both markets had no comment on ETrade's plans. Both markets are also considering becoming public companies, in part to compete against Instinet. Instinet has talked with the SEC about its plans, Atkin said. ''People don't live by market hours,'' said Doug Atkin, Instinet's chief executive. ''They live 24 by 7.'' Competitors Wit, an online investment bank, will offer after-hours stock trading through America Online Inc. under an agreement giving Wit exclusive access to AOL's 18 million customers. It's preparing for a November launch. Trading is planned from 6 p.m. or 7 p.m. to 10 p.m. Wit President Ronald Readmond says his is the most investor-friendly network, because it's skipping the hour from 4 p.m. to 5 p.m. when many companies announce quarterly results. ''That is the most perilous period for investors because that's when news is disseminated,'' he said. ''It pits institutional investors against individual investors. It's hard to imagine how the individual will win because the institutions are more informed.'' Morgan Stanley Dean Witter & Co. and Salomon Smith Barney Inc. agreed to invest in MarketXT, but neither has pledged to send its orders to the system. MarketXT MarketXT officials have said their system will start within a month. The company previously said Nasdaq market-maker Herzog Heine Geduld, institutional brokerage Bernard L. Madoff Investment Securities and two online brokerages for individual investors --Discover Brokerage, the No. 8 online broker, and Dreyfus Brokerage Services -- agreed to participate in its system. A MarketXT spokesperson declined to comment. Another potential competitor is a new trading system planned by Charles Schwab Corp., the busiest online broker, along with Fidelity Investments, DLJDirect Inc., and market-maker Spear Leeds & Kellogg. The unnamed venture may also offer extended trading, in part to appeal to investors on the U.S. West coast, for whom the market closes at 1 p.m. ''After-hours trading is something we're very interested in,'' said Schwab spokesperson Marta von Lowenfeldt. ''We're still figuring out how it will work. There's no timetable we're sharing.'' ETrade Group gained 3 3/8 to 30 1/4. Reuters' American depositary receipts rose 1 3/8 to 88 7/8. Wit Capital, which first sold shares to the public in June, fell 1/2 to 21 1/4. Bloomberg News, Bloomberg Financial Markets and Bloomberg Television compete with Reuters in providing news and information to the financial community. Bloomberg also operates a trading network called Tradebook.

To: Clint E. who wrote (22887)	8/17/1999 10:07:00 PM
From: Clint E.	Respond to of 69874

U.S. Equity Movers Final: Go2Net, Micron, Williams-Sonoma New York, Aug. 17 (Bloomberg) -- The following is a list of companies whose shares moved in U.S. markets today. American International Group Inc. (AIG) rose 4 1/16, or 4.6 percent, to 93. The insurer was rated new ''buy'' by analyst Jay Lefkowicz at Morgan Wilshire Securities. Lefkowicz predicts the stock will reach 111 in six months. Audible Inc. (ADBL) rose for a second day, gaining 2 5/8, or 19 percent, to 16 1/2. The company, which delivers audio versions of books and newspapers over the Internet, said it expanded its agreement with Microsoft Corp. (MSFT) to support Microsoft's Windows Media Technologies 4.0, and Audible's products will be available for users of Windows Media. EchoStar Communications Corp. (DISH) rose 6 13/16, or 10 percent, to 72 1/2. The No. 2 U.S. satellite television company was raised to ''top pick'' from ''buy'' by analysts Dennis H. Leibowitz and Karim Zia at Donaldson Lufkin & Jenrette Securities Corp. E*Trade Group Inc. (EGRP) rose 3 3/8, or 12 percent, to 30 1/4. The second-biggest Internet brokerage said it will offer after-hours stock trading with Instinet, which runs the largest electronic trading network. Exodus Communications Inc. (EXDS) rose for a second day, gaining 4 15/16, or 6.7 percent, to 78. The company, which houses computers that run Internet sites split its stock 2 for 1 Friday. Hewlett-Packard Co. (HWP) fell 6 1/4, or 5.7 percent, to 104. The world's No. 2 computer maker's fiscal third-quarter profit failed to beat some unpublished estimates. The company said it earned 81 cents a share for the quarter ended July 31. It was expected to earn 80 cents, the average estimate of analysts surveyed by First Call Corp., though some unpublished forecasts were for profit of as much as 87 cents. Ligand Pharmaceuticals Inc. (LGND) fell 2 3/4, or 28 percent, to 7 3/16. The biotechnology company was downgraded to ''market perform'' from ''buy'' by analyst Richard van den Broek at Hambrecht & Quist because the company is becoming profitable more slowly than expected. Its second-quarter loss widened to $18.9 million, though its loss per share narrowed to 40 cents from 45 cents. The company had about 47 million shares outstanding for the current quarter and 38.8 million outstanding a year earlier. Medtronic Inc. (MDT) rose 2 1/16, or 3 percent, to 73 1/16. The world's largest maker of pacemakers said it won a preliminary injunction in federal court, halting Tyco International Ltd.'s (TYC) Surgical Dynamics Inc. unit from selling its spinal-implant fusion cage in a patent-infringement case. Micron Technology Inc. (MU) fell 2 5/8, or 4.3 percent, to 57 15/16. The biggest U.S. maker of memory chips has seen its stock tumble 20 percent in the past four days after reaching a five-month high of 68 9/16 last week. Micron shares rose in recent weeks amid optimism that more stable prices for computer- memory chips would help turn around recent losses. Dynamic random- access memory prices, which were as low as $4 in June, have now risen as high as $7.25 as inventories were slimmed down and personal computer makers put more memory in their cheap PCs. Network Solutions Inc. (NSOL) rose 4, or 7.2 percent, to 59 3/8. The No. 1 company that assigns Internet addresses will offer services to users of Go2Net Inc.'s (GNET) HyperMart and Virtual Avenue services, which comprise about 445,000 small and medium-sized businesses. Go2Net rose 3 3/4, or 5.7 percent, to 68 7/8. Qwest Communications International Inc. (QWST) rose 2 1/2, or 8.6 percent, to 31 9/16. The No. 4 U.S. long-distance phone company was rated ''recommend list'' in new coverage by analyst Frank J. Governali at Goldman, Sachs & Co. Governali expects the shares to rise to 45 within a year. RMI.net Inc. (RMII) rose 15/16, or 11 percent, to 9 1/8. The e-business and convergent communications company said its President, Chairman and Chief Executive Officer, Douglas Hanson, had invested an additional $7.5 million in the company. Hanson said he believes the company, formerly Rocky Mountain Internet, is positioned for continued growth. Hanson entered a warrant agreement in October 1997 with the company in which he had the opportunity to purchase 4 million shares. Under the terms of the agreement, he was required to exercise those options by September 1999. SilverStream Software Inc. (SSSW) rose 15 1/2, or 97 percent, to 31 1/2 in its first day of trading. The company, which makes software to help companies use the Internet for electronic commerce, yesterday sold 3 million shares at 16 each, raising $48 million. The sale represented a 17 percent stake. Software.com Inc. (SWCM) rose 8 3/4, or 29 percent, to 39. The supplier of e-mail systems to Internet service providers said Sprint PCS (PCS) licensed Software.com's InterMail software for its digital wireless-messaging service.Tiffany & Co. (TIF) rose 6 5/16, or 13 percent, to 53. The No. 2 U.S. jewelry retailer said second-quarter earnings rose to 31 cents a share, topping the 24-cent average estimate of analysts polled by First Call. Williams-Sonoma Inc. (WSM) rose 3 13/16, or 11 percent, to 39 5/8. The cooking and serving equipment retailer said second quarter earnings rose to 12 cents a share from 7 cents a share a year before. The company cited the sale of the assets of the Gardeners Eden catalog, combined with strong sales performance for its retail stores and catalogs as the reason for the increase. Xerox Corp. (XRX) rose for a second day, up 1 11/16, or 3.6 percent, to 48 15/16. The office equipment supplier was reiterated a ''strong buy'' by analyst B. Alex Henderson at Prudential Securities. Henderson expects the stock will reach 70 within a year. Zions Bancorp (ZION) rose 1 13/16, or 3.3 percent, to 55 7/8. The No. 2 bank in Utah was raised to ''buy'' from ''market perform'' by analyst David H. Winton at Keefe, Bruyette & Woods. Winton expects the shares to rise to 69 within a year. Financial-services stocks: Shares of financial-services companies rose after Merrill Lynch & Co. said Citigroup Inc. (C) and other financial stocks are attractive. Citigroup rose 1 5/16, or 2.8 percent, to 47 5/8. American Express Co. (AXP) rose 4 3/8, or 3.2 percent, to 140 1/4. Bank of America Corp. (BAC) rose 2 1/8, or 3.4 percent, to 64 5/8. Capital One Financial Corp. (COF) rose 1 3/4, or 4.2 percent, to 43 3/4. Morgan Stanley Dean Witter & Co. (MWD) rose 4 3/4, or 5.2 percent, to 95 13/16. Providian Financial Corp. (PVN) rose 7 9/16, or 8.6 percent, to 95 3/4. Charles Schwab Corp. (SCH) rose 2 7/16, or 5.7 percent, to 45 1/2