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Technology Stocks : Jimbo's Playhouse/CPQ -- Ignore unavailable to you. Want to Upgrade?

To: Mao II who wrote (4192)	9/16/1999 12:50:00 PM
From: Night Writer	Read Replies (1) \| Respond to of 12662

U.S. stocks down amid Hurricane Floyd fears (Updates to late morning) By Amy Collins NEW YORK, Sept 16 (Reuters) - Wall Street stocks fell in late morning on Thursday as traders wound down their positions, worried that the fringes of Hurricane Floyd would cut the trading day short. The Dow Jones industrial average was down 71 points, or 0.66 percent at 10,730. The Nasdaq composite index fell 34 points or 1.24 percent at 2,779. The 30-year U.S. Treasury bond was up 5/32 with a yield of 6.09 percent. "People are trying to get out early ahead of rush," said Trude Latimer, an independent stock broker in Charlottesville, VA. Also in play was volatile trading before Friday's "triple witching" expiration of futures and options. "This is the day before an expiration and it's going to be a shortened day in certain areas," Latimer said. "Some traders probably are going home early, too." The New York Stock Exchange said it would not close early, but the talk was still there among traders. "The NYSE could close early, I don't think they will, but since it might, I don't think people will be taking new positions today," said Dick Stein, vice president and chief technical analyst at the Boca Raton-based Noble International Investments. However the New York Mercantile Exchange and Commodity Exchange both said they would close early. The Bond Market Association recommended an early 1 p.m. close due to the potentially dangerous weather conditions caused by Hurricane Floyd, which is moving up the East Coast. In company news, FDX Corp., <FDX.N> parent of air shipping leader Federal Express Corp., said higher fuel costs hurt its first quarter profits and that second-quarter profits may also miss forecasts. The stock fell 5-3/8 to 38-3/16. American Home Products Corp. <AHP.N> edged up 1-13/16 to 45-1/16 after the Wall Street Journal reported the drug maker is in advanced talks to settle much of the diet-pill litigation it faces. PaineWebber also raised its rating on the stock to attractive. In merger news, Align-Rite International Inc. <MASK.O> was up 5-1/8 at 19-7/8 after the leading photomask maker, Photronics Inc., <PLAB.O> said it would buy the company. Photronics, which said it made the purchase to meet the growing demand for prints used to create tiny circuit patterns on computer chips, was down 5/16 at 23-15/16. ((Amy Collins Wall Street Desk 212 859 1730 1))