El-- Mabe we can get Greenspam to be CFO,,, his salary is 100% in options. I bet the mkt would turn back up....
Oct 15, 1999 (Tech Web - CMP via COMTEX) -- Once again jitters about
comments from Federal Reserve Chairman Alan Greenspan Friday sent the
market into a tailspin, causing the market to dip below the 10,000 mark
for the first time in months, closing at just above 10,000 at the end
of a very rough day.
Another problem was a report that set off inflation red flags. The
September Producer Price Index rose 1.1 percent, the largest jump in
producer prices in nine years. That led to fears of price hikes for
consumer goods.
It didn't help that Thursday evening, Greenspan advised banks to set
aside more money as insurance against a big financial market meltdown,
a sign he is worried about a potential bubble in equity prices. Then on
Friday, he said he was more worried about the "uncertain response" of
U.S. consumers to the Y2K date change than any computer troubles.
The Dow Jones industrial average closed down 266.90 points, or 2.59
percent, at 10019.71. The Nasdaq was also clobbered, falling 75.06, or
2.67 percent, to 2731.78. The Nasdaq loss was bad for some tech stocks,
particularly Internet stocks, but other companies made out well amidst
the carnage.
Sun Microsystems, for example, had a stellar day, rising 3 5/32, to 92
9/16, one day after reporting better-than-expected quarterly numbers
and after Banc of America raised its valuation of Sun from "market
performer" to "buy." Apple was also up, rising 1 3/8, to 74 9/16, and
Hewlett-Packard added 3/4 ,to 82 3/4. On the down side, Gateway fell 2
3/4, to 52 3/8; Dell trimmed 1 17/32, to 42 13/16; and Compaq dipped 1
1/16, to 21 3/16.
Among chip makers, Analog Devices gained 1 15/16, to 56, and LSI Logic
rose 1/8, to 48 5/8. The rest were down. Intel fell 2 15/32, to 70 7/8;
National Semiconductor was down 1, to 30 1/2; and AMD slipped 7/16, to
17 9/16.
It was a pretty bad day in the software market. Microsoft dropped the
most, down 2 5/8, to 88 1/16, and Computer Associates fell 2 1/4, to 52
3/8. Oracle lost 1 25/32, to 45, and Intuit skidded 15/16, to 25 1/16.
Networking also had it rough. Only Cabletron rose, a modest 1/4, to 16
1/2. The rest were down. Lucent was the big loser, slipping 2 3/4, to
59 1/8. Cisco Systems was down 2 3/16, to 67 3/16, and MCI Worldcom
fell 1 31/32, to 72 1/2.
But it was the Internet sector that took the worst drubbing. EBay had
the worst tumble, plummeting 7 1/2, to 134 1/8. RealNetworks was down
6, to 92 15/16; AOL spiraled 5 5/8, to 109 3/8; and Amazon.com dropped
4 17/32, to 75 1/16. Lycos fell 3 3/16, to 55 7/8; Yahoo fell 3 13/16,
to 169 9/16; and ExciteAtHome lost 2 5/16, to 40 13/16.
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