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

To: Kenya AA who wrote (4736)	10/18/1999 11:58:00 AM
From: Night Writer	Read Replies (1) \| Respond to of 12663

K, AG's speeches may be bullish, but the spin is definitely Bearish. NW U.S. stocks see-saw in late morning trading (Updates to late morning) By Amy Collins NEW YORK, Oct 18 (Reuters) - Financial stocks reporting strong profits, buoyed the Dow Jones industrial average in late morning trading on Monday but technology issues were a drag on a market awash inflation fears. The Dow <.DJI> was up 39 points, or 0.39 percent, at 10,058 as the blue-chip index found its footing after plunging 267 points, or 2.6 percent, last week in the steepest slide in point terms in more than a year. The trigger for the selloff was news that wholesale prices saw their biggest monthly spike in nine years in September. Also, Federal Reserve Chairman Alan Greenspan rattled Wall Street with a warning that investors should not under-estimate the risk of today's stock market. The benchmark 30-year U.S. Treasury bond was down 16/32, with the yield at 6.30 percent. The Nasdaq composite index <.IXIC> was down 31 points, or 1.14 percent, to 2,700. The Standard & Poor's 500 index <.SPX> slipped 2 points, or 0.15 percent, to 1,245. Blue chips stocks see-sawed in morning trading, running from negative territory, to up more than 100 points, and back to nearly unchanged. A handful of influential market analysts added to downward momentum. Brown Brothers Harriman & Co. said its director of market strategy, Charles Blood, who had already turned bearish on the stocks, has adopted an even more pessimistic view on the market. And, PaineWebber Inc. chief investment strategist Edward Kerschner said the market still would no be considered truly cheap unless it drops an additional 5 percent to 10 percent. But he left his year-end fair value predictions for the Dow unchanged at 11,500 and the S&P 500 at 1,400. Brown Brothers said in a brief that Blood lowered his outlook on stocks to bearish from neutral for the next three months. Over the intermediate term, which looks forward six months, Blood is now "strongly bearish" on the market, a downgrade from his previous "moderately bearish" stance. Banking stocks rose after sector leaders reported strong earnings. The Philadelphia Stock Exchange's banking index <.BKX> was up nearly 2 percent at 721. Leading the Dow up was J.P. Morgan & Co. Inc. <JPM.N>, the No. 3 bank in the United States, which quarterly profits that nearly tripled over a year ago and topped Wall Street expectations. The stock was up 5-1/16 at 110-3/4. Citigroup Inc. <C.N>, the No. 1 U.S. financial services company and a Dow component, also topped expectations. The stock was up 1-1/4 at 43-1/2. Bank of America Corp. <BAC.N> also beat expectations and the stock rose 15/16 to 49-3/16. Declining stocks outpaced advances 1,604 to 1,054 on active trading of more than 265 million shares on the New York Stock Exchange. Photography company Eastman Kodak Co. <EK.N> and a Dow component, was up 9/16 at 71-7/16 after reporting a 20 percent gain in third quarter earnings over last year. It topped Wall Street expectations by 2 cents per share, driven by growth in its film and photographic paper business. Printer maker Lexmark International <LXK.N> was the loss leader on the NYSE, down 21-7/16 at 71-9/16 after issuing a fourth quarter profit warning, despite third quarter profits that topped expectations. "We're short-term oversold," said Arthur Hogan, the chief market analyst at Jefferies & Co. in Boston. "And hopefully people will start focusing on earnings that across the board are terrific." ((Wall Street Newsdesk +212 859 1730)) REUTERS