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Technology Stocks : InfoSpace (INSP): Where GNET went! -- Ignore unavailable to you. Want to Upgrade?

To: The O who wrote (14350)	11/29/1999 8:35:00 AM
From: atskaggs	Respond to of 28311

to all: good article on PA in the USA Today (11/29), Money section, of course.

To: The O who wrote (14350)	11/29/1999 8:37:00 AM
From: The O	Read Replies (1) \| Respond to of 28311

Reuters Finance News E-Shopping Could Kindle Nasdaq By Jennifer Westhoven Nov 29 1:44am ET NEW YORK (Reuters) - U.S. stock market investors will focus this week on whether holiday shoppers flocked to the malls or sat at their computers to buy their holiday gifts. Strong sales numbers could provide the fuel to keep the Nasdaq's record-setting streak on fire, analysts said. Two economic reports, one on manufacturing activity and another on monthly jobs and wage data, will also be studied for signs of inflation. ``They are going to be watching the retail sales numbers like hawks,' said Jeffrey Davis, chief investment strategist at State Street Global Advisors in Boston. The fledgling industry has no ``tried-and-true,' immediate benchmarks of electronic commerce activity. So analysts will focus on Thursday's monthly sales data from chain stores and any company announcements to weigh how much business was cornered by the dot-coms instead of traditional retailers. For big-name stores, such as J.C. Penney Co. Inc. (JCP.N) and Wal-Mart Stores Inc. (WMT.N), analysts will be look for how many cyber-dollars they earned and whether the gains cut into overall margins. ``It is my belief that when the 1999 shopping season is over, and we start to get some feedback from J.C. Penney's and Wal-Mart's, the conventional retailers, their hits will have increased and that will be a trend,' said George Rodriguez, senior vice president at Guzman & Co. in Jersey City, N.J. Expectations are high, especially after a report on Friday that U.S. personal spending rose 0.6 percent, double Wall Street forecasts. Since the mood for technology stocks has been so bullish, signs of strength could spark a buying frenzy and undergird new market records, analysts say. On Friday, the Nasdaq closed at yet another record high after three weeks of landing at new highs almost daily. The index closed at 3447.81, up 27.31. The broader Standard & Poor's Index closed a hair lower at 1416.62, just shy of its Nov. 16 high of 1420.03. The Dow Jones industrial average slipped slightly to close at 10,988.91. The benchmark sits just 2.3 percent from its Aug. 25 closing high of 11326.04. ``I would think that some of this momentum will carry along into next week,' said Bernie Horn, president and portfolio manager of Polaris Capital Management in Boston. ``I don't see there being any big surprises in those (NAPM) numbers.' On Wednesday, the National Association of Purchasing Management (NAPM) reports on November business activity and prices for November. The report is expected to edge lower to a reading of 56.3 from 56.6 in October. Another important report will be Friday's monthly release of jobs and payroll data. Economists forecast a rise in average hourly earnings, up 0.3 percent compared to a rise of 0.1 percent in October, and for 226,000 new non-farm jobs. With many stock investors discounting the possibility of an interest rate hike in the near future, the data would only swing markets if they show strong inflation, analysts say. ``I think some buying support would turn up if there was downward pressure. The market has been incredibly resilient lately, and I'm really impressed,' said State Street's Davis. Computer maker Hewlett-Packard Co. (HWP.N) will be watched closely on Tuesday as the company hosts one of its first large-scale meetings between new Chief Executive Carly Fiorina and the Wall Street community.