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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: rowrowrow who wrote (79502)	12/17/1999 8:57:00 AM
From: kathyh	Read Replies (1) \| Respond to of 90042

triple witching today and housing start numbers were good showing no signs of inflation... Market Snapshot Bonds stabilize; housing starts -2.3% Shares to extend gains By Julie Rannazzisi, CBS MarketWatch Last Update: 8:41 AM ET Dec 17, 1999 Bond Report NEW YORK (CBS.MW) -- U.S. shares are likely to extend Thursday's hefty gains when trading commences Friday while bond prices are stable and the dollar recovers. March S&P 500 futures rose 10.10 points and were trading approximately 9.20 points above fair value, according to figures provided by HL Camp & Co. Weaker-than-expected housing numbers sent bond prices higher, which sparked a jump in S&P 500 futures. November housing starts fell 2.3 percent to a 1.60 million rate while building permits rose 1.3 percent to a 1.614 million annual rate. Starts were seen coming in at a 1.64 million rate while permits were expected at 1.58 million. See full story and view economic calendar and forecasts and historical economic data. Separately, the market is girding for triple-witching, which sees the expiration of futures, options on indexes and options on individual stocks. In shares trading before the opening bell, Adobe Systems (ADBE: news, msgs) rose 5 1/2 to 69 1/4, according to Art Hogan, chief strategist at Jefferies & Co. After the close of trading Thursday, the company checked in with fourth quarter earnings of 46 cents a share compared to the First Call estimate of 42 cents a share. The company earned 38 cents in the year-ago period. Alza (AZA: news, msgs) plunged about 25 percent from its Thursday close of 36 7/16, according Hogan while Abbott shares were higher. Late Thursday, Alza announced its merger with Abbott Laboratories won't be completed due to antitrust objections. The merger was valued at $7.3 billion when first announced in June. See Indications. In addition, Alza warned that fourth-quarter earnings are expected to be in the range of 26 cents to 29 cents before charges, including one of about $10 million to $15 million related to the scrapped merger plan. Alza was expected to earn 45 cents a share, per First Call. See full story. Meanwhile, shares of Nike may move Friday. After the close of trading, Nike (NKE: news, msgs) posted second quarter earnings of 38 cents a share compared to the First Call estimate of 34 cents a share and 24 cents in the year-ago period. In the bond market, prices rose after collapsing to their lowest level in over two years on Thursday. The 30-year Treasury added 3/32 to yield 6.386 percent. ... cbs.marketwatch.com