Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: Lucretius who wrote (30688)	5/3/2000 8:49:00 AM
From: MythMan	Read Replies (1) \| Respond to of 42523

I don't pay much attention to gaps up or down anymore... If this is the real deal it won't matter...

To: Lucretius who wrote (30688)	5/3/2000 12:29:00 PM
From: MythMan	Read Replies (1) \| Respond to of 42523

Wednesday May 3, 12:05 pm Eastern Time UK's FTSE 100 suffers biggest loss in 12 months By David Holmes LONDON, May 3 (Reuters) - Britain's FTSE 100 suffered its biggest one day points loss in over 12 months on Wednesday, as telecom stocks were undercut by a tumble in U.S. giant AT&T and interest rate worries sapped sentiment across the board. Led lower by losses in telecom heavyweights Vodafone (quote from Yahoo! UK & Ireland: VOD.L) and British Telecom (quote from Yahoo! UK & Ireland: BT.L), the blue chip UK index closed 188.6 points or three percent lower at 6,184.8. Losers were in majority of more than four to one. The decline -- which wiped some 42 billion pounds from the value of top stocks -- was the FTSE 100's biggest points fall since April 20 last year, when the index succumbed to a bout of profit-taking after a record peak set the previous session. ``What people have detected is that we might be on the edge of a bear market,'' said a senior equity salesman at one brokerage. ``Confidence has gone and people are nervous,'' the equity salesman said. ``Some clients are sitting on loss positions and looking for opportunities to get out...it's looking like a long, hard summer.'' The decline reversed recent gains for the FTSE 100, which on Tuesday rose to its highest close in nearly a month, some 780 points above a six-month low set in early April. Yet the mood turned cautious after disappointing news from U.S. telecom giant AT&T (NYSE:T - news), which weighed on the telecom sector here, coupled with worries ahead of a UK rate decision due Thursday. Looming U.S. economic reports on Friday added to the negative tone, which was further exaggerated by a profit warning late Tuesday from U.S. software developer Novell (NasdaqNM:NOVL - news), sparking further losses in the tech-laden U.S. Nasdaq index. The Dow Jones average was down some 179 points or 1.7 percent by London's 1530 GMT close, while the Nasdaq fell 126 points or 3.3 percent. UK equity trading volume reached a moderate 1.3 billion shares by that time. Losses in Vodafone and BT of 6.7 percent and 4.9 percent respectively between them contributed some 70 points of downside to the FTSE 100, or almost half its total decline. Other telecom stocks also declined, with Colt Telecom (quote from Yahoo! UK & Ireland: CTM.L) off 11.3 percent. In the same sector, Thus (quote from Yahoo! UK & Ireland: THUS.L) fell 10.0 percent, after in line results showing a pre-tax loss of 63.1 million pounds -- as a 43.5 million exceptional charge -- proved insufficient to counter the negative sector tone. Volatile tech stocks such as handheld computer maker Psion (quote from Yahoo! UK & Ireland: PON.L), down 9.9 percent, also bore the brunt of the downturn. Elsewhere, the day's biggest casualties included household products company Unilever (quote from Yahoo! UK & Ireland: ULVR.L), down 9.4 percent as investors reacted cautiously to the company's $18.4 billion cash bid for Bestfoods (NYSE:BFO - news) of the United States.