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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Ibexx who wrote (72427)	5/25/2000 10:09:00 AM
From: TCGNJ	Respond to of 152472

Agree, Am accumulating myself. TCG

To: Ibexx who wrote (72427)	5/25/2000 7:05:00 PM
From: Ibexx	Respond to of 152472

Closing Market Commentary by Larry Wachtel of Prudential Securities - why the market tanked this afternoon. ______ May 25, 2000, 5:10 p.m. EST Blame it on brokers. A promising market snapback was undercut this afternoon by downward earnings revisions on bellwether Goldman Sachs. The revisions reflected a contracting new issue market and the overall volume malaise that has been with us through past month. The big brokerage stocks cratered which contributed to weakness across the financial sector. Moreover, it was Goldman's software analyst Rich Sherlund who commented negatively on Microsoft and sent that bellwether to a new low for the year. A tentative technical rally soon gave way to another downside onslaught. The Dow Industrial Average fell 211 points while NASDAQ lost 65. Big Board breadth was slightly negative and volume fell back, reflecting the hesitation usually seen prior to a three day weekend. Among the brokers Goldman fell over six points, Merrill Lynch over five points and Morgan Stanley over three points. The brokerage bop soon spread to the banks and the entire financial sector. Technology tried to follow through on yesterdays afternoon recovery but soon gave way to the blue chip weakness. Microsoft fell four points to a new low, threatened by the prospects of Government induced breakup. Goldman Sachs contended that the sum of the parts was worth less than the whole and a broken up Microsoft would not be a boon to shareholders. Chemical Stocks lead the cyclical's lower with a seven point decline in Dow chemical proving pivotal. On the other hand retailers did OK with Home Depot being helped by brokerage recommendations. Among the Dow 30, JP Morgan, 3M Corp, Microsoft, General Motors, IBM, Citigroup and Wal Mart were the major losers. Some offset from Home Depot and Disney. On the earnings front, Ralph Lauren Polo fell back on disappointing projections. On the other hand Tommy Hilfiger and JD Edwards improved on better bottom line results. Airline stocks weakened after a DLJ downgrade of the group. Weak airlines contributed to a decline of 111 points in the Dow Transportation Index. Bonds rose as the Treasury repurchased 2 billion of U. S. securities as part of a plan to repurchase some 30 billion of government securities. on the calendar, the first revision to first quarter GDP showed growth of 5.4% unchanged from the previous estimate. Meanwhile, April existing home sales fell 6% from the March level. Tomorrow will be slim and none as the song of the open road takes hold ahead of the Memorial Day weekend. In a volume vacuum, anything can happen so paranoia will be paramount. For now, Lets Go Knicks! _____ Ibexx