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To: Dealer who wrote (21506)	6/5/2000 11:20:00 AM
From: Dealer	Read Replies (1) \| Respond to of 35685

MARKET SNAPSHOT Profit-taking dissipates By Julie Rannazzisi CBS MarketWatch Last Update: 11:03 AM ET Jun 5, 2000 Market Pulse Bond Report NEW YORK (CBS.MW) -- Tech stocks regained their composure after a short-lived bout of profit-taking Monday as buyers surfaced to buy chip and Internet stocks, which were the largest upside movers last week. The broader market saw weakness in the financial sector, with a number of banks receiving analyst downgrades on Monday. Also lower was the drug sector -- one of last week's losers -- which failed to attract the attention of "defensive" investors as players became more bullish on tech stocks. Meanwhile, biotech and oil service shares advanced. The market's early performance suggests the bullish sentiment from last week carried over into the current week. "We have a real sentiment shift and investors are afraid of missing the boat," said Art Hogan, chief market analyst at Jefferies & Co. The Dow Industrials rose 13 points, or 0.1 percent, to 10,806 at 10:43 a.m. The Nasdaq Composite climbed 59 points, or 1.6 percent, to 3,873 while the Nasdaq 100 index added 54 points, or 1.5 percent, to 3,809. The Standard & Poor's 500 Index inched down 0.1 percent while the Russell 2000 Index of small-capitalization stocks put on 0.9 percent. Separately, Trim Tabs reported that U.S. equity funds saw an estimated inflow of $369 million in the two days ending June 1, showing little connection with last week's market rally. Thursday, for example, saw an outflow of $4.9 billion. However, the public has shown many times that it can't stand to sit out rallies, Trim Tabs said, and it appears likely that equity flows will exceed May's $20.7 billion pace for all equities. Volume came in at 234 million on the NYSE and at 447 million on the Nasdaq Stock Market. Winners outnumbered losers by 20 to 14 on the Nasdaq while decliners bested advancers by 13 to 12 on the NYSE. In specific issues, Qualcomm (QCOM: news, msgs) lost 6 3/16 to 66 1/2. News that China United Telecommunications Corp. -- or Unicom -- is backing out of a licensing deal with Qualcomm to build a network based on the code division multiple access standard is hurting the stock. The China Daily newspaper quoted a senior Unicom official on Sunday as saying that the company had no intention of deploying the current generation of CDMA technology. See full story. In other news, Genentech (DNA: news, msgs) got approval from the Food and Drug Administration for its Tenecteplase drug, which can reduce the time it takes to treat heart attack victims from 90 minutes to five seconds. See full story. Tenecteplase, to be sold under the name TNKase, can be administered through one quick, single injection. Shares of Genentech rose 9 7/8 to 119. Motorola shares (MOT: news, msgs) added 3/16 to 37. Sega Enterprises (SEGNY: news, msgs) said it's teaming up with Motorola to develop a mobile phone that can access the Internet and download images and games. The agreement will be formally announced in the U.S. on Monday. See full story. In other news, Motorola announced Monday that it has received another large order from Adelphia Communications (ADLAC: news, msgs) for its digital and cable modem technology totaling over $535 million. Shares of Microsoft (MSFT: news, msgs) added 1 3/8 to 67 11/16. The government and Microsoft will trade court filings for a final time this week, clearing the way for a federal judge to rule on a proposal to break up the company to remedy its antitrust violations. The judge unexpectedly extended the proceedings last week after the government asked the judge for a chance to respond to Microsoft's response to the revised breakup plan submitted by the Justice Department. Read the story. Treasury focus Government prices are adding to Friday's gains, which came in the aftermath of the surprisingly tame employment report. The 10-year Treasury note added 3/32 to yield 6.14 percent while the 30-year bond rose 11/32 to yield 5.92 percent. Regional market coverage North America Europe Asia ADR Report Currency rates Intl' Indexes The economic calendar will be on the dry side until Friday's producer price index for May is unsealed. Monday will see the release of a couple of second-tier reports: The National Association of Purchasing Management's non-manufacturing index and April home completions. See Economic Forecast, economic calendar and forecasts and historical economic data. In the currency arena, the yen gained ground on the heels of the Nikkei 225 index's rally Monday while the euro sagged following a mammoth upward push on Friday. Dollar/yen slipped 0.5 percent to 107.45 while euro/dollar lost 0.4 percent to 0.9415. In the commodity market, July crude lost 35 cents to $30.00 while the Bridge CRB index edged up 0.06 to 225.58. View latest commodity prices. Julie Rannazzisi is markets editor for CBS MarketWatch.