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To: Dealer who wrote (25089)	7/12/2000 8:33:44 AM
From: Dealer	Read Replies (1) \| Respond to of 35685

MARKET SNAPSHOT Markets looks to gain at the open Earnings take center stage By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 08:29 AM July 12, 2000 NewsWatch Latest headlines NEW YORK (CBS.MW) - Shares are set for gains at the open Wednesday as investors take solace in some strong earnings releases and the broader market ponders a merger in the financial sector. September S&P 500 futures climbed 9.10 points, or 0.6 percent, and were trading approximately 7.00 points above fair value, according to HL Camp & Co. Nasdaq futures jumped 79.50 points, or 2.1 percent. A merger is likely to boost the financial group as Switzerland’s UBS said it’s acquiring PaineWebber (PWJ: news, msgs) in a $10.8 billion cash and stock deal. UBS said it would pay $73.50 per share for PaineWebber -- a 47 percent premium to PaineWebber’s closing price on Tuesday. See full story. PaineWebber jumped 17 1/16, or 34 percent, to 67, according to Madoff Investment Securities in London. See Indications. PaineWebber has for long been a holdout to stay independent but it obviously decided it’s not in the firm’s best interest, according to art Hogan, chief market strategist at Jefferies & Co. There are a lot of rumors about consolidation in the space, Hogan continued, and the brokerage group trades like it believes there will be another union soon. He believes the next merger will again involve a European counterpart. After slipping in regular hours trading on Tuesday, Yahoo shares climbed 14, or 13 percent, to 119 1/2 in pre-market European trading in response to an impressive earnings report. The Internet bellwether (YHOO: news, msgs) reported after the close Tuesday a second-quarter profit of 12 cents a share, 2 cents ahead of the First Call estimate. The company made a 5-cent profit in the year-ago period. Read the story. Net revenues totaled $270.1 million for the quarter compared to $128.6 million in the second quarter, an increase of 110 percent. Meanwhile, Biogen posted after the close a second-quarter profit from operations of 43 cents a share, beating the First Call estimate by a penny. The stock (BGEN: news, msgs) added 1 1/2 to 71 1/2, according to Madoff Investment Securities. In the bond market, prices traded a sliver lower, with little in the way of news to provide direction. The 10-year Treasury note lost 1/8 to yield 6.07 percent while the 30-year bond shed 1/32 to yield 5.89 percent. There is no economic news on tap for Wednesday. Fed Chair Alan Greenspan will speak Wednesday evening in New York regarding the global economy. View Economic Preview, economic calendar and forecasts and historical economic data. -------------------------------------------------------------------------------- Julie Rannazzisi is markets editor for CBS.MarketWatch.com.