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To: Dealer who wrote (25093)	7/12/2000 8:40:09 AM
From: Dealer	Respond to of 35685

YAHOO--That's WHO!!! Wednesday July 12, 8:05 am Eastern Time U.S. stocks seen bouncing at open on Yahoo earnings By Eric Wahlgren NEW YORK, July 12 (Reuters) - U.S. stocks were seen opening higher on Wednesday, with estimate-topping profits from Internet media company Yahoo Inc. (NasdaqNM:YHOO - news), an Internet bellwether, expected to catalyze a technology rally. ``I think the market is doing better on Yahoo earnings,'' said James Volk, co-director of institutional trading at D.A. Davidson and Co. ``I think people are also feeling a little bit better about the 'old economy' stocks.'' More than an hour before the market opening, the Standard & Poor's 500 index futures for September climbed 8.80 points to 1,503.50, while the Nasdaq 100 index futures gained 81 points to 3,860. Yahoo was trading at 118-5/8 in pre-open trading after reporting unexpectedly sharp increases in its second-quarter earnings and revenues. The stock on Tuesday had retreated to 105-1/2 ahead of the news as investors fretted that the widespread troubles of other dot-coms would also afflict the Internet darling. ``It looks like we are headed for a solid opening,'' said Peter Cardillo, director of research at Westfalia Investments. ``Yahoo was what the market was waiting for. It wanted to see some technology company come out and say that earnings and revenues were not that bad.'' Financial services stocks are expected to be active after UBS AG , one of the world's largest private wealth managers, said it would buy PaineWebber Group Inc. (NYSE:PWJ - news) in a cash and stock deal valuing the U.S. broker at $10.8 billion. PaineWebber closed at 49-15/16 ahead of the news. After the market closes, Wall Street will tune into a speech by Federal Reserve Chairman Alan Greenspan, who is to speak on ``global challenges'' to the Council on Foreign Relations' financial crisis conference in New York at 7:30 p.m. Edt (2330 Gmt). On Tuesday, Greenspan said the growth in U.S. productivity, which has helped keep inflation at bay despite the remarkable economic boom, is still strong, raising hopes the Fed will not hike interest rates again this year. Wall Street will get more word on inflation when the June U.S. Producer Price Index is released on Friday. On that day, the June retail sales report, detailing how spend-happy U.S. consumers were last month, also will be released. The central bank's rate-setting committee meets next on Aug. 22 to consider whether to raise rates to stave off inflation. On Tuesday, interest-rate-sensitive banking, industrial and basic materials stocks pushed up the blue-chip Dow Jones industrial average (^DJI - news), which ended up 80.61 points, or 0.76 percent, at 10,727.19. Earlier, the 30-stock index had risen nearly 161 points. The technology-packed Nasdaq composite index (^IXIC - news), which had been strongly positive earlier, was off 23.91 points, or 0.60 percent, at 3,956.38 on concerns about earnings in the tech sector. The Standard & Poor's 500-stock index (^SPX - news), which is heavily freighted with tech stocks, gained 5.26 points, or 0.36 percent, to 1,480.88. Among the other stocks expected to move on Wednesday, Biogen Inc. (NasdaqNM:BGEN - news) reported slightly better-than-expected second-quarter earnings on Tuesday, beating Wall Street estimates on strong revenues for its flagship multiple sclerosis drug Avonex, whose sales the company said would continue to grow. The stock closed at 70 ahead of the news. International fiber-optic communications network company Global Crossing Ltd. (NasdaqNM:GBLX - news) said on Wednesday it would sell its U.S. local telephone business to Citizens Communications (NYSE:CZN - news) for $3.65 billion in cash. Global Crossing finished at 29-1/8 while Citizens Communications ended at 18-11/16, ahead of the news.