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To: cowgirl-ona-1eyed-horse who wrote (26744)	7/27/2000 8:33:48 AM
From: Dealer	Read Replies (1) \| Respond to of 35685

MARKET SNAPSHOT More tech weakness emerges By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 8:28 AM ET Jul 27, 2000 NewsWatch Latest headlines NEW YORK (CBS.MW) - Weakness is developing in the telecom and Internet sectors as Amazon shares tumble and Nokia shares trade sharply lower in Europe. September S&P 500 futures fell 2.00 points and were trading roughly 2 points above fair value, according to HL Camp & Co. Nasdaq futures, meanwhile, slid 58.00 points, or 1.5 percent. Amazon (AMZN: news, msgs) slipped 2 9/16, or 7.1 percent, to 33 1/2, according to Madoff Investment Securities in London. See Indications. The company reported a second-quarter loss of 33 cents a share after the close Wednesday versus the First Call estimate of a loss of 35 cents a share. Sales jumped 84 percent to $578 million over the same period last year. On Wednesday, the stock dropped following a high-profile downgrade form Lehman Brothers. Meanwhile, Nokia (NOK: news, msgs) is losing significant ground in Europe after warning that third-quarter earnings will be lower than second-quarter results. The stock tumbled 11 13/16, or 21 percent hit, to 44 in Instinet dealings. Nokia said that due to the timing of new product introductions as well as seasonality, its third-quarter earnings are projected to be lower than in the second quarter of this year. In the fourth quarter, the company said it expects earnings-per-share to exceed the level achieved in the second quarter of 2000. That said, the company delivered strong second-quarter results, with a 55 percent increase in net sales and a 60 percent rise in operating profit. Read the story. Just last week, Ericsson (ERICY: news, msgs) sparked a sell off in the telecom sector after warning that third-quarter profits would be hit by problems in its phone handset business, even as it saw its first-half profits rise by 337 percent. In economic news, the second-quarter employment cost index will be out at 8:30 a.m. It's expected to rise by 1.2 percent, according to a survey of economists conducted by CBS MarketWatch.com. Also due out are weekly initial claims and June durable goods orders. View Economic Preview, economic calendar and forecasts and historical economic data. In the bond market, the 10-year Treasury note was up 1/32 to yield 6.025 while the 30-year bond shed 2/32 to yield 5.81 percent. In the currency arena, dollar/yen shed 0.1 percent to 108.92 while euro/dollar fell 0.5 percent to 0.9389. See latest currency rates. -------------------------------------------------------------------------------- Julie Rannazzisi is markets editor for CBS.MarketWatch.com.