Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : The Critical Investing Workshop -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (28283)	8/9/2000 9:14:51 AM
From: Dealer	Read Replies (1) \| Respond to of 35685

MARKET SNAPSHOT Tech muscle-flexing in store Cisco earnings to bolster Nasdaq By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 8:43 AM ET Aug 9, 2000 NewsWatch Latest headlines NEW YORK (CBS.MW) - A climb in shares of Cisco Systems following the networking giant's earnings report is set to give the tech sector a nice boost Wednesday. September S&P 500 futures added 6.10 points, or 0.4 percent, and were trading roughly 6.40 points above fair value, according to HL Camp & Co. Nasdaq futures, meanwhile, put on 67.00 points, or 1.8 percent. In Instinet pre-market dealings, Cisco Systems (CSCO: news, msgs) put on 2 7/8 to 68 3/8. See Indications. After the close Tuesday, Cisco posted fiscal fourth-quarter earnings of 16 cents a share, beating the First Call estimate by 1 cent. Read the full story. In earnings news, Wal-Mart checked in with a second-quarter profit of 36 cents a share, matching the First Call estimate. The Dow-component made 28 cents a share in the year-ago period. Totals sales checked in at $46.1 billion - a 20-percent increase over the same quarter last year. The stock ended up 2 1/2 to 57 5/8 on Tuesday amid a broad rally in the retail sector. A number of other retailers unleashed their results Wednesday. Federated Dept. Stores (FD: news, msgs) posted second-quarter earnings of 30 cents a share, beating the First Call estimate of 26 cents a shares but short of the 61 cents a share earned in the same quarter last year. Shares ended off 5/8 to 25 3/8. Late Tuesday, meanwhile, Abercrombie & Fitch (ANF: news, msgs) checked in with a second-quarter profit of 21 cents a share, which was 2 cents above the First Call estimate. The company earned 17 cents in the year-ago period. And Polo Ralph Lauren Corp. posted a first-quarter profit of 25 cents a share, surpassing the First Call estimate by a penny. The company made 14 cents in the year-ago period. The stock (RL: news, msgs) closed up 9.5 percent to 18 13/16 on Tuesday. In the fixed-income market, prices were close to flat levels as participants awaited the afternoon sale of $10.0 billion in 10-year notes. Tuesday's sale of $10.0 billion in 5-year notes was met with healthy demand, underpinning the market along with the positive productivity figures. The 10-year Treasury note lost 1/8 to yield 5.94 and the 30-year bond edged up 3/32 to yield 5.75 percent. See Bond Report. No economic data is set for release on Wednesday, with the week's remaining big news -- the July retail sales report and the producer price index -- due out on Friday. View Economic Preview, economic calendar and forecasts and historical economic data. In the currency market, the greenback weakened against the yen for a second straight session. Markets are bracing for a rate hike from the Bank of Japan on Friday when it meets to decide the fate of short-term interest rates. But the battle between the BOJ and the government, which is at odds with the BOJ on when to end the zero-rate interest policy in place since Feb. 1999, continues. The BOJ believes recent positive economic data suggests it's time to end the zero-rate policy while government officials are of the view that a tightening would be premature. See related story. In recent trading, dollar/yen shed 0.6 percent to 107.88 while euro/dollar fell 0.6 percent to 0.8969. See latest currency rates. Julie Rannazzisi is markets editor for CBS.MarketWatch.com.