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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: Daveyk who wrote (38067)	8/25/2000 11:40:47 AM
From: AlienTech	Read Replies (1) \| Respond to of 43080

(COMTEX) B: Stocks Flat; Emulex Suffers Hoax B: Stocks Flat; Emulex Suffers Hoax New York, Aug 25, 2000 (123Jump via COMTEX) -- Emulex Corp. prices nearly collapsed on possibly false news that already-announced fourth-quarter profits were actually a loss and the Securities and Exchange Commission will investigate the discrepancy. Trading halted after the stock in computer-networking equipment fell 48 1/16 to 65. CEO Paul Folino was said to have resigned. But later reports suggested that the story that damaged Emulex stock was a hoax. The company is trying to find the source of the original press release. In a speech this morning, Federal Reserve Chairman Alan Greenspan said industrial productivity increases show no sign of diminishing. He added that technological innovation is better turned into higher productivity in the United States than in Europe or Asia, because the labor-capital relationship in America lends itself to the flexibility needed to implement such innovation. Greenspan's remarks indicate that he and perhaps other central bankers are confident that productivity is keeping pace with wage increases, a needed factor in preventing wage-push inflation that could derail the economic expansion. As Greenspan spoke, the National Association of Realtors reported that existing home sales fell 9.8% in July to the lowest level since February. Sales declined more than expected to a yearly rate of 4.79 million units. The Greenspan and housing news had almost no effect on a lackluster August stock market. The Dow Jones Industrial Average lost 3.60 points to 11179.10. The New York Stock Exchange added 0.02 points to 671.96 with a volume of 175 million shares. The Nasdaq advanced 2.45 points to 4053.73 with a volume of 355 million shares. The Standard & Poor's 500 edged up 0.67 points to 1508.98. The AMEX gained 1.12 points to 933.06 trading 9 million shares. The Commerce Department said the Gross Domestic Product showed business inventories growing and consumer spending slowing. The GDP rose at a 5.3% annual rate during the second quarter, on top of a 4.8% rate for the first quarter and an 8.3% gain for the last quarter of 1999. Less spending crimped business profits. Quarterly profits rose 2.4% on an annualized basis, a fall from 5.7% in the first quarter. Bundesbank President Ernst Welteke cautioned again that the decline in the euro's value against other currencies and much higher petroleum prices are threatening the 11 member nations with inflation, making it much more likely that the European Central Bank will be forced to increase interest rates. The risk is "increasing," he said. The ECB is "anything but satisfied" with the value of the euro. The euro has fallen more than 20% since it came to life in January 1999. A German report today indicates great weakness for the last three months. Welteke made the comments in a speech at the Bundesbank's branch in Dusseldorf, meaning member countries' representatives may already have decided to raise the key investment rate. Generic drug manufacturer Barr Laboratories Inc. (NYSE:BRL) might seek to leverage the recent court ruling that allows it to make the antidepressant Prozac, now that Eli Lilly & Co. (NYSE:LLY) will be losing the patent. Barr rose 2 9/16 to 74 1/8. Lilly fell 1 9/16 to 75 5/8. Honeywell International Inc. (NYSE:HON) wants to sell its consumer automotive-products businesses, which include Autolite spark plugs and Prestone antifreeze. This would allow the firm to concentrate on aerospace parts and automated controls. Honeywell rose 1 1/2 to 39 7/16. Fiber optics components maker JDS Uniphase Corp. (NASDAQ:JDSU) said the Justice Department wants more details on the hoped-for purchase of SDL Inc. (NASDAQ:SDLI). JDS closed at 125 1/8. In Asia, the Hang Seng closed off by 1.2%, and the Nikkei 225 closed higher by 1.4%. In mid afternoon trading in Europe, the London FTSE 100 rose 0.04%. The Paris CAC 40 picked up 1.75%, while the Frankfurt DAX added 0.96%. Bonds are trading in a narrow range. The 10-year Treasury rose 1 basis point to a yield of 5.66%. The 30-year remained at 5.66%. CONTACT: For more information, contact 123Jump.com, Inc. 212-968-8700 Send email to: info@123jump.com Or, visit 123Jump at: 123jump.com All Rights Reserved. (c) Copyright: 2000 123jump.com, Inc. -0- * end of story *