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Strategies & Market Trends : Befriend the Trend Trading -- Ignore unavailable to you. Want to Upgrade?

To: Ken Adams who wrote (11342)	9/22/2000 9:06:05 AM
From: Ken Adams	Respond to of 39683

This from Reuters: CME Nasdaq futures limit down on Globex Friday September 22, 8:56 AM EDT CHICAGO, Sept 22 (Reuters) - December Nasdaq 100 index futures were limit down on electronic trade early Friday morning after Intel Corp. (INTC) issued a sales warning on Thursday. The Chicago Mercantile Exchange contract sank 92 points, the maximum downside limit on Globex. December Standard & Poor's 500 index futures also sank their maximum limit down of 35 points but then pared losses slightly. On Thursday Intel said third-quarter revenues will fall below forecasts and it now sees a rise of only about 3 percent to 5 percent from second-quarter revenues of 8.3 billion. Investment bank Lehman Bros. lowered its earnings per share estimate for Intel for fiscal 2000 to $1.63 from $1.74 on Friday. Stock index futures will likely fall rapidly after the pit open, with Intel's warning taking down the technology sector said Wailey Chin, equity derivatives analyst at Prudential Securities. "They're going to maul the high techs this morning right off the open," Chin said. The first limits down for Nasdaq and S&P futures of 92 and 35 points respectively apply after the open of pit trade. If either hit their limit, the contracts could trade at or above the limit. If they remained limit-offered after 10 minutes, trade would then halt for two minutes and then resume. The second limit down for Nasdaq futures after the pit open is 185 points. The second limit for S&P futures is down 70 points.