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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (3899)	9/27/2000 8:32:20 AM
From: Dealer	Read Replies (1) \| Respond to of 65232

MARKETS--U.S. stocks seen rebounding after sell-off By Denise Duclaux NEW YORK, Sept 27 (Reuters) - Stocks were expected to have a bright start on Wednesday, recovering from a rash of profit warnings. ``We should start to rally back,'' said Barry Hyman, chief investment strategist at Weatherly Securities. ``There is a belief that the market has discounted the worst case scenario when it comes to third-quarter earnings.'' Stocks fell on Tuesday after photo film maker Eastman Kodak (NYSE:EK - news) cut its profit outlook for the third quarter. Kodak's warning added to fears that soaring oil prices and the weakness of the euro currency will pressure U.S. corporate profits. But Wall Street expect a bounce in the markets early in the session as investors returnd to buy cheapened stocks. More than an hour ahead of the open, the Standard & Poor's 500 index futures for December were up 7.00 points at 1,450.10, while the Nasdaq 100 index futures were up 46.50 points at 3,664.50. ``The futures look a little higher, but the question is: 'Can we go the distance?''' said Larry Wachtel, of Prudential Securities. ``Lately the mood is so subdued and cautious that there is a tendency to sell into strength. All you can do is predict an oversold bounce and hope for the best.'' In economic news the focus will be on August durable goods orders, released at 8:30 EST (1230 GMT). After two months of massive swings a moderate increase is expected. Economists forecast by Reuters predicted, on average, that durable goods sales rose 2.7 percent in August after sliding 12.4 percent in July. Market watchers said August durable goods sales could give clues on the strength of U.S. consumer demand, but the volatile indicator was not likely to significantly impact trading. Among issues to watch on Wednesday, the European Commission said that it had cleared plans by Dow component Boeing Co. (NYSE:BA - news) to buy the satellite and components businesses of Hughes Electronics Corp. (NYSE:GMH - news) On Tuesday, shares of Boeing closed at $66-1/8 on the New York Stock Exchange, and shares of Hughes closed at $36-1/2 on the Exchange. Japanese cellular-phone leader NTT DoCoMo and America Online Inc (NYSE:AOL - news) announced on Wednesday before the New York market open a deal to develop and market mobile Internet services, giving both companies' international efforts a boost. Shares of AOL closed at $55.60 on the Exchange. U.S. fiber-optics company Corning Inc. (NYSE:GLW - news) said early on Wednesday that it would buy Italian cable firm Pirelli's 90 percent stake in its optical components and devices business for as much as $3.6 billion, expanding Corning's reach into Europe. Stock of Corning closed at $322-7/8 on the Exchange. Belgium's Lernout & Hauspie Speech Products NV (NasdaqNM:LHSP - news), the speech recognition software maker, said on Tuesday after the market closed its third quarter earnings and revenues would fall short of analysts' expectations. Shares closed at $14 in Tuesday's Nasdaq trading. Medical device maker Becton Dickinson and Co. (NYSE:BDX - news) warned on Tuesday after the market closed it will scrap programmes that boost sales to distributors, a move it said would drop fourth-quarter profits below expectations. Shares finished at $24-5/16 in Tuesday trade on the New York Stock Exchange. Computer networking equipment maker 3Com Corp. (NasdaqNM:COMS - news) on Tuesday after the close reported a fiscal first-quarter operating loss that was far narrower than analyst expectations. Before its earnings report on Tuesday, shares ended at $13-15/16 on the Nasdaq. On Tuesday, the Dow Jones industrial average (^DJI - news) tumbled 176.83 points, or 1.64 percent, to end at 10,631.32, with Eastman Kodak (NYSE:EK - news) accounting for almost half the drop. The broader Standard & Poor's 500 Index (^SPX - news) fell 11.82 points, or 0.82 percent, to 1,427.21. Meanwhile, the tech-packed Nasdaq Composite Index (^