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To: Dealer who wrote (5812)	10/5/2000 8:42:03 AM
From: Dealer	Read Replies (1) \| Respond to of 65232

INTC--Eurostocks up as investors pick over bruised TMTs LONDON, Oct 5 (Reuters) - Technology stocks led a rebound on European markets on Wednesday, with investors shrugging off an overnight sales warning from Dell Computer Corp (NasdaqNM:DELL - news) in favour of selective buying among bombed-out TMT shares. ``The market is not saying that Dell doesn't matter, but rather that Dell is not telling them something they don't know,'' said one senior equity salesman. ``It wasn't a huge surprise, nor a huge downgrade. We have had a lot of profit warnings and a lot of these stocks have come down a long way. People are not complacent, but there is some cash coming back to the market.'' Dell, the world's second biggest personal computer maker said after New York's close that third quarter sales could be about three percent what it expected, but that profits were on track. The firm's warning comes after Intel (NasdaqNM:INTC - news) and Apple Computer (NasdaqNM:AAPL - news) joined the ranks of U.S. companies issuing financial warnings, and knocking Nasdaq into negative ground for the year. However, at 1108 GMT the FTSE Eurotop 300 was up 0.69 percent with the narrower DJ Stoxx 50 up 0.85 percent. The technology sector was up 2.5 percent, telecoms were up 2.04 percent and media rose 0.6 percent. Nasdaq futures showed a loss of around six points at that time, following its two-percent bounce on Wednesday, and S&P futures were up 3.5 points. Telecom equipment stocks Alcatel , Ericsson and Marconi (quote from Yahoo! UK & Ireland: MNI.L) rotated back into the top gainers' list, as did German electronics giant Siemens , up 4.7 percent, and Britain's Vodafone (quote from Yahoo! UK & Ireland: VOD.L), up 4.9 percent. ``We are beginning to think about selectively buying the top quality names in the telecom and technology sector. The market is still cautious -- volumes are not large -- but people are starting to try to differentiate a bit,'' the salesman said. Oil shares were the top decliners, tracking world oil prices which deflated by over $1 a barrel as Washington started to release barrels from its emergency oil reserves, easing U.S. consumer anxiety over a winter fuel crunch. Shell (quote from Yahoo! UK & Ireland: SHEL.L), TotalFina Elf and Royal Dutch both fell more than one percent. The European Central Bank and the Bank of England, which both meet on Thursday, were expected to leave their respective interst rates unchanged, though investors will wait for any forward looking comments from the two.