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

To: Dalin who wrote (7230)	10/11/2000 9:59:33 AM
From: Dealer	Respond to of 65232

<FONT COLOR=BLUE>MARKET SNAPSHOT--Dismal action for Nasdaq stocks Nets, biotechs slide By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 9:55 AM ET Oct 11, 2000 NEW YORK (CBS.MW) - In yet another display of horrible price action, the Nasdaq slid for the fifth straight session Wednesday and was just 100 points above its 2000 intraday low of 3,042 reached in late May. Inside the tech arena, Internet, networking and computer software shares took another beating. The broad market saw the biggest struggles in the biotech and financial sectors. The usual suspects witnessed additional buying interest: oil and oil service shares, drug and utility issues. Paper and chemical stocks also managed a gain amid the tech turmoil. The Dow Jones Industrials Average ($DJ) added 11 points, or 0.1 percent, to 10,535. General Electric (GE) reported third-quarter earnings of 32 cents a share, matching the First Call estimate and ahead of the 27 cents earned in the year-ago quarter. GE also said it's comfortable with the First Call estimate of $1.27 per share for 2000. The stock was off $1.75 to $56.31. The Nasdaq Composite ($COMPQ) tumbled 72 points, or 2.2 percent, to 3,168 while the Nasdaq 100 Index ($NDX) gave up 65 points, or 2.0 percent, to 3,123. The Standard & Poor's 500 Index ($SPX) subtracted 1.0 percent while the Russell 2000 Index ($RUT) of small-capitalization stocks erased 1.3 percent. Volume checked in at 125 million on the NYSE and at 218 million on the Nasdaq Stock Market. Market breadth was sharply negative, with decliners pouncing on advancers by 13 to 7 on the NYSE and by 23 to 7 on the Nasdaq. Specific movers Lucent Technologies dove $10.13, or 32 percent, to $21.25. After the close Tuesday, Lucent (LU) said it won't meet Wall Street's fourth-quarter numbers due to slower growth in its optical business, declining sales in circuit-switching equipment and higher reserves for bad debt. The company said it will now earn 17 cents to 18 cents a share, well below the 27-cent First Call estimate. Further, the disappointing fourth-quarter results will also force Lucent to lower estimates for fiscal 2001. Motorola said after the closing bell Tuesday that it made 26 cents in the third-quarter, matching the First Call estimate and ahead of the 16 earned in the same quarter last year. The stock (MOT) dropped $5.75, or 22 percent, to $20.50. In a conference call Wednesday, Motorola said it'll take a fourth-quarter charge for product cancellation and downwardly revised its profit margin for PCS handsets to 6.5 percent from 10 percent in the fourth quarter. Yahoo (YHOO) plunged $10.25, or 12.5 percent, to $72.44. While Yahoo managed to top Wall Street's profit expectations late Tuesday, revealing earnings-per-share of 13 cents -- a penny ahead of the First Call estimate - the Net bellwether said sales and marketing costs could rise faster than revenue in the foreseeable future. With investors worries that struggling online companies will spend less and less on advertising going forward, Yahoo shares have come under pressure, shedding about 36 percent of their value over the last two months. PaineWebber (PWJ) posted third-quarter earnings of 85 cents a share, beating the First Call estimate by 2 pennies but less than the 86 cents made in the year-ago period. Shares were off $1.69 to $66.56. Bond focus Bond prices were a sliver higher as the expected lower open in the stock market is creating a slight bid for fixed-income securities. However, Treasurys will have to contend with an onslaught of issuance in the corporate market. The 10-year was up 3/32 to yield ($TNX) 5.77 percent while the 30-year bond added 1/32 to close at a yield ($TYX) of 5.82 percent. The economic agenda will see the second-tier report of August wholesale inventories. View Economic Preview, economic calendar and forecasts and historical economic data. Cornering the currency market, dollar/yen added 0.1 percent to 107.90 while euro/dollar edged up 0.1 percent to 0.8722. Julie Rannazzisi is markets editor for CBS.MarketWatch.com.