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

To: Dealer who wrote (17091)	11/16/2000 9:28:01 PM
From: Dalin	Respond to of 65232

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To: Dealer who wrote (17091)	11/17/2000 8:32:27 AM
From: Dealer	Read Replies (1) \| Respond to of 65232

<FONT COLOR=BLUE>MARKET SNAPSHOT--Nasdaq futures rise in edgy market Techs strengthen, but anxiety lingers By Greg Morcroft, CBS.MarketWatch.com Last Update: 8:09 AM ET Nov 17, 2000 NEW YORK (CBS.MW) - Nasdaq futures rose Friday before the open, but anxiety about chip demand and continuing political battles in the U.S. weighed on the markets a day after the Nasdaq tumbled 4.2 percent and sent Asian and European markets lower. Nasdaq futures were up 24 points, or about 0.8 percent. S&P 500 futures rose 1.7 points to 1381; putting them about 2 points above fair value. BellSouth led movers on Friday morning in premarket trade, heading south after the company issued 2001 earnings growth estimates that were below analyst estimates. The stock (BLS) fell $4.50, or 9.1 percent, to $44.75 in Instinet. Late Thursday, the telecommunications company said it expected 2001 profit from operations would climb 7 to 9 percent over 2000 levels. Based on average EPS estimates compiled by First Call, analysts were expecting year-over-year growth of 13 percent, on average. Revenue for 2001 is expected to grow 9 to 11 percent. A steep decline in chip stocks following cautious analyst comments hammered the Nasdaq Thursday while the Dow Industrials slouched under the weight of a decline in cyclical stocks. "The situation hasn't changed. There's no catalyst for an [upside move.] We have one good day followed by two to three down days. We can't seem to get out of that pattern," remarked Scott Curtis, senior equity trader at Kaufman Brothers. Europe's markets were solidly red on Friday, led lower by a second day of weakness among blue-chip technology stocks like France's Alcatel and chipmakers like Dutch semiconductor designer ASM Lithography. Japan's Nikkei Average slid 0.29 percent, or 42.73 points, to end the week's session at 14,544.30 points. The broader TOPIX closed at 1,379.63 points, down 0.05 percent. On Thursday, the Dow Jones Industrials Average ($DJ) fell 51.57 points, or 0.5 percent, to 10,656.03. The Nasdaq Composite ($COMPQ) decayed 133.61 points, or 4.2 percent, to 3,031.88 while the Nasdaq 100 Index dropped 151.54 points, or 4.9 percent, to 2,925.16. The Standard & Poor's 500 Index ($SPX) erased 1.3 percent while the Russell 2000 Index ($RUT) of small-capitalization stocks gave up 2.1 percent.Sunny outlook In pre-market action, Sun Microsystems shares rose $1.75 to $89. Just before the close of trade Thursday, Sun Microsystems (SUNW: news, msgs) held its mid-second-quarter update. Chief Financial Officer Michael Lehman, said during the call that the guidance hasn't change for the hardware and software giant's second quarter and full year. He also reiterated the guidance giving for the second quarter during last quarter's call in October. Additionally, Sun's Ed Zander, COO, said the company is on plan and that strong demand continues. Sun shares lost $6.69 to close at $87.25. Chipmaker Intel (INTC), a barometer for both he Dow and the Nasdaq, rose 50 cents in pre-market trading while telecom equipment giant Nortel added 31 cents to $51.38. Nortel (NT)fell almost 8 percent Thursday. Among other high-tech heavyweights seeing action, Microsoft (MSFT) rallied $1.04 to $69.98, Cisco Systems (CSCO) edged up 31 cents to $51.38. DaimlerChrysler (DCX)promised to draw investor's attention this morning as concern continues over a much-anticipated shakeup of its American management was compounded by German media reports of an impending profit warning from the German/American carmaker.The shares have fallen for the last few days, and were down almost 2 percent in Europe on Friday. Chief executive Juergen Schrempp is expected to fire James Holden, head of U.S. unit Chrysler, and replace him with a German Daimler veteran, Dieter Zetsche. Schrempp will also lower the forecasts for Chrysler, which posted its first loss in a decade in the third quarter, daily Die Welt reported without citing sources. A spokesman declined to comment. Treasury action Bond prices were mostly unchanged Friday morning with the 10-year Treasury note's ($TNX) yield standing at 5.665 percent while the 30-year government bond ($TYX) was yielding 5.74 percent. U.S. data on housing starts is the only economic data on tap this morning. It is due to be released at 8:30 EST. In the currency arena, the greenback was flat Friday morning against the yen and the euro.