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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (65989)	2/8/2001 4:07:39 PM
From: Lucretius	Read Replies (2) \| Respond to of 436258

UGLY close...

To: pater tenebrarum who wrote (65989)	2/8/2001 5:09:17 PM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 436258

blodgett bludgeons msft et al got guilt complex? NEW YORK, Feb 8 (Reuters) - Stocks were pinned down in late afternoon trading on Thursday as Wall Street was still reeling from computer networking giant Cisco Systems Inc.'s <CSCO.O> warning of slower growth. The high-techs were also weighed by weakness in software names after the nation's largest brokerage house soured on Microsoft Corp. <MSFT.O>, while blue chips were dragged down by retailing. The tech-laced Nasdaq Composite Index <.IXIC> fell 22.12 points, or 0.85 percent, to 2,585.70. The technology sector was depressed by Internet networking issues like Cisco and rivals, and software companies after giant Microsoft was slapped by an investment rating downgrade from Merrill Lynch's Henry Blodget who told clients he was concerned about the maturing personal computer market. The blue chip Dow Jones industrial average <.DJI> was down 47.37 points, or 0.43 percent, at 10,899.35 and the broader Standard & Poor's 500 Index <.SPX> shed 2.73 points, or 0.2 percent, at 1,338.16. "The underlying earnings picture remains prone to disappointment," said Milton Ezrati, senior economic strategist at Lord Abbett & Co. "So in the absence of some positive news whether from policy or some economic statistics, the market begins to reassess its earnings expectations and realize there is going to be a downward adjustment, especially in this first part of the year." Microsoft, a Dow stock, fell $1-1/2 at $63-3/16, but the 30-company blue chip index was also weighed by retail stocks like Wal-Mart Stores <WMT.N> and Home Depot <HD.N>. Sales figures for January showed U.S. retailers mostly posted same-store sales -- or sales at stores open at least one year -- in line or just above expectations, but many warned they expect margins to be squeezed because of deep markdowns to make room for spring merchandise. Wal-Mart was down $3.01 at $51.65, while Home Depot shed $1.92 to $43.86. Microsoft fell $1-15/16 to $62-3/4. The negative vibes hit other companies as well, including Nasdaq-listed rivals like Oracle Corp. <ORCL.O>, down 5/8 to $27-1/16 and Adobe Systems <ADBE.O>, down $3-1/8 at $37-3/16. Cisco, the most active on the Nasdaq, lost 3/4 at $30-5/16, still suffering after Wednesday's selloff. The company has missed estimates for the first time in more than six years and warned late on Tuesday that a slowdown may continue for at least the next two quarters. Nasdaq fell more than 2 percent Wednesday, to its lowest close in nearly a month. Women's apparel retailer AnnTaylor Stores Corp. <ANN.N>, whose same-store sales fell 14.3 percent in January, said fourth-quarter profit will come in well below estimates, and its shares fell $1.10 to $26.60. Another warning came from No. 1 U.S. apparel retailer Gap Inc. <GPS.N>, off $2.91 to $26.65. It said same-store sales fell 12 percent against an expected drop of 4 percent to 7 percent. "The same store sales report data is showing wholesalers were discounting at this point so there is price cutting which is affecting Wal-Mart and others and that is one of the negative chills affecting the market," Moore added. Among bright spots, Electronic Data Systems Corp. <EDS.N> piled on gains, up $6.55 to $63.45, after the computer services provider posted a 15 percent gain in earnings per share.