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

To: Dealer who wrote (31154)	2/16/2001 7:51:08 AM
From: Dealer	Read Replies (1) \| Respond to of 65232

M A R K E T .. S N A P S H O T -- By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 7:20 AM ET Feb 16, 2001 NEW YORK (CBS.MW) - An ugly earnings warning from Nortel Networks is set to heavily weigh on the market once trading commences Friday. March S&P 500 futures slid 10.60 points, or 0.8 percent, and were trading roughly 8.80 points below fair value, according to figures provided by HL Camp & Co. Nasdaq futures, meanwhile, dell 2.4 percent, or 55.50 points. Nortel said after the close that a faster and more severe economic downturn in the U.S. will result in slower market growth. For the first quarter, Nortel expects a loss from operations of 4 cents a share. That compares to the current First Call/Thomson Financial estimate of a profit of 16 cents a share. Nortel also said it expects to cut 10,000 jobs in 2001. Over in the bond arena, the 10-year Treasury note was up 5/32 to yield ($TNX) 5.14 percent while the 30-year government bond added 6/32 to yield ($TYX) 5.47 percent. On the economic front, Friday will see the release of the producer price index for January, expected to show a 0.3 percent increase overall with a 0.1 percent rise at the core. The latter excludes the volatile food and energy components. View Economic Preview, economic calendar and forecasts and historical economic data. In the currency arena, dollar/yen shed 0.3 percent to 115.03 while euro/dollar climbed 0.7 percent to 0.9144.