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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (5481)	2/28/2001 9:09:22 AM
From: 2MAR$	Read Replies (1) \| Respond to of 6445

MARKET TALK: NY NAPM Doesn't Point To Imminent Ease Edited by Thomas Granahan Of DOW JONES NEWSWIRES (Call Us: 201 938-5299; All Times Eastern) MARKET TALK can be found using code N/DJMT 9:07 (Dow Jones) New York NAPM current conditions index at 50, indicating no change in activity, after two straight declines. Manufacturing activity picked up, offsetting services decline. Outlook index up to 58.3. Prices paid up 3 points to 58. (BB) 9:01 (Dow Jones) U.S. Bancorp Piper Jaffray's Safa Rashtchy is lowering 1Q estimates for Yahoo! (YHOO). The analyst cites slower spending growth from traditional advertisers, lower fee-based revenues such as those from auctions and the fact that Yahoo's enterprise revenues are back-end loaded. He's cutting his 1Q revenue estimate by about $11M, to $229M, and his EPS estimate by 6 cents a share from 8 cents. (RS) 8:56 (Dow Jones) Time to book profits on refinery stocks, part of an oil services group that has been among the past year's best performers. "Take money out of the refiners," says Lehman Brothers analyst Paul Cheng, who cut the group two notches, to market perform from strong buy. He names Frontier Oil (FTO), Sunoco (SUN) and Tesoro Petroleum (TSO) as stocks to sell. (KJT) 8:48 (Dow Jones) Barclays economist says 4Q GDP revision "not enough to appreciably change" his 1Q forecast of a 0.5% GDP gain. There's still a lot of inventory correction in the pipeline, he adds. (BB) 8:44 (Dow Jones) Lehman's Dan Niles got call on Altera (ALTR) mostly right. Niles on Friday cut estimates on the company, but not by enough. Following Altera's guidance last night, Niles cuts views further - CY01 goes to 59c a share from 89c, and 2002 falls to 74c from $1.10. While he's at it, Niles cuts Xilinx (XLNX) views in front of their update coming on Monday. While North America had already been problem for Altera, Niles worries that Europe could be next to soften. Both stocks rated market perfomer. (TG) 8:36 (Dow Jones) Downward revision to GDP due mostly to inventories and trade, which should add to 1Q GDP. Business investment revised up, falling 0.6% compared to 1.5% drop originally estimated. Numbers shouldn't affect Fed outlook much, though data are firmer than feared and could quell talk of inter-meeting rate cut. (BB) 8:33 (Dow Jones) 4Q GDP revised down to +1.1%. That's better than the 0.9% rate economists expected. Price index also revised down to +1.9% from +2.2%. Slowing growth, but not too much. (BB) 8:30 (Dow Jones) We got the surprise rate cut! Oh wait, that was in Japan. Another potentially turbulent day on Wall Street, with some economic data and an appearance from Fed chief Greenspan, which very well could pull in more viewers than your typical XFL game. Greenspan starts at 9:30 a.m. ET (could be a slow open for equities), and the hope of many is that he will make it clear the Fed hasn't lightened up on its stance that a sharply slowing economy is by far its first concern. Lots of folks thought Tuesday was going to be the day for the early ease, but no such luck, and later Tuesday Richmond Fed President Broaddus said he's a bit concerned about the recent rise in consumer prices and said the economy is sound. Consolidated Stores (CNS) tops views and Amgen (AMGN) upgraded at Pru. Altera (ALTR) warns, but some on Street saw it coming. Stock futures flat, Tsys firm. (TG) (END) DOW JONES NEWS 02-28-01 09:08 AM