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

To: Dealer who wrote (32132)	3/1/2001 9:18:03 AM
From: Dalin	Respond to of 65232

From briefing.com 08:50 ET: [BRIEFING.COM] Markets are currently positioned to open lower as the S&P futures contract is trading 5 points below fair value and the Nasdaq 100 futures are trading 22 points below fair value. Greenspan's testimony before the House yesterday ended the enthusiasm earlier in the week for an inter-meeting ease. The markets are awaiting important economic data from NAPM. The NAPM index is expected to be 42.0% which would end the string of 11 consecutive declines, but it would be the seventh consecutive month of sub-50% (i.e. contraction) as the manufacturing recession worsens. Also of note, Corning (GLW) followed JDS Uniphase's (JDSU) lead by announcing job cuts this morning which should hurt the optic sector. Also, expect the communication chip stocks to continue to be weak as Broadcom (BRCM) was downgraded by Merrill Lynch and Salomon Smith Barney. 06:54 ET: [BRIEFING.COM] S&P futures trading at 1231, 11.0 points below fair value, Nasdaq 100 futures trading at 1890, 23.0 points below fair value. 30-year bond up 3 ticks at 5.307%. Weak stocks counter disappointment surrounding dampened inter-meeting easing expectations 06:53 ET: FTSE -0.65%, DAX -1.52%: [BRIEFING.COM] European stocks also under pressure on the back of Greenspan disappointment. DAX falls through support in the 6170 area. Telecom still bleeding, Alcatel, Nokia and Vodafone all hit hard. German growth in Q4 of 2000 the slowest in a year and a half. Confidence a major concern. Confidence among Italian manufacturers at lowest level in 16 months. No help expected from ECB. UK outperforming Europe with some help from better than expected economic data. However, computer shares hit with Gateway and 3Com expected to miss forecasts. 06:52 ET Nikkei -1.57%, Hang Seng -2.89%: [BRIEFING.COM] Asian stocks took a pretty good beating overnight, with the Nikkei leading the way lower. Japanese stocks fell to fresh 15-year lows, dropping another 1.57% last night. Recent BoJ easing seen as too little, too late. Investors still doing most of their buying in defensive names. Sony hit hard on global slowdown fears Other liquidity-starved bourses down on dampened expectations of an inter-meeting cut here at home. Taiwan off 3.1% on heavy selling in Taiwan Semiconductor. Hang Seng at three-month lows with China Mobile plunging to 14-month lows. Capital spending fears still weigh heavily on technology shares. Only signs of life seen in China, where B shares were up almost 10% to close at record highs. :0) Ramblin

To: Dealer who wrote (32132)	3/1/2001 11:50:02 AM
From: stockman_scott	Respond to of 65232

Stocks Planted Down, Tech Blues Mount Thursday March 1, 11:38 am Eastern Time By Denise Duclaux NEW YORK (Reuters) - Stocks languished deep in negative territory in late morning trading on Thursday as Wall Street battled a fresh round of corporate earnings warnings, big layoffs and investment downgrades in the sluggish U.S. economy. ``You are seeing real deterioration in business fundamentals at companies and it's flowing through to operating results and their shares prices,'' said Charles Lemonides, chief investment officer at M&R Capital Management, which oversees $300 million. ''The Fed was very, very restrictive for a very long time and it takes a long time for easing to work through the economy.'' The technology-packed Nasdaq Composite Index (.IXIC) dropped 45.21 points, or 2.1 percent, to 2,106.62, after hitting on Wednesday another two-year low and wrapping up its third worst month ever in February. The blue-chip Dow Jones industrial average (.DJI) slumped 128.32 points, or 1.22 percent, to 10,366.96. The broader Standard & Poor's 500 Index (.SPX) fell 15.34 points, or 1.24 percent, to 1,224.60. Gateway Inc. (NYSE:GTW - news), the No. 2 direct seller of personal computers in the United States, slipped $1.53 to $15.67 after saying it will lose money in the first quarter after falling victim to the weak economy. Networking equipment maker 3Com Corp. (NasdaqNM:COMS - news) slid $1-7/8 to $7-1/4 after warning that it will lose twice as much money in its upcoming quarter as previously forecast, blaming a slowdown in the telecommunications market. Communications chip maker Broadcom Corp. (NasdaqNM:BRCM - news) fell $4-9/16 to $44-11/16 after Merrill Lynch slashed its investment rating on the stock, citing weakness from its biggest customer 3Com and steep competition. The Philadelphia Stock Exchange Semiconductor index (.SOXX) lost 2.37 percent after steep losses on Wednesday. Glass and fiber optics maker Corning Inc. (NYSE:GLW - news) rose $1.19 to $28.23 after saying it will lay off 825 workers in the face of decreased demanded in the soft telecommunications industry. Computer components maker SBS Technologies Inc. (NasdaqNM:SBSE - news) tumbled $6-1/16 to $15-15/16 after warning its earnings will fall short of Wall Street estimates because of delayed orders from telecommunications clients. ``If you were read to every piece of news coming out of Corporate America, it's all negative. We just have a plethora of bad news,'' said Arthur Hogan, chief market analyst at Jefferies & Co. ``On top of that, we have a little bit of a hangover after Greenspan dashed hopes for an interest-rate cut before the next meeting.'' U.S. manufacturing activity contracted for the seventh straight month in February, signaling the sector is still in recession despite signs it may have weathered the worst of its downturn, according to a new report that helped inspire a brief bounce in the market. The National Association of Purchasing Management (NAPM) reported its manufacturing index stood at 41.9 last month, little changed from January's 41.2 reading and only slightly above Wall Street's forecasts for a 41.5 reading.