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

To: r.edwards who wrote (32445)	3/6/2001 10:54:04 AM
From: stockman_scott	Respond to of 65232

Tech Stocks Surge, Lift Nasdaq 4 Percent March 6, 10:42 am Eastern Time By Denise Duclaux <<NEW YORK (Reuters) - Technology stocks soared in early morning trading on Tuesday, lifting the Nasdaq composite index 4 percent, as investors stifled a yawn at the latest round of earnings warnings and scooped up trampled shares in hopes they had touched bottom. ``Investors are saying 'We have had enough of this. We know it's going to be like this for a while, but stocks at these prices are really cheap and it's time for some bargain-hunting,''' said Peter Cardillo, director of research at brokerage Westfalia Investments. ``We are in what I call a technical bounce here.'' Chip makers Xilinx Inc. (NasdaqNM:XLNX - news), Varian Semiconductor Equipment Associates (NasdaqNM:VSEA - news) and TriQuint Semiconductor Inc. (NasdaqNM:TQNT - news) ratcheted down quarterly sales estimates in the soft economy. But all three stocks shot higher as investors crossed their fingers that the worst was over for the chip sector. The technology-dominated Nasdaq Composite Index (.IXIC) soared 91.65 points, or 4.28 percent, to 2,234.57, building on a more than 1 percent rally on Monday and recovering after a more than 22 percent drop in February. The blue-chip Dow Jones industrial average (.DJI) rose 112.92 points, or 1.07 percent, to 10,675.22, adding to Monday's 0.92 percent gain. The broader Standard & Poor's 500 Index (.SPX) jumped 23.79 points, or 1.92 percent, to 1,265.20. ``We are deep into the earnings warnings, but the earnings warnings are hitting deaf ears at this point. This is already old news,'' said Barry Hyman, chief investment strategist at Weatherly Securities. ``The continuing barrage of negative stories is really not going to affect the market. I think it's more or less a good technical rally that is starting.'' Xilinx jumped $4-1/2 to $47-1/2. The semiconductor maker said it expects sequential revenues to fall by as much as 15 percent in its fourth quarter, citing cancellations from customers in February. TriQuint rose $1-3/4 to $20-3/4. The communications chip maker said it was lowering its quarterly forecast due to market volatility. Varian Semiconductor gained $3-1/4 to $34-3/4. The chip maker said that because of customers' reductions in capital spending, quarterly sales would fall short of its earlier guidance. The Philadelphia Stock Exchange semiconductor index (.SOXX) rocketed 7.83 percent, and the America Stock Exchange computer hardware index (.HWI) jumped 6.19 percent. Both hit their highest level in two weeks. Software giant Microsoft Corp. (NasdaqNM:MSFT - news) gained $1-15/16 to $59-3/8, while Intel Corp. (NasdaqNM:INTC - news), the No. 1 computer chip maker, jumped $1-3/16 to $58-5/8. The pair lifted the Nasdaq and the Dow industrials. International Business Machines Corp. (NYSE:IBM - news), the world's largest computer maker, rose $2.99 to $107.90. Computer and printer maker Hewlett-Packard Co. (NYSE:HWP - news) gained $1.33 to $31.71. Both boosted the blue-chip Dow. Cisco Systems Inc. (NasdaqNM:CSCO - news), the world's No. 1 maker of gear that powers the Internet, gained $1-39/64 to $24-11/16. Oracle Corp. (NasdaqNM:ORCL - news), the world's No. 2 software company, edged 11/16 higher to $17-11/16. Personal computer seller Dell Computer Corp. (NasdaqNM:DELL - news) jumped $2-9/16 to $26. All three lifted the Nasdaq. Veritas Software Corp. (NasdaqNM:VRTS - news) surged $7-5/16 to $67-1/8 after senior executives at the maker of data management software said they remained comfortable with analysts' current estimates amid strong sales. But software maker Siebel Systems Inc. (NasdaqNM:SEBL - news) lost $3-5/8 to $30 after Credit Suisse First Boston cutting its 2001 and 2002 earnings estimates and Merrill Lynch trimmed its investment rating.>>