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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Lee Lichterman III who wrote (2053)	3/6/2001 8:47:10 AM
From: Lee Lichterman III	Respond to of 52237

03/06 08:22 U.S. Stocks Rise; Veritas, Juniper and Ciena Gain; Siebel Falls By Robert Dieterich New York, March 6 (Bloomberg) -- U.S. stocks rose as the prospect of lower interest rates and a rebound in the economy encouraged investors to buy shares that have plunged in the Nasdaq Composite Index's 58 percent decline in the past year. Veritas Software Corp. surged after the maker of data- management software said it will meet sales forecasts for the first quarter and 2001. Makers of computer networking equipment such as Juniper Networks Inc. and Ciena Corp. also surged. March futures on the Standard & Poor's 500 Index rose 9.80 to 1253.50, indicating the index will open 0.9 percent higher when trading resumes. Nasdaq 100 Index futures gained 53 to 1965. Dow Jones Industrial Average futures advanced 54 to 10,611. ``You've got the combination of more attractive values following the selloff and optimism over the positive impact of lower interest rates,'' and that will push people to buy stocks, said Peter Robb, who helps oversee $1.3 billion at Mairs & Power Inc. in St. Paul, Minnesota. The Nasdaq Composite Index's 1.2 percent gain yesterday pared its loss for the year to 13 percent. Veritas surged $4.94 to $64.75. Executives repeated forecasts made in January that called for first-quarter sales to rise 4 percent from the fourth quarter to $385 million. Juniper rose $2.88 to $61.50 after one of the company's directors, said the company recently ended talks with rival Redback Networks Inc. about a merger. Ciena rose $2.50 to $72.38 and JDS Uniphase Corp. advanced 94 cents to $29.25. Executive Departure Investors expect the Federal Reserve to follow up on its two interest rate cuts in January with a third reduction when policymakers meet on March 20. Lower borrowing costs eventually will spur the economy and profit growth, investors said. Siebel Systems Inc. fell $1.25 to $32.38. The software maker's head of sales, Tom Hogan, resigned, the company said. The resignation is ``clearly not a positive announcement,'' said Credit Suisse First Boston analyst Brent Thill, who cut his profit outlook for the company. Citigroup rose 38 cents to $48.63, according to Madoff Securities International Ltd. The largest U.S. financial services company is cutting back on planned investments and trimming expenses to cut spending by as much as $2 billion, the Wall Street Journal reported. The scope of the cutbacks will depend on the performance of the economy, the paper said, citing people familiar with the matter. Wells Fargo & Co. may rise after Credit Suisse First Boston analyst Susan Roth said the company is likely to gain market share and boost profits. Roth raised her rating on the stock to ``buy'' from ``hold.'' H.J. Heinz Co. fell 1 euro to 45 ($41.71) in Germany, for a decline of $1.38 from its close in regular U.S. trading. The ketchup maker said profit will miss forecasts in the current fiscal year, ending May 2, partly because of declining U.S. tuna sales and higher energy costs. McDonald's Corp. may fall after Lehman Brothers Inc. analyst Mitchell Speiser cut his first-quarter profit forecast by a penny and said the company is likely to cut its own forecast when it updates investors on March 14. Speiser said weaker sales in Europe and unfavorable foreign exchange rates are hurting profits. ``You're still going through a period where you have companies indicating earnings are coming in below expectations, and that's a concern,'' said Robb of Mairs & Power. Ulticom, New Focus Ulticom Inc., a maker of telecommunications software, rose $5.44 to $25 after the company said revenue and profit beat forecasts in its fourth quarter ended in January. New Focus Inc. fell $4 to $17.25. The maker of parts used in fiber-optic equipment lowered its sales outlook for the year, blaming canceled orders. Cor Therapeutics Inc. fell 4.50 euros to 29.50 ($27.36) in Germany for a decline of $4.89 from yesterday's U.S. close. The pharmaceuticals maker said it will have a surprise first-quarter loss because of slowing sales for the only product it has on the market, the anti-clotting drug Integrilin. quote.bloomberg.com