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

To: Dealer who wrote (34822)	3/27/2001 11:47:17 PM
From: LLCF	Read Replies (1) \| Respond to of 65232

Message 15573173 DAK

To: Dealer who wrote (34822)	3/28/2001 7:54:56 AM
From: Dealer	Respond to of 65232

M A R K E T .. S N A P S H O T -- Nortel warning to bring out the bears By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 7:32 AM ET Mar 28, 2001 NEW YORK (CBS.MW) - The bears have been hibernating for a few days but another warning from Nortel Networks is providing an abrupt wake-up. The fiber-optic outfit's woes have cast a pall over the market, which is set for a sharply lower open once trading begins Wednesday. June S&P 500 futures shaved 14.50 points, or 1.2 percent, and were trading a whopping 16.10 points below fair value, according to HL Camp & Co. Nasadq futures, meanwhile, gave up a hefty 43.50 points, or 2.5 percent. Nortel's (NT) warning hit the market after the close Tuesday. The Canadian company said revenue would miss previously lowered estimates in the first quarter. Nortel now anticipates a first-quarter loss of 10 to 12 cents a share vs. previous estimates of a loss of 4 cents. Nortel also said it would cut another 5,000 jobs in 2001 on top of the 10,000 job cuts already announced. The stock fell 13 percent in Instinet pre-market dealings. Fittingly, government bond prices rose on the anticipated sell-off in equities. Treasurys lost some major ground on Tuesday as investors shifted from bonds to stocks. The 10-year Treasury note was up 9/32 to yield ($TNX) 4.97 percent while the 30-year government bond added 1/8 to yield ($TYX) 5.43 percent. No economic news is set for release Wednesday. Still on tap this week are weekly initial claims, the final reading of fourth-quarter gross domestic product, February personal income and personal consumption expenditures as well as the Chicago Purchasing Managers index. View Economic Preview and economic calendar and forecasts. In the currency space, dollar/yen gave up 0.4 percent to 121.70 while euro/dollar slid 0.8 percent to 0.8863.