Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Home on the range where the buffalo roam -- Ignore unavailable to you. Want to Upgrade?

To: Boplicity who wrote (371)	5/10/2001 9:16:19 AM
From: Boplicity	Read Replies (3) \| Respond to of 13815

09:08 ET StorageNetworks (STOR) 16.80: DainRauscher upgrades to BUY- Speculative from Neutral, increases ests, and sets $28 PT; believes that despite economic uncertainty, enterprises are actively looking for storage and cost-cutting solutions; has confidence in STOR's mkt position as the only SSP with mgmt and infrastructure services.

To: Boplicity who wrote (371)	5/10/2001 9:56:48 AM
From: freeus	Read Replies (1) \| Respond to of 13815

rethat's what we went to bed with then we wake its all different Help! What to do! What will be next! Help help! Maybe if we have good enough dreams we'll wake up rich again! Freeus What a riot this is.

To: Boplicity who wrote (371)	5/10/2001 10:25:33 AM
From: DOUG H	Read Replies (1) \| Respond to of 13815

I don't care Chi-town got Boeing! Chi-Bo. Sounds like a new kinda tea. A little espresso for equities. ............................................. European Central Bank Cuts Rates May 10 9:53am ET By Jonathan Gould FRANKFURT (Reuters) - The European Central Bank on Thursday surprised financial markets with a quarter point interest rate cut, saying the cut was prompted by evidence that money supply was moderating faster than recent data showed. The bank also said that it would trim its minimum bid rate to 4.50 from 4.75 percent because latest data suggested inflationary pressures could be contained in the medium-term despite temporary blips in food and oil prices. "...over the medium term, in 1-1/2 to two years, all the forecasts available indicate that inflation will be under two percent again," ECB President Wim Duisenberg told a news conference. Expanding on the moderation in money supply that he said prompted the rate cut, Duisenberg said: "This reduction is to be seen as an adjustment of interest rates to appropriate level to ensure that the euro area will be able to maintain price stability and to contribute to growth." Duisenberg, who only a month ago sought to dampen rate cut expectations saying the central bank was not there to help growth, added: "There have been indications that monetary growth figures are distorted upwards by non-euro area purchases. This is has been confirmed by clear evidence." Latest data last month showed the three month average of M3 growth was 4.8 percent, close to the ECB's reference value of 4.5 percent. SUDDEN ABOUT-FACE The ECB's decision to abandon a seven-month 'wait-and-see' stance followed a quarter point cut by the Bank of England earlier on Thursday to 5.25 percent. It came after the bank made a point of turning a blind eye to evidence the European economy was not able to completely shrugg off the impact of a marked slowdown in U.S. economic expansion. Only last week, it firmly rebuked calls for a cut, including those from the International Monetary Fund. As a result, all but three of the 50 analysts polled by Reuters had expected it to stay on hold until June at the earliest. Analysts said, however, that the bank had to change its tack after this week's data flashed a warning light over the health of the German economy, Europe's largest. But several said the turnabout hurt the bank's already patchy credibility. The euro, which spiked on the announcement, reversed the gains as traders reacted with fury to what was perceived as trying to wrong-foot the market. "I don't think it says a lot for credibility at the ECB to be honest. It has not been signaled at all to the market...It doesn't sit very well with comments we have had out of the ECB," Steven Pearson at the Halifax in London said. Some said late is better than never, given the slowing European growth. "It's a good thing for the European economy," said Bernard Walschots at RaboBank in the Netherlands. "Finally they have woken up and I guess the bad numbers from Germany at the start of the week have made them realize they had gone too far in denying the need for a rate cut," he added. Gloomy industrial production, orders and jobs data this week from Germany had raised fears of a serious slowdown at the heart of the common currency bloc. Germany, which makes up one third of the 12 nation euro bloc's economy, surprised markets earlier this week with a sharp drop in industrial output and manufacturing orders in March, while unemployment rose for the fourth month in a row in April. Weak Spanish industrial output in March echoed this message and a slowdown in imports reported by Germany on Thursday showed that domestic demand was cooling -- further evidence that Europe's industrial powerhouse was losing steam. WHAT IS THE MANDATE? Recent ECB comments signaled it was more worried about price pressures, with inflation running at 2.6 percent in March and likely to edge up again in April. The bank is mandated to protect price stability over the medium term, which it defines as between zero and two percent, so the impression it has now succumbed to growth concerns was seen as a bad signal by some players. "It really means that transparency is not an issue as far as they are concerned," Jeremy Hawkins at Bank of America in London. "There may be an initial positive knee-jerk reaction from the asset markets, but at the end of the day the problem is 'too little, too late'," he said. European financial leaders have stuck doggedly to the line that the region will retain growth at or above its long-term trend level of 2.5 percent. Duisenberg tried to stick to that line at the Thursday news conference, dismissing the German data as "anecdotal evidence." Frequently asked at the news conference if the surprise it sprang on markets was good for its credibility, the solemn looking central banker said: "It is not our intention to surprise markets, but sometimes it is unavoidable."