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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Chispas who wrote (77652)	5/31/2001 12:30:11 AM
From: Chispas	Read Replies (1) \| Respond to of 99985

From Stockhouse...You almost hated to watch the tech sector get pounded again, but it was basically the only show on the street. Sun Microsystems [SUNW] said after yesterday’s close that it expects to see fourth quarter earnings in the $0.02-$0.04 range, well under the $0.06 a share expected by analysts. The backlash today brought the workstation and server maker down $2.42 to $16.25. Makers of hardware chips as well as networkers took the biggest losses in the tech sector, and were joined in the basement by biotechs, oil service firms, brokerages and chemical and gold companies. Concern about the economy helped companies selling food, beverages and houseware, which tend to do well when the economy is doing poorly. Morgan Stanley waded into the fray with downgrades to “neutral” from “outperform” of Nortel [NT], which fell $1.27 to $13.35, and JDS Uniphase [JDSU], down $2.23 to $16.94. The Nasdaq tumbled more than 4%, or 91.04 points, to 2,084.50, while the Dow fell 166.50 to 10,872.64. French telecoms maker Alcatel [ALA] said it was still in the market for a US deal after takeover talks fell through yesterday with US rival Lucent Technologies [LU]. Techs Take TSE Down Too The TSE got sucked down into the tech whirlpool Wednesday, to close at 8010.40, down 1.83 percent or 150.01 points. All but one of the 14 sub-indices tumbled, with the tech-heavy industrial products group, down 4.7%, leading the dive to the bottom. Pipeline companies managed to stay afloat, registering a small gain. TSE stocks felt the effects of the Sun Microsystems [SUNW] profit warning and the many downgrades, including that of Nortel [T.NT], which fell $1.75 to $20.65. A profit warning also brought the hammer down on Cognos [T.CSN], which was downgraded to “long-term buy” from “buy” at McDonald Investments. The software maker fell $1.10 to $27.40.