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Strategies & Market Trends : Trend Setters and Range Riders -- Ignore unavailable to you. Want to Upgrade?

To: Mr. Big who wrote (1357)	6/14/2001 12:02:23 PM
From: Jeff Jordan	Respond to of 26752

JDSU<g> tenlights.com peaking?...lunch time

To: Mr. Big who wrote (1357)	6/14/2001 12:02:45 PM
From: 2MAR$	Respond to of 26752

MARKET TALK: Defensive Posture Seen In Triple Witch Edited by Thomas Granahan Of DOW JONES NEWSWIRES (Call Us: 201 938-5299; All Times Eastern) MARKET TALK can be found using code N/DJMT 12:02 (Dow Jones) Failure of recent interest rate cuts to impact earnings has added a new dimension to this quarter's stock-futures expiration. "People are taking on a defensive posture," says one floor trader, explaining that instead of rolling positions from June to Sept., some investors are letting positions expire to yield cash. (ZHS) 11:54 (Dow Jones) Merrill Lynch analyst David Anders raised his 2002 earnings estimate on Argosy Gaming (AGY) to $2.68 a share from $2.18, based on the impending acquisition of the Empress Joliet riverboat casino in Illinois and the elimination of the company's existing goodwill amortization. Anders kept his short- and long-term buy ratings on the stock and his 12-month price target of $33 on Argosy. (DDO) 11:42 (Dow Jones) Economists looking for a slightly faster rate of increase in the overall May CPI, but the core component is seen rising at the same pace that has prevailed for the past six months. Consensus is a 0.4% overall increase. The non-food, non-energy core is seen up 0.2%. Energy prices are expected to add to the increase. (JM) 11:32 (Dow Jones) CSFB says it's confident Tibco Software (TIBX) will beat the firm's 2Q estimates ($80M in sales and EPS of 3 cents) after dining with management on Wednesday. "The company is bullish on its position in the market and has shown a level of optimism we have not witnessed this year," analyst John Rizzuto says. Shares off 2% in weak market. (MLP) 11:21 (Dow Jones) Stocks deteriorating further. More pressure on outlook for tech earnings, data, particularly jobless claims, has market thinking economy still in deep trouble, and GE/HON news all putting big-time pressure on major indexes. DJIA off 150 at 10722, Nasdaq off 59 at 2062, and S&P 500 falls 16 to 1224. SOX off 4%, Nasdaq 100 down 3.2%, and Nasdaq Computer index lower by 3%. (TG) 11:11 (Dow Jones) Lehman says there's not been enough improvement in the economy to justify its GDP forecasts, so they're being lowered. It's now looking for a 2.5% GDP in 3Q, versus the prior estimate of 3%. 4Q is down to 3.5% from 4%. (MSD) 11:05 (Dow Jones) Two-year Treasury at 3.994%, is below 4% for first time since Oct. 1998. Stocks are falling, and there are growing beliefs today that the economy is getting much worse, and that the Fed may have more than one bullet left in its rate-cutting gun. The move comes despite a significant selloff in the dollar related to National Association of Manufacturers screaming about the strong dollar. (SV) 10:59 (Dow Jones) Fear of fallout should General Electric's (GE) proposed buy of Honeywell (HON) fail continue to drive the two's options Thursday. As European regulators push for potentially deal-breaking concessions, investors covered the upside for GE and sought downside protection in Honeywell. With GE up $1.15 to $49, the July 50 calls traded more than 11,400 contracts, gaining 45 cents to $1.60 at the CBOE. Honeywell lost $3.51 to $38.75. The July 40 puts traded 9,928 contracts, compared with open interest of just 1,506, with these puts losing $1.50 to $3.60 at the Philly. (KT) 10:55 (Dow Jones) The National Association of Manufacturers' pressure on U.S. Treasury Secretary Paul O'Neill to state that further strengthening of the dollar would continue to damage the U.S. economy has an immediate impact on currencies. "The NAM has riled up the market quite a bit," said Greg Salvaggio, VP trading at Tempus Consulting in Washington. GBP/USD is at $1.3985; EUR/USD is $0.8580; USD/JPY is Y121.36; (JRH) 10:50 (Dow Jones) Credit Suisse First Boston analyst Gibboney Huske widened her 2001 loss estimate on Polaroid (PRD) to $2.30 a share from 15 cents because of revenue declines in its core instant film and camera business. Huske, who has a hold rating on the stock, added that Polaroid will likely continue to be in violation of its debt covenants and that waiver negotiations on those covenants will likely weigh heavily on the stock. (DDO) 10:45 (Dow Jones) The spread on GE-Honeywell deal is at $11 after widening out to close to $15 earlier Thursday after a statement from GE sparked more fears that the merger won't get past EU regulators. Even so, it appears takeover traders haven't completely given up on the deal. If they had, Honeywell would probably be trading in the low to mid-$30s - the price analysts deem fair value for Honeywell sans GE. Honeywell did dip as low as $36, but is currently trading at about $39. (JAW) 10:35 (Dow Jones) Sales seem to have a hard time dropping to the bottom of the barrel, CS First Boston's Janice Meyer says of CBRL Group (CBRL). The operator of Cracker Barrel Old Country Store and Logan's Roadhouse restaurant chains reported same-store sales Thursday that were a bit better than she expected. But the analyst says turning sales into profits remains difficult. As for Logan's, Meyer says that continued softness indicates that "competitors may be keeping the customers. Getting them back is apt to be tough and may be costly." Look for a new share-repurchase program, since the company has a strong cash position, she adds. (RLG) 10:29 (Dow Jones) Merrill Lynch analyst David Anders raised his 2002 earnings estimate on Harrah's Entertainment (HET) to $2.79 share from $2.50, citing the impending acquisition of Harvey's Casino Resorts and the elimination of the company's existing goodwill amortization. The analyst added that his estimate doesn't give Harrah's full credit for cost savings. Anders kept his buy rating and 12-month price target of $45 a share on Harrah's. (DDO) 10:18 (Dow Jones) Federal legislation introduced in Congress Wednesday could prove a boom to rural hospitals and other health care providers, according to CSFB analyst John Hindelong. The Rural Health Care Improvement Act of 2001 attempts to equalize disparities between Medicare reimbursements for rural and urban hospitals by eliminating caps on rural Medicare DSH payments and aligning base inpatient payment rates for rural hospitals with urban facilities. Companies such as Lifepoint Hopsitals (LPNT), Community Health (CYH), Province Healthcare (PRHC) and Health Management associates (HMA) stand to benefit. (JJO) 10:12 (Dow Jones) Kraft (KFT) has broken issue - falling below its $31 offering price - the day after it held its $8.7 billion IPO. This is never a good sign, and, in the case of Kraft, likely reflects continued investor disappointment that the deal was priced so aggressively. Stock off 4% at $30.05. (RJH) (END) DOW JONES NEWS 06-14-01 12:01 PM * end of story *