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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (27717)	6/14/2001 12:06:53 PM
From: StormRider	Respond to of 37746

12:00 ET Dow -138, Nasdaq -45, S&P -12.94: [BRIEFING.COM] The market has found plenty to chew on today; unfortunately, the tidbits of information have been predominantly negative... Among the adverse morsels of information have been earnings warnings from the likes of Ingram Micro (IM -0.98), Quantum Corp. (DSS -0.32), Silicon Storage (SSTI -1.33) and Charles Schwab (SCH -1.04)... The latter company, Briefing.com should note, didn't provide any actual guidance, but instead, simply conceded that achieving the consensus EPS estimate of $0.09 is going to be very difficult unless it sees some significant increases in trading activity... Aside from those disappointing developments, investors are also hearing that the European Central Bank has cut its 2001 growth forecast range to 2.2%-2.8% from the 2.6%-3.6% range announced in December, and raised its inflation range to 2.3%-2.7% from 1.8%-2.8%... Furthermore, they have been reminded that the 425K 4-wk average in initial claims is the highest in almost a decade... Perhaps the most troubling development, though, has been General Electric's (GE +1.75) admission that it is not optimistic that its proposal to acquire Honeywell (HON -3.41) will meet with European regulatory approval... Investors will recall that regulators in the U.S. had little problem with the proposed acquisition... Consequently, the EC's obstinance is raising concerns about subsequent merger and business dealings between the U.S. and Europe... Additional items, such as a Merill Lynch downgrade of Corning (GLW -0.94) and a sales warning from STMicroelectronics (STM -1.12), have also kept the bullish enthusiasm in check... Pacing today's declines have been the technology, brokerage, utility, and transportation stocks... Indices are currently off their lows, but not by much... Once again, the overall trading remains relatively light (much to Schwab's chagrin)... DJTA -1.8%... DJUA -2.9%... SOX -2.9%... Nasdaq 100 -2.1%... S&P Midcap 400 -1.6%... Russell 2000 -1.4%... NYSE Adv/Dec 815/2036... Nasdaq Adv/Dec 838/2500.