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To: Dealer who wrote (38042)	6/21/2001 12:13:56 PM
From: Sully-	Respond to of 65232

12:04 ET Economic Data : The Philadelphia Fed's manufacturing index for June revealed an uptick to -3.1 vs the consensus of -10.0. Though this is another piece of slightly encouraging economic news, any reaction should be tempered by the fact that manufacturing is still in decline, and this is only one small region of the country (the Phildelphia Fed district). briefing.com Ö¿Ö

To: Dealer who wrote (38042)	6/21/2001 12:37:26 PM
From: Sully-	Read Replies (1) \| Respond to of 65232

12:28 ET Cisco Systems (CSCO) 17.57 +1.17: -- Update -- Stock has been strong all day; trading floors pointing to a Dow Jones story from 1 am ET which claims that Gordon Astles, a Sr VP and head of Asia-Pacific, said that Q4 revenue guidance still stands. The only direct quote in the story, however, is that Astles said "most analysts expect" revenue to be at the low end of guidance. Astles was speaking at Cisco's opening of a Singapore office. Ö¿Ö

To: Dealer who wrote (38042)	6/21/2001 4:05:38 PM
From: stockman_scott	Respond to of 65232

Stocks Hold Gains, Investors Eye Rate Cut Thursday June 21, 3:18 pm Eastern Time By Denise Duclaux <<NEW YORK (Reuters) - Stocks held solid gains in late afternoon trading on Thursday as investors brushed off bleak earnings outlooks from companies like chip designer Transmeta Corp. (NasdaqNM:TMTA - news) and held out hope for a deep interest-rate cut from the Federal Reserve. ``The earnings preannouncement jitters continue to prevail, but there is optimism the Fed will continue to be accommodative when it meets next week in lowering interest rates,'' said Alan Ackerman, chief market strategist at Fahnestock & Co. ``More and more people are hoping for a 50-basis-point cut.'' The Fed is widely expected to lower by at least 25-basis points at its policy-setting meeting next week, but many investors are hoping for a deeper 50-basis-point cut. The Fed has already slashed rates five times this year -- 50 basis points each time -- to spark a recovery in the world's largest economy. The blue-chip Dow Jones industrial average (.DJI) rose 91.11 points, or 0.86 percent, to 10,738.44. Financial components Citigroup Inc. (NYSE:C - news), up $2.33 at $52.98 and JP Morgan Chase & Co. (NYSE:JPM - news), up $1.49 at $47.09, lifted the blue-chip gauge after investment bank Morgan Stanley (NYSE:MWD - news) beat lowered earnings expectations. The Nasdaq composite index (.IXIC) gained 42.46 points, or 2.09 percent, to 2,073.70. Internet gear giant Cisco Systems Inc. (NasdaqNM:CSCO - news), up $1.70 to $18.10, and fiber optics parts maker JDS Uniphase Corp. (NasdaqNM:JDSU - news; Toronto:JDU.TO - news), up 92 cents to $10.92, helped boost the technology-packed index. The broader Standard & Poor's 500 Index (.SPX) added 15.24 points, or 1.25 percent, at 1,238.38. Morgan Stanley jumped $4.87 to $64.22 on earnings that beat estimates by 4 percent. Wall Street had slashed quarterly expectations for the investment bank as the stock market slumped. Eastman Kodak Co. (NYSE:EK - news) rose $1.72 to $49.27 after the photo giant reiterated its earnings guidance and said it expects to generate at least $6 billion of free cash flow between 2001 and 2005. The Dow component also said it postponed a $650 million bond offering and plans a $75 million charge, both due to the ''anticipated bankruptcy filing'' by a customer. The next two weeks will be the busiest periods for quarterly preannouncements, when companies say whether or not they're likely to meet financial forecasts, according to Thomson Financial/First Call. So far, companies have issued 550 warnings. That's 8 percent lower than during the same point a quarter ago, according to the market research firm. Transmeta, which designs power-saving chips for notebook computers, slumped $7.17 to 5.43 after slashing its sales projection, citing a slowdown in shipments to Japan, its major market. Electronics maker Sanmina Corp. (NYSE:SANM - news) reversed an early loss to gain 99 cents at $21.05. The company said revenues will be below earlier estimates due to sluggish demand as high inventories rattle through the technology industry. Web hosting company Exodus Communications Inc. (NasdaqNM:EXDS - news) dropped 64 cents to $1.61 and ranked as the most heavily traded issue on the Nasdaq. Wall Street house Salomon Smith Barney cut its investment rating, saying Exodus faces lowered prospects and liquidity issues. The stock's year-high is $69. In the latest economic releases, the number of new claims for jobless benefits fell more sharply last week than expected. The U.S. Labor Department said initial claims for unemployment insurance benefits fell 34,000 to 400,000 in the week ended June 16 from a revised 434,000 in the prior week. This defied Wall Street projections for a modest drop to 423,000. Other economic figures showed industrial activity in the U.S. mid-Atlantic shrank at a slighter-than-expected pace, suggesting a deep manufacturing slump may have stabilized, according to the Federal Reserve Bank of Philadelphia's regional report.>>