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.

Strategies & Market Trends : Mu Gamma Lambda -- Ignore unavailable to you. Want to Upgrade?

To: Augustus Gloop who wrote (1561)	7/3/2001 5:59:56 AM
From: Rich1	Respond to of 10077

The Big Picture Tuesday, July 3, 2001 Printer-Ready Version Dow, S&P Edge Higher In Thin Trading Investor's Business Daily The Nasdaq sought to make amends Monday after technical woes on Friday bamboozled investors about closing prices of many stocks. Yet most players decided to lie low for the day. The Nasdaq said it adjusted closing prices of 29 stocks over the weekend. It released the names of nine more small-cap stocks whose closing prices had to be fixed. The stocks were involved in the yearly rebalancing of the Russell indexes, including Dyax (DYAX) and ICT Group (ICTG). A number of them trade below 10 a share. The Nasdaq moved up as much as 0.9% in the morning, then stooped for a 0.5% loss for the day. The Nasdaq 100 slipped just 0.2% after officials adjusted the big-cap index’s Friday close to 1830.19 from 1832.75. The Nasdaq’s foul-ups on Friday skewed the price closes and trading ranges on some stocks to the point where it was hard to know exactly what happened. Take Accredo Health (ACDO). Before Friday, it had been working on a seven-month base. Friday’s range spiked from 35 to as high as 62, way past its pivot point of 40.08. On Monday, it fell 3.19 points to 34 on five times usual volume. THQ Inc. (THQI), one of this year’s stars, reportedly dived as low as 49.25 near the end of the prolonged session before closing at 59.63. While Friday’s low was still above its 50-day moving average, some investors may have judged the action as showing it was time to sell. The stock broke out on Jan. 11, and closed Monday at 57.79, up 130% from its pivot. All in all, it wasn’t a terrible session for the tech market. The Nasdaq was bound for a rest after rallying for eight of the past nine sessions. Volume shrank to 1.51 billion shares, ideal action from a rally viewpoint. The broader market fared better. Big caps got a midmorning boost after the National Association of Purchasing Management business index moved up to 44.7 from 42.1. While manufacturing is still in a recession, the rate of decline is falling. Meanwhile, U.S. personal spending rose 0.5% in May, 0.1 percentage point higher than economists’ consensus view. The S&P 500 rallied 1% and the Dow 0.9%. Advances edged out declines on quieter trade. The Morgan Stanley cyclical index picked up 1.2%. 3M (MMM) added 3.16 to 117.26 despite shaving its second-quarter profit estimate. The Russell 2000 small-cap index fell 2.8%. That drop seems doubtful, due to Friday’s closing price madness and to the index’s own re-jiggering. In fact, the “Big-Cap Growth Funds Vs. Small-Cap Growth Funds” table in the print edition shows small-cap stocks still dominate. Since December, the line has posted a series of lower highs, meaning big-cap stocks have languished. Indeed, the small-cap pond has produced better catches these days. SFBC International (SFCC) cruised 1.49 points to a new high of 30.49 on 3 1/2 times normal volume. The clinical trial and drug researcher has a 99 Earnings Per Share Rating and earns an A+ grade from investors.com’s IBD Power Tools Stock Checkup. U.S. Physical Therapy (USPH), meanwhile, is building a base-on-base after first breaking out May 1. It’s part of the Medical-Outpatient/Home Care subgroup, one of around seven medical groups ranked in the top 50 by IBD's 197 Industry Group Rankings table in the print edition.