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

To: AugustWest who wrote (1582)	7/3/2001 12:37:32 PM
From: AugustWest	Read Replies (1) \| Respond to of 10077

Market Report Things are quiet as investors get ready for the pre-holiday early close Vancouver, Jul 03, 2001 (smallcapcenter.com via COMTEX) -- On the Street, it's quiet at midday as investors get ready to kick back for the Independence Day festivities south of the border. With the economy showing early signs of bottoming out, investors are increasingly repositioning themselves at the start of this quarter into economically-sensitive area. "Consumer discretionary is one category that they're favoring, industrials is another and also materials - but that's not much of a surprise because lower interest rates and the prospects for an improved economy are likely to benefit those sectors," said Sam Stovall, a senior investment strategist at Standard & Poor's. According to Stovall, today's announcement that the European Union has rejected the $41 billion takeover of Honeywell International's (NYSE: HON) european operations by General Electric Co. (NYSE: GE) had little impact on the markets. At midday, the markets were on the upswing, gaining ground as the early close of the markets in the U.S. began to loom. However, both the Dow Jones Industrial Average and the Nasdaq Composite Index were in negative territory at midday. The Nasdaq was then off by 0.88 points or 0.04% to 2147.84, the Dow was down 29.4 points or 0.28% to 10,564.32, and the S&P 500 was in the red by 1.56 points or 0.13% to 1235.15. Advancers were leading decliners on the New York Stock Exchange, 1582 (50%) to 1295 (41%) but the situation is reversed on the Nasdaq, with decliners outpacing advancers 1812 (49%) to 1522 (41%). In small cap trading, the Russell 2000 was still down 1.39 points or 0.28% to 497, the S&P 600 was down 0.78 points or 0.34% to 227.49, and the Wilshire 1750 was off 1.32 points or 0.17% to 759.11. Among the small-cap stocks, I-Many Inc. (NASDAQ: IMNY) plummeted by more than 36% this morning after the software maker reported Q2 losses of 10 to 12 cents per share. I-Many had been expected to break even. Small-cap Multex.com Inc. (NASDAQ: MLTX) is also down today, plunging more than 42% after announcing that it will miss its Q2 targets. And among the latest in the tech carnage, MIPS Technologies Inc. (NASDAQ: MIPS) is down almost 9% today after just breaking even in its latest quarter. The semiconductor designer had been expected to bring in Q4 profits of 8 cents per share. However, it's not all doom and gloom on the small-cap markets. Medical devices maker Abiomed Inc. (NASDAQ: ABMD) is up almost 14% at midday as investors show a little courage after the company's apparently successful first use of the AbioCor Implantable Replacement Heart. The biotechs continue to be among the few showing any strength in early trading today in advance of tomorrow's U.S. holiday. Among the biotechs, The Immune Response Corp. (NASDAQ: IMNR) is leading, up more than 6%, and Advanced Tissue Sciences Inc. (NASDAQ: ATIS) and COR Therapeutics Inc. (NASDAQ: CORR) are also in positive territory. In Canadian trading, the TSE 300 was down 21.45 points or 0.28% to 7714.9 and the Canadian Venture Exchange Index was off 17.96 points or 0.56% to 3203.88 at midday. Today, the U.S. markets will be closing at 1 p.m. ET. In commodities trading on the New York Mercantile Exchange, August oil is up 2 cents to $25.97, August natural gas is up 5 cents to $3.16, and August gold is down $1.80 to 268.30. The Canadian dollar is up 0.27% to US$0.6617. By James Risdon Copyright 2001 Stockgroup.com, All rights reserved. -0- * end of story *