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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (39184)	7/18/2001 7:39:22 AM
From: Dealer	Read Replies (1) \| Respond to of 65232

M A R K E T .. S N A P S H O T -- U.S. averages set for lower start Greenspan speech ahead; CPI on tap By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 7:34 AM ET Jul 18, 2001 NEW YORK (CBS.MW) -- The stock market is set for an open on the downside Wednesday as market watchers pondered the negative outlooks from some of the tech companies that reported after the close Tuesday. In the meantime, investors are bracing for Alan Greenspan's testimony before Congress Wednesday morning, during which the Fed Chair will muse on the U.S. economy. Checking the futures markets, the September S&P 500 contract slid 11.00 points, or 0.9 percent, and was trading roughly 10.80 points below fair value, according to HL Camp & Co. And Nasdaq futures, meanwhile, dropped 25.50 points, or 1.5 percent. In shares seeing activity before the official opening bell, Intel slipped 90 cents to $29 in Instinet. The chip bellwether (INTC) posted after the close a second-quarter profit of 12 cents a share, surpassing the lowered First Call/Thomson Financial estimate of 10 cents a share as its profit tumbled 76 percent from the year-ago period. Looking ahead, Intel said its third-quarter revenue is expected to range between $6.2 and $6.8 billion. The company also expects to incur a $100 million loss in the third quarter related to equity investments. Apple Computer traded down $2.90 to $22.20 in Instinet. The company (AAPL) posted a third-quarter profit of 17 cents a share vs. the 55 cents a share earned in the year-ago period. The results topped the Wall Street consensus estimate by two cents. Veritas Software slid to $43.35 in the pre-market, down 14 percent from the close. The company (VRTS) posted a second-quarter profit from operations of 19 cents a share, in line with the First Call consensus estimate and up from the 13 cents earned in the year-ago quarter. But the company lowered its annual revenue growth target to a range of 25 to 35 percent from the previous range of 35 to 50 percent due to the soft economy. And chip equipment maker Teradyne (TER) registered a second-quarter loss from operations of 12 cents a share, matching what had been projected by Wall Street analysts. The company said it now expects a loss in the range of 22 to 32 cent a share vs. the 11-cent loss that had been expected by First Call. Teradyne noted that it appears most semiconductor customers may not need to increase their test capacity until well in 2002. In the biotech arena, Millennium Pharmaceutical (MLNM) posted after the close Tuesday a second-quarter loss from operations of 14 cents a share, narrower than the loss of 17 cents a share that had been expected by First Call but steeper than the 13-cent loss posted in the year-ago period. Shares closed up 3.3 percent on Tuesday as biotech stocks staged an across-the-board rally. Treasury focus Over in the government bond arena, prices squeaked out a gain as investors anticipated a lower open for equities. The 10-year Treasury note was up 5/32 to yield ($TNX) 5.19 percent while the 30-year government bond added 5/32 to yield ($TYX) 5.59 percent. Wednesday's economic plate includes the release of June housing starts, seen coming in at a 1.61 million rate, and the June consumer price index, expected to inch up 0.1 percent. The core, which excludes the volatile food and energy components, is expected to have risen by 0.2 percent. View and economic calendar and forecasts. In the currency sector, dollar/yen inched up 0.1 percent to 124.97 while euro/dollar climbed 0.5 percent to 0.8632. --------------------------------------------------------------------------------