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 : Guidance and Visibility -- Ignore unavailable to you. Want to Upgrade?

To: SusieQ1065 who wrote (7018)	7/18/2001 7:02:29 PM
From: keithcray	Respond to of 208838

Briefing Commentator says "Wow, was I wrong..." Updated: 19-Jul-01 General Commentary Wow, was I wrong... On balance I thought that Tuesday's earnings news was relatively promising in that Intel (INTC) didn't disappoint and RF Micro Devices (RFMD) offered up signs of hope... Given the bearish mood heading into the numbers, figured sector was set up for a little relief rally... Market didn't see it that way, however... Traders focused on the bearish guidance from Veritas (VRTS) and concluded a) companies that had yet to warn were now big-time suspects and b) richly valued tech stocks not the place to be because if they disappoint - and it's only a matter of time before they do - look out below... In addition to gutting VRTS, investors pounded on stocks such as StorageNetworks (STOR), BEA Systems (BEAS), Brocade (BRCD), ONI Systems (ONIS), Ciena (CIEN), InRange (INRG), Juniper (JNPR), Emulex (EMLX) and QLogic (QLGC). Not helping the markets mood any were bearish comments (along with lackluster results) out of EMC (EMC) and disappointing revenues from AOL Time Warner (AOL)... Throw in some less than upbeat comments from Fed Chairman Greenspan regarding the state of the economy and the indices never stood a chance... With IBM just having reported slightly weaker than expected revenues for the quarter, negative tone could well persist into today's trading. However, most of the earnings news continues to be in line with to slightly better than expected... Helps that the expectations bar was set so low... Nevertheless, earnings season isn't offering up too many negative surprises so far... In the end, that should limit the near-term downside risk... Supports for the Nasdaq are at 1934 and 1890-1880 area... As long as this latter floor continues to hold, then the worst you can say about the sector is that it is building a base in the 1900-2300 range... The more time we spend in this range, the longer and stronger the rally will be on a decisive break of 2300. While earnings season has gotten off to a bumpy start, no reason to be overly concerned quite yet. For all the post-close earnings news, see Briefing.com's Short Stories page. Robert Walberg