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 (2860)	7/26/2001 7:37:29 PM
From: MulhollandDrive	Respond to of 10077

You might want to consider a blue footed boobie instead.

To: Augustus Gloop who wrote (2860)	7/26/2001 7:47:08 PM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 10077

you should be safe....since I didn't get short, there is no reason to think that a bottom is in.

To: Augustus Gloop who wrote (2860)	7/27/2001 8:29:45 AM
From: Rich1	Respond to of 10077

The Big Picture Friday, July 27, 2001 Printer-Ready Version Stocks Recover In Afternoon Investor's Business Daily Stocks turned a lackluster morning into an upbeat afternoon Thursday. The market averages started off lower, unable to capitalize on the prior day’s strength. Hewlett-Packard (HWP) set the tone. The computer and printer maker warned sales would drop 14% to 16% in the third quarter, blaming global weakness in its consumer business. The company promised an additional 6,000 job cuts. HP shares slumped 1.68 to 24, their lowest level since November 1998. The stock dragged down the Dow industrials, which lost as much as 1.2%. The weakness pervaded the rest of the market, with the S&P 500 slipping as much as 0.7% and the Nasdaq 1.1%. The best thing about the early going was the flat to lower volume. The selling wasn’t intense. Besides HP, investors digested more bad economic news. Orders for durable goods slumped 2%. Given all the weak corporate profit reports, Wall Street was looking for a decline. But the expected drop was only 0.8%. Despite the gloom, the market turned the corner around 11:35 a.m. EDT. Led mainly by beaten-down techs, stocks rallied right to the close. The Nasdaq rebounded 1.9%. The S&P followed with a 1% gain, while the Dow, still saddled with Hewlett-Packard, trailed with a 0.5% rise. Nasdaq volume even picked up in the last hour to end the session heavier than Thursday’s level. More than 1.76 billion shares traded hands, up 5%. NYSE trading was slightly lower. Although the major indexes rallied, leading stocks were a mixed bag. Only two of the day’s top 15 groups came from the top quartile of IBD’s 197 industries. Highflying drug maker Taro Pharmaceutical Industries (TARO) gapped down 5.78 to 89.35 on nearly 2 1/2 times normal trade. The firm, which split its shares 2-for-1 after the close, announced a sizable stock offering. But Kos Pharmaceuticals (KOSP) surged 7.49, or 26%, to 36.45 as volume exploded sevenfold. The Food and Drug Administration tentatively approved its Advicor tablets, the firm’s cholesterol disorder drug. Medical instrument makers rallied. Varian Medical Systems (VARI), which makes cancer radiation equipment, jumped 6.25 to 72 on twice its normal turnover. Late Wednesday the firm reported fiscal third-quarter earnings of 56 cents a share, topping estimates by 6 cents. Surgical products maker Stryker (SYK) bounced 1.65 to 61.01, clearing a three-month base on 3 1/2 times typical trade. Biomet (BMET) vaulted 1.66 to 50.49 on twice its average volume. The stock cleared a short consolidation to hit a new high. Beaten-down industries, including chips, saw some of the day’s biggest gains. Cabot Microelectronics (CCMP) romped 6.98 to 68.08 on fast trade. The maker of slurries for integrated circuits beat fiscal third-quarter profit views by a nickel Wednesday. Cypress Semiconductor (CY) scampered 3.79 to 26.38. Analog Devices (ADI) rose 4.89 to 48.27, but remains 53% off its high. After the close, JDS Uniphase (JDSU) revived the daily parade of weak profits, or in its case an outright loss. The maker of fiber-optic gear lost 36 cents a share compared with a 14-cent profit a year ago. Analysts expected a 3-cent profit in JDS’ fiscal fourth quarter. The firm, which sees no end to the fiber-optic downtrend, will cut 16,000 jobs.