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

To: stockman_scott who wrote (40472)	8/22/2001 8:22:58 AM
From: Dealer	Read Replies (3) \| Respond to of 65232

M A R K E T .. S N A P S H O T -- Markets to get rally day after Fed ease Chip stocks ebullient after SEMI data By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 8:04 AM ET Aug 22, 2001 NEW YORK (CBS.MW) -- The stock market may get a Fed rally after all. Judging by action in the futures markets, shares are poised for some solid gains at the open Wednesday -- one day after the Fed cut rates by an as-expected 1/4 percentage point and triggered an afternoon sell-off on Wall Street. September S&P 500 futures tacked on 7.90 points, or 0.7 percent, and were trading roughly 4.30 points above fair value, according to figures from HL Camp & Co. Nasdaq futures put on 24.50 points, or 1.7 percent. Among stocks trading before the opening bell, equipment maker Applied Materials (AMAT) climbed 2.4 percent, to $43 in Instinet. Other chip stocks rose in tandem with AMAT as investors pondered bookings figures in the industry for the month of July. Intel (INTC) added 78 cents in the pre-market to $27.85 while Texas Instruments (TXN) gained 64 cents to $33.15. Semiconductor Equipment and Materials International revealed late Tuesday that North American-based manufacturers of semiconductor equipment posted $764 million in orders in July 2001 and a book-to-bill ratio of 0.67. A book-to-bill of 0.67 means that $67 worth of new orders were received for every $100 of product shipped for the month. "Slightly higher orders and a continued decline in billings resulted in a higher book-to-bill ratio for the month of July," commented Elizabeth Schumann, director of industry research and statistics for SEMI, in a statement. SEMI said the bookings numbers provide some indication that capital equipment orders may have reached bottom, though companies remain cautious given the existing uncertainties in the global economy. Treasury focus Treasury prices fumbled after gaining ground late in the day on the wings of the Fed's rate cut and a sell-off in the stock market. The 10-year Treasury note was off 9/32 to yield ($TNX) 4.905 percent while the 30-year government bond slumped 1/4 to yield ($TYX) 5.45 percent. No economic data is on tap Wednesday. Still ahead this week: July durable goods orders and new home sales. and economic calendar and forecasts. In the currency sector, the dollar edged up 0.1 percent to 119.70 yen while the euro gained 0.5 percent to 92.20 cents.