Some headlines
12:26 [BMY] Bristol-Myers nears pact to buy stake in ImClone-WSJ
12:14 Asia Markets Nikkei gains 3.4% on rate cut, weaker yen
8:12pm 09/18/01 [F, DCX, GM] S&P: FORD, GM REMAIN ON CREDITWATCH W/ NEG IMPLICATIONS
5:51pm 09/18/01 U.S. crude, gasoline stocks drop
By Myra P. Saefong
A key U.S. report revealed declines in last week's inventories of crude and gasoline, but indicated that supplies of distillates, which include heating oil used during the winter, climbed. Late Tuesday, the American Petroleum Institute reported that gasoline inventories, during the week ended Sept. 14, fell by 4.2 million barrels. Market expectations were pegged at a drop of about 1.5 million barrels, according to brokerage house Alaron.com in Chicago. Crude stocks fell by 377,000 barrels, compared to expectations for a fall of around 1.5 million barrels. The declines come on the heels of a drop in refinery production capacity to 92.2 percent from the prior week's 94.9 percent. Distillate supplies, which include heating oil, rose 1.3 million barrels in the latest week, vs. market expectations for a rise of 1 million barrels. Ahead of the news Tuesday, October crude eased by $1.11 to $27.70 a barrel. October unleaded gasoline slipped by 3.85 cents to 79.32 cents a gallon, while October heating oil eased by 6.27 cents to 74.43 cents a gallon.
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4:21pm 09/18/01 Genesis Microchip raises Q2 rev target By Nicole Maestri
Citing strong product shipments in the first part of the quarter, Genesis Microchip (GNSS: news, chart, profile) raised its second-quarter revenue target to $30 million. When Genesis reported first-quarter results it predicted sequential quarterly revenue growth of 16 percent to 20 percent. The new revenue target represents sequential growth of more than 40 percent, the company said. The integrated circuit maker will report second-quarter results in mid October. Shares closed down $6.62, or 25 percent, at $19.70 ahead of the report.
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4:09pm 09/18/01 Red Hat breaks even for Q2 By Barbara C. Costanza
Red Hat (RHAT: news, chart, profile) posted a second-quarter net loss of $100,000, or breakeven on a per share basis, while analysts expected a profit of a penny, according to Multex. Last year, the company lost $4 million, or 2 cents a share. Revenue for the latest quarter totaled $21.1 million, down 15 percent compared with the year-ago total. Including items, the company lost $55 million, or 33 cents a share, in the latest quarter, compared with the year-ago loss of $20 million, or 12 cents a share.
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4:04pm 09/18/01 Closing market comment By Michael Baron
The major U.S. equity averages were unable to hold early gains Tuesday in the second trading session since the Sept. 11 terrorist attacks. A mild inflation number, interest-rate cuts from a number of foreign countries overnight, and good old-fashioned bargain hunting gave the market some initial running room but the rally stalled just as the Dow Jones Industrial Average sought to break convincingly above 9,000. The blue-chip DJIA fell 18.62 points, or 0.2 percent, to close at 8,902.08, while the Nasdaq Composite ($COMPQ: news, chart, profile) lost 24.29 points, or 1.5 percent, to finish the session at 1,555.26. In sector action, semiconductor, networking and hardware issues fell along with oil and gold stocks. Financials were yoked by a profit warning from Dow component American Express (AXP: news, chart, profile). Airlines provided a bright spot, bouncing slightly after Monday's massive sell-off. Within the Dow, losers included Boeing (BA: news, chart, profile), Eastman Koadk (EK: news, chart, profile), General Electric (GE: news, chart, profile), Honeywell (HON: news, chart, profile), Johnson & Johnson (JNJ: news, chart, profile), and Walt Disney (DIS: news, chart, profile). Winners included Wal-Mart (WMT: news, chart, profile), United Technologies (UTX: news, chart, profile), IBM (IBM: news, chart, profile), Microsoft (MSFT: news, chart, profile), AT&T (T: news, chart, profile), DuPont (DD: news, chart, profile) and Caterpillar (CAT: news, chart, profile). Volume was respectable - 1.65 billion on the NYSE and 1.82 billion on the Nasdaq. Breadth remained negative on both exchanges with decliners trouncing advancers - 1,930 to 1,217 on the Big Board, and 2,298 to 1,439 on the Nasdaq.
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3:08pm 09/18/01 Ciena scrapes 52-week low By Michael Baron
Ciena (CIEN: news, chart, profile) is sinking $1.89, or 14.6 percent, to $11.09. Earlier in the session, shares of the Linthicum, Md., fiber optics firm plumbed a 52-week low of $10.99. Robertson Stephens issued a note saying that the near-term outlook for next generation fiber optics networks "may not be as bright as recent performance may suggest" due to continued pressure on overall capital spending. The firm noted this trend was most recently "accentuated" by Ciena's recent outlook revision. "We feel it may be difficult for several of the next generation optics vendors to meet their forecasted growth over the next several quarters, in light of continued negative carrier commentary," Robertson Stephens said. Other weak telecommunications equipment stocks include voice infrastructure firm Sonus (SONS: news, chart, profile), dropping $2.37, or 23.2 percent, to $7.84; optical communications network firm ONI Systems (ONIS: news, chart, profile), off $2.02, or 20 percent, to $8.06; and JDS Uniphase (JDSU: news, chart, profile), losing 52 cents, or 8.9 percent, to $5.33.
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