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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: MetalTrader who wrote (8277)	9/20/2001 12:40:57 PM
From: jim_p	Read Replies (2) \| Respond to of 23153

Matal, I've added some EMS, GLW and initial position in SUMW this morning. Now starting to use a nominal amount of margin. Calls make a lot of sense right now. KB may be right, but if he is, it will be for a NANO second. MTW KB, placed an order to revisit my old friend NANO. I should be a market maker in NANO by now. :-)) Good luck, Jim

To: MetalTrader who wrote (8277)	9/20/2001 12:41:23 PM
From: stockman_scott	Respond to of 23153

Stocks Slide, Uncertainty Dogs Investors Thursday September 20, 11:27 am Eastern Time By Denise Duclaux NEW YORK (Reuters) - Stocks held big losses in late morning trading on Thursday as companies ranging from publishers to airlines confessed to mounting layoffs and shrinking profits after last week's terror attacks -- stoking fears of further damage to the nation's soft economy. Nervous investors kept up the selling for the fourth straight day since the market reopened after hijacked airliners leveled the World Trade Center in New York's financial district and slammed part of the Pentagon near Washington. Wall Street, mourning the likely loss of nearly 6,000 people just three blocks from the New York Stock Exchange, now is confronting the damage to Corporate America and girding for possible bloodshed in the Middle East. But many strategists feel the more than 10 percent decline in the major stock gauges since the attacks is fueled more by emotion than logic. ``It's just emotion,'' said Edgar Peters, chief investment officer at PanAgora Asset Management, which manages $15 billion. ``The market currently is pricing in a 50 to 60 percent drop in earnings for companies in the Standard & Poor's 500. We have never had a drop in earnings that large in history, even in the Great Depression. The market is incredibly undervalued. This is the speculative bubble backward.'' The blue-chip Dow Jones industrial average (.DJI) sank 235.05 points, or 2.68 percent, to 8,524.08, after an early slump of more than 3 percent. The tech-laced Nasdaq Composite Index (.IXIC) dropped 27.81 points, or 1.82 percent, to 1,499.99, also sinking more than 3 percent earlier. The broader Standard & Poor's 500 Index (.SPX) fell 20.87 points, or 2.05 percent, to 995.23. The major market gauges have scraped new three-year lows since the attacks. U.S. Federal Reserve Chairman Alan Greenspan told Congress on Thursday that the attacks will damage the economy in the short-term by making Americans fearful of the future but won't dampen bright long-term prospects. The central bank has cut interest rates eight times this year to buoy the economy. ``Indeed, much economic activity ground to a halt last week,'' Greenspan said in a speech to the Senate Banking Committee. ``But the foundations of our free society remain sound, and I am confident that we will recover and prosper as we have in the past.'' Many U.S. corporations have announced mass layoffs in the wake of the Sept. 11 attacks, with the airline industry alone gearing up to lay off 100,000 employees. The assaults have paralyzed the travel industry and are rippling through the already weakening economy, stoking fears of a recession. AMR Corp. (NYSE:AMR - news) fell 83 cents to $19.17 after its unit American Airlines, the world's largest airline, said it would lay off at least 20,000 people to stave off slowing air traffic. The Tribune Co. (NYSE:TRB - news) lost $2.12 to $33.56. The company, publisher of the Chicago Tribune and the Los Angeles Times, warned earnings would fall short of expectations, citing the tough advertising market following last week's attacks. UAL Corp. (NYSE:UAL - news) fell $1.11 to $17.65. Its unit, airline United Airlines, said it plans to furlough 20,000 workers. Newspaper publisher Knight Ridder Inc. (NYSE:KRI - news) slipped $1.81 to $55.75. Its earnings per share are expected to fall 25 percent from last year as customers yank ads on fears of a general business slowdown. Database software maker Sybase Inc. (NYSE:SY - news) dropped 24 cents to $9.99 after saying the attacks may take a heavy toll on U.S. consumer spending and hurt sales by information technology firms for the rest of 2001.