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To: Jon K. who wrote (984)	11/15/2001 7:25:40 PM
From: Jon K.	Read Replies (1) \| Respond to of 29596

Amazon edges lower in pre-open Chips look to lose steam after strong run By Emily Church, CBS.MarketWatch.com Last Update: 8:31 AM ET Nov. 15, 2001 LONDON (CBS.MW) - Shares of Internet retailer Amazon.com on Thursday were unable to hold onto overnight gains as selling in chip equipment leader Applied Materials gained traction - and helped turn sentiment around. Shares of Applied Materials (AMAT: news, chart, profile) were adding onto losses late Wednesday on its cautious outlook. See full AMAT story/analysis. The stock was last off 6 percent at $38.30. Intel Corp. (INTC: news, chart, profile) was adding to losses, down 47 cents to $31. JP Morgan H&Q cut its fiscal first quarter and 2002 sales and earnings per share estimates for Applied Materials on the lower bookings and continued weak outlook. "We remain cautious on shares of AMAT and the rest of the semiconductor capital equipment coverage due to what we believe to be a continued disconnect between industry fundamentals and stock valuations," analyst Scott Williamson told clients. AMZN returns Amazon (AMZN: news, chart, profile) joined the pre-open leader board for the first time in recent months after zooming 30 percent Wednesday, apparently on high hopes for the key e-holiday season after AOL Time Warner (AOL: news, chart, profile) said online shopping was up 80 percent in October vs. year-ago. Shares were last off 14 cents at $9.35, slipping further away from $9.75 in spike in Germany, according to data from Nasdaq-Live. The stock On Instinet, the Nasdaq 100 tracking stock (QQQ: news, chart, profile) led volumes ahead of 8 a.m., down 14 cents to $39.50. Cisco Systems (CSCO: news, chart, profile) eased 4 cents. Earlier, European leaders such as Nokia (NOK: news, chart, profile) was hovering just under a key $25 a share level as it traded at $24.71 in euros in a 3.4 percent gain. Broadvision (BVSN: news, chart, profile), a German Neuer Markt stock that is also on the Nasdaq, was up 6 percent, building on strong gains from Wednesday as European tech-related stocks headed higher, dealers from Madoff Securities in London said. Lucent Technologies (LU: news, chart, profile) turned lower, down 15 cents at $.70 on a report in the Wall Street Journal that it's expected to sell its fibre-optic business for around 10 percent less than the original price of $2.75 billion.