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

To: stockman_scott who wrote (46568)	1/17/2002 8:42:02 AM
From: Dealer	Read Replies (3) \| Respond to of 65232

M A R K E T .. S N A P S H O T -- Stocks seek sponsorship By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 7:31 AM ET Jan 17, 2002 NEW YORK (CBS.MW) -- The stock averages are looking to bounce back on Thursday after an ugly sell-off on Wednesday that took the Dow Industrials to a level not seen since late November. March S&P 500 futures climbed 6.70 points, or 0.6 percent, and were trading about 4.10 points above fair value, according to HL Camp & Co. Nasdaq ascended 20.00 points, or 1.3 percent. Among shares climbing in the pre-open, Advanced Micro Devices put on 98 cents to $18.98 in Europe. The chip outfit (AMD) reported late Wednesday a fourth-quarter loss of 5 cents a share, less than projections for a loss of 18 cents. AMD also bested revenue expectations in the quarter and said it remains on track to return to profitability in the second quarter and achieve "solid profitability" for the full year. The company pegged expectations for first-quarter revenue at $900 million, better than current forecasts for $849.8 million. On Wednesday, chip and chip equipment stocks took a hit following Intel's earnings report. The company's lower capital spending budget provoked a severe sell-off among the equipment companies from which Intel buys parts. Shares of computer companies also logged gains thanks to better-than-expected results from Compaq and a more favorable outlook from Apple for its current quarter. Compaq (CPQ) rose 40 cents to $11.50 before the official start of trading after reporting late Wednesday a fourth-quarter profit from operations of 6 cents a share, besting the Wall Street estimate by a nickel. The PC maker's sales also bested expectations, coming in at $8.46 billion compared with expectations for $8.02 billion. And Apple Computer (AAPL) added 57 cents to $21.35 in the pre-open after posting a fiscal first-quarter profit of 11 cents a share late Wednesday, in line with expectations. Revenue, at $1.38 billion, was lower than the $1.43 billion that had been expected. But Apple expects second-quarter revenue of $1.5 billion and earnings-per-share of 11 cents, exceeding the $1.33 billion in revenue and EPS of 9 cents that had been projected by Wall Street. Treasury focus Government bond prices continued to trade mixed. The 10-year Treasury note was off 2/32 to yield ($TNX) 4.85 percent while the 30-year government bond climbed 1/32 to yield ($TYX) 5.35 percent. On the economic front, Thursday will see the release of weekly jobless claims, expected to come in at 441,000, December housing starts, seen coming in at 1.60 million, and the January Philly Fed Index, seen coming in at negative 2.4. Check economic calendar and forecasts. In the currency sector, the dollar shaved 0.1 percent to 132.06 yen while the euro erased 0.3 percent to 88.08 cents. --------------------------------------------------------------------------------