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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (59114)	1/18/2002 8:59:49 PM
From: StanX Long	Respond to of 70976

Tech sell-off squashes averages IBM, Microsoft outlooks weigh heavily By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 5:05 PM ET Jan. 18, 2002 cbs.marketwatch.com NEW YORK (CBS.MW) -- The major averages dripped in red ink Friday, ending with their second straight week of losses. A widespread sell-off in the tech sector on the wings of conservative forecasts from IBM and Microsoft incited the downward action and drove earnings worries to the forefront after a one-day respite. Even news that Dell Computer upped its financial targets failed to temper the pessimism on Wall Street. In the broad market, sellers pounced on the biotech, financial and oil segments with timid gains registered in the airline, oil service, utility and defense sectors. Check market stats and latest sector performance. "The market was overvalued at the end of last year. Everyone knew the fourth quarter would be terrible and yet they bid up stocks on expectations for a [better 2002.] But as investors stared bad news in the face, they got cold feet," maintained Charles Comer, technical strategist at IDEAglobal.