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

To: stockman_scott who wrote (46770)	1/22/2002 8:38:45 AM
From: Dealer	Respond to of 65232

M A R K E T .. S N A P S H O T -- Stocks set to sail higher at open By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 7:45 AM ET Jan 22, 2002 NEW YORK (CBS.MW) -- U.S. shares are poised for gains on Tuesday following the long holiday weekend. The earnings floodgates will be wide open this week, with about 30 percent of S&P 500 companies to reports their results. In the futures markets, the March S&P 500 contract ascended 5.70 points, or 0.5 percent, and was trading about 6.20 points above fair value, according to HL Camp & Co. Nasdaq futures, meanwhile, rose 12.00 points, or 0.8 percent and were trading 3.50 points above fair value. Among shares trading before the official opening bell, biotech stock ImClone Systems (IMCL) is set to put additional pressure on the sector after tumbling almost 30 percent on Friday and losing another 11 percent in the pre-open Tuesday. A U.S. House committee is launching a probe into the clinical trials for Erbitux and ImClone's dealings with the U.S. Food and Drug Administration. In the meantime, Credit Suisse First Boston cut its 2003-2004 earnings estimates for Bristol-Myers Squibb (BMY) on anticipated delays in the launch of Erbitux. Bristol owns 20 percent of ImClone and has licensed the rights to co-market Erbitux. In the Net sector, Amazon (AMZN) rallied 12 percent in trading before the opening bell after the e-tailer posted a fourth-quarter profit from operations vs. the expected loss. And Lucent Technologies (LU) added 11 cents in Instinet to $6.80 after posting a fiscal fourth-quarter loss that was narrower than expectations. Looking ahead, Lucent said it expects sales to grow 10 to 15 percent sequentially in the second quarter. Treasury focus Government bonds took a hit across the board, with the 10-year Treasury note down 15/32 to yield ($TNX) 4.95 percent while the 30-year government bond erased a lofty 17/32 to yield ($TYX) 5.39 percent. In economic news, December leading economic indicators and the December Treasury budget statement will be out. This week will be extremely light in terms of economic news. But investors will again hear from Alan Greenspan on Thursday, with the Fed chair scheduled to testify before the Senate Budget Committee. Check economic calendar and forecasts. In the currency sector, the dollar jumped 1.1 percent to 134.30 yen. The Japanese currency is now trading at its lowest level since September 1998. The euro, meanwhile, changed hands close to flat levels at 88.31 cents.