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

To: stockman_scott who wrote (47541)	2/7/2002 8:53:49 AM
From: Dealer	Read Replies (1) \| Respond to of 65232

M A R K E T .. S N A P S H O T -- Buyers sidelined, shares set to dip By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 8:04 AM ET Feb 7, 2002 NEW YORK (CBS.MW) -- Buyers don't appear to have worked up an appetite for stocks, even after four straight days of bruising losses for the averages. More downside looks to be in store for equities on Thursday, in fact, as a dearth of confidence keeps demand in check. March S&P 500 futures forfeited 0.30 point, or 0.1 percent, and were trading about 0.60 point below fair value, according to HL Camp & Co. And Nasdaq futures gave up 9.00 points, or 0.6 percent and were trading 6.30 points below fair value. Shares of Cisco Systems fell 86 cents to $17.75 in the pre-open. The networking colossus (CSCO) cruised past analysts' estimates with its fiscal second-quarter profit from operations. But investors appeared to take issues with a revenue accounting effect, which offset a product sales decline. Further, market watchers didn't appear pleased with Cisco's fiscal third-quarter sales outlook, with the company signaling that it was cautiously optimistic while acknowledging that visibility remained limited. Meanwhile, WorldCom (WCOM) posted fourth-quarter earnings and revenue that both missed Wall Street's consensus estimate. The long-distance carrier also lowered profit expectations for 2002. Commenting on its exposure to bankruptcies, WorldCom said it has less than $10 million in receivables from Global Crossing. For Enron, the company said it wrote off less than $1.5 million in receivables and that there is no remaining exposure. Shares traded up 18 cents to $6.87 in trading before the official opening bell. Listless Treasury dealings Trading in government bonds was mundane, with prices hugging the unchanged mark in early action. The 10-year Treasury note was off 1/32 to yield ($TNX) 4.90 percent while the 30-year government bond erased 1/8 to yield ($TYX) 5.38 percent. Thursday will see the release of weekly initial claims and the December consumer credit report. Check economic calendar and forecasts. In the currency sector, the dollar edged up 0.1 percent to 133.75 yen while the euro shed 0.1 percent to 86.64 cents. --------------------------------------------------------------------------------