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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Chispas who wrote (75347)	6/6/2002 12:50:09 PM
From: SirRealist	Respond to of 99280

Looking at projections and downgrades (one of which set 12 mo price target of $13, look at PCSA... $50s last Dec, low today: $2.74 (70% drop today alone) Bankruptcy next? NT was bouncing nice tho...

To: Chispas who wrote (75347)	6/6/2002 1:10:51 PM
From: Chispas	Respond to of 99280

STOCKHOUSE just posted this... End of June (maybe) I'll be long... _________________________________________________________________________________ Market Update 12:21 PM 6/6/0212:21:26 PM Quick Quote: AP Online via COMTEX NEW YORK - Wall Street's fortunes turned negative again Thursday as a downgrade of chip makers by Merrill Lynch and retailers' disappointing sales gave investors more reasons to doubt the strength of a business recovery. Stocks fell sharply, with the tech sector suffering the heaviest losses. "The market is in a very bad downtrend," said Gary Kaltbaum, market technician for Investors' Edge Partners in Orlando, Florida. After a respite Wednesday, the market resumed a more than week-long decline, giving back the previous session's rally. Investors are selling on worries about earnings, mistrust of corporate accounting and international conflicts between India and Pakistan and Israel and Palestine. At midday, the Dow Jones industrial average was down 130.49, or 1.3 percent, at 9,666.31, wiping out its 108.96-point gain from Wednesday, when all of the market's major indicators finished higher for the first time in nearly two weeks. The broader market also fell sharply. The Nasdaq composite index dropped 35.65, or 2.2 percent, to 1,559.61, losing all of its 17.14 advance from Wednesday. The Standard & Poor's 500 index fell 15.06, or 1.4 percent, to 1,034.84, following Wednesday's gain of 9.21. Analysts said the market's persistent selling is no surprise because earnings remain depressed, jeopardizing the recovery investors had hoped would happen in the second half of 2003. Fears of improper bookkeeping, involving several companies in the wake of Enron's collapse, and worries about tensions overseas also have given investors little reason to buy. Intel fell $1.25 to $26.93 Monday after Merrill Lynch lowered its near-term rating on the stock to "neutral" from "strong buy." Investors were also reluctant to take chances on Intel ahead of its mid-quarter business update due out later in the day. Also downgraded by Merrill, Triquint Semiconductor sank 76 cents to $7.62 and Texas Instruments fell 70 cents to $27.74. Weak retail sales for May also drove the market lower. AnnTaylor fell $1.19 to $26.89 after reporting a 5.2 percent decline in sales from stores open at least a year. Sears stumbled $1.56 to $56.46 after reporting sales slumped 4.4 percent decline at its department stores. While the market has dropped significantly in recent sessions -- with the Dow on Monday falling to levels not seen since early February and the Nasdaq suffering its lowest close since Oct. 2 -- many analysts see no sign of reprieve for Wall Street. Earnings are the biggest factor weighing on stocks, Kaltbaum said. "To get things going, you have to beat earnings and beat them good," Kaltbaum said. Oracle fell 54 cents to $8.12 Thursday, losing some of its 84-cent gain Wednesday when chief executive Larry Ellison said the company would meet fourth-quarter expectations for earnings of 12 cents a share. News provided by Comtex