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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: LemonHead who wrote (4265)	7/24/2002 12:47:57 PM
From: robert b furman	Read Replies (1) \| Respond to of 95383

I'm Watching Cohu and Nvls. Yup I like Nvls been in and out of it alot.When it cranks it cranks. Bob I think we've seen the worst - maybe an intraday test. We're about to hear the govt get tough and mouthy - confidence builders. JMHO Bob

To: LemonHead who wrote (4265)	7/24/2002 4:51:26 PM
From: Return to Sender	Read Replies (1) \| Respond to of 95383

The Biggest Rally in 15 Years thestreet.com By Kevin Burke Staff Reporter 07/24/2002 04:24 PM EDT Updated from 4:14 p.m. EDT Buyers re-emerged in droves Wednesday and the Dow had its best day since late 1987, as the arrest of an allegedly corrupt chief executive and soothing words from one of the nation's biggest banks finally calmed the rampant paranoia that had ruled Wall Street all month. Preliminary figures showed the Dow Jones Industrial Average gained 489 points, or 6.4%, to 8191, while the Nasdaq jumped 61 points, or 5%, to 1290. For both averages it was the biggest one-day point and percentage gain in 15 years. The S&P 500 rose 46 points, or 5.7%, to 843. "This is an oversold rally," said Rob Cohen, co-head of listed trading at Credit Suisse First Boston. "The market reached an inflection point." After surrendering 100 points in the first minutes, the market caught a bid when the former head of Adelphia (ADELQ:Nasdaq - news - commentary - research - analysis), John Rigas, and other principals at the bankrupt cable company were shown on television being arrested on securities charges. The SEC alleges that Adelphia excluded billions of dollars in liabilities from its financial statements, artificially inflated earnings and made use of off balance sheet vehicles to hide the true state of its finances. At about the same time, J.P. Morgan Chase (JPM:NYSE - news - commentary - research - analysis) held a conference call to address the recent fall in its stock price, telling investors the bank did nothing wrong in its dealings with Enron and refuting rumors about its derivative exposure. The stock, which sunk early, ended up 16% on the session at $23.30. "The J.P. Morgan statement assuaded a lot of fears," said Cohen. Both J.P. Morgan and Citigroup (C:NYSE - news - commentary - research - analysis) have seen large amounts of market capitalization hacked off in the last two sessions because of concerns the banks had a less-than-savory role in the Enron debacle. Wednesday's turnaround came at a zenith of market volatility and as some market gauges reached their lowest valuations in about five years. "The VIX, a gauge of fear in the marketplace, got to a level that was just below the September high," said David Memmott, head of listed block trading at Morgan Stanley. "At that time, we were fearing for our lives and well being." Memmott observed a heavy amount of short-covering, as is typical in fierce rallies following following intense selloffs. "This is probably a bear-market rally," said Memmott. "But maybe, we discounted the worst-case scenario." On the conference call, J.P. Morgan said it has a high degree of confidence in its accounting integrity and that top executives will have no problem signing off on financial statements by Aug. 14. J.P. Morgan's shares were down earlier, but reversed course to trade up 11.3% to $22.34. Citigroup was gaining 4.8% to $28.30. Investors still have plenty of earnings news to digest. Online bookseller Amazon.com (AMZN:Nasdaq - news - commentary - research - analysis) said after the close Tuesday that its second-quarter loss narrowed, and the company raised its sales forecast for 2002. The company also said it will expense its stock options by the beginning of 2003 in order to provide further transparency in its financial statements. Despite all of that, the shares fell 5.2% to $13.80.