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To: Bill Harmond who wrote (13057)	7/25/2002 12:57:21 PM
From: stockman_scott	Respond to of 57684

12:50 ET Nasdaq futures trade limit down 12:39 ET Investors chip away at market Investors are pushing Tech overboard today following rollover in the SOX (-13.3%), which was prompted by reduced CapEx guidance by Taiwan Semi. Investors are now moving up the semiconductor/PC food-chain, not only unloading Semi Equip, but hitting names like INTC (-7.3%), DELL (9.3%), MSFT (-5.6%), LXK (-4.3%). 12:29 ET Nasdaq hits lows of day as SOX -13% goes into freefall 12:14 ET QCOM Qualcomm: 3G delays, Taiwan Semi pressure shares-- Lehman (25.75 -3.36) -- Update -- Lehman believes that delays in W-CDMA rollouts (Telefonica delayed this morning) are likely to reduce medium-term opportunities for W-CDMA royalties and chipset sales and may weigh on QCOM shares; believes QCOM may also be seeing some incremental pressure following somewhat uninspiring results from TSM this morning; firm expects QCOM tonight to deliver in-line numbers with mgmt likely to support a sequential uptick in Sept and Dec chipset expectations, although the sector remains challenging near-term. 11:57 ET TYC said to be denying bankruptcy rumor (8.30 -1.70) 11:57 ET Sector Watch: Semiconductor -- Technical -- The index (SOX at 321) slumped as much as 9.5% off of yesterday's high and pushed to its lowest level since Dec 1998. Intraday unless able to work back through resistances at 325/327 and then the 332/333 area the short term bias remains negative Next supports are at 310 and the 300 area. 11:35 ET TYC Tyco equity/debt come under pressure (8.40 -1.60) -- Update -- Tyco shares have traded down to a new 52-week low intraday. Trading floors attributing weakness to renewed concerns about accounting issues, sparked by AOL's disclosure that the SEC is conducting a fact-finding inquiry. Talk of cash flow concerns also circulating the market, which may be responsible for the sell off in TYC bonds today. TYC's 2011's are quoted at $69 (12.8% yield).