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To: Johnny Canuck who wrote (37932)	8/6/2002 2:39:57 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68785

DAILY WRAP-UP ********************************** Blue-chips were battered with the Dow Jones Industrials suffering a triple digit loss. The market measure was hurt by sharp declines among its telecom and financial components. The Nasdaq composite slipped to its lowest close of the year. U.S. indices slid again Monday after the Institute for Supply Management reported that service businesses grew at a slower pace than expected during the month of July. Today's report in combination with last week's disappointing manufacturing statistics and higher-than-expected jobless claims has pointed to slowing economic growth in the U.S. The Dow Jones ended down 269.5 points, or 3.2%, at 8,043.63. The Nasdaq Composite sank 41.9 points or 3.3% to close at 1206.01, which the Standard & Poor's 500 index was off 29.64 points or 3.4% to finish at 834.60. The NYSE saw more than 2.8 billion shares changing hands, and the Nasdaq had trading volume of 1.4 billion. Selling was led by financial services giant Citigroup (NYSE: C), which lost $2.23 or 7.2%, after Lehman Brothers (NYSE: LEH) issued target price cuts on two banking behemoths. J.P. Morgan Chase (NYSE: JPM) gave back $1.50 or 6.2% to $22.35. Consumer products giant Procter & Gamble (NYSE: PG) managed fourth quarter financial results that surpassed expectations. The stock, however, slumped $2.40 to $87.44 as investors set aside upbeat comments from the company. Telcoms were hurt by an announcement from Dow Component SBC Communications (NYSE: SBC) that it had understated its level of short-term debt. SBC Shares closed at $26.10, off $1.45. AT&T (NYSE: T) dipped $0.91 to finish at $8.69. Only Philip Morris (NYSE: MO) escaped the selling pressure on the Dow. The ISM index that measures performance in retail, financial services, construction and other non-manufacturing sectors slid to 53.1 in July from a measure of 57.2 in the month of June. A number above the marker of 50 indicates expansion, but the figure is the second straight monthly decline. Peter Boockvar, market analyst Miller Tabak & Co. attributed some of the selling to worries over economic pressures at home and abroad. However, he said, "the market was up a lot over the last couple of weeks, and we are pulling back from those gains." He said that he is disinclined to think that slowing growth points to a double dip recession. "It's just the economy has slowed down." Other pundits raised fears last week that the recovering economy might not have enough steam to stave off another slide into recession. Tech stocks weighed heavily on the markets today, with Cisco Systems (NASDAQ: CSCO) suffering a sell off in advance of its fourth-quarter numbers due on Tuesday. The networking equipment maker gave back more than 4% to finish at $11.36. Advanced Micro Devices (NYSE: AMD) gained 3.5% to $7.57 on rosy comments from Barron's, but it went against the selling tide in the chip sector. Microsoft (NASDAQ: MSFT) shares dipped $0.42 to close at $43.99. The software maker has begun fulfilling some of its obligations following the federal antitrust settlement, even though a final ruling is not yet at hand. The Redmond, WA-based firm plans to begin releasing more of the source code for a number of the Windows operating systems. Walt Disney (NYSE: DIS) suffered further selling after Moody's Investors Service placed the entertainment company's long-term rating on review. The bond-rating agency will assess among other items, the outlook for its theme park operations, questions over viewership at its ABC network, and the company's high debt burden in relationship to its operating cash flow. Disney stock fell 6.7% to close at $14.27. Cox Communications (NYSE: COX) plummeted almost 20% following a downgrade to "hold" from "strong buy" issued at Credit Suisse First Boston. In small cap trading, the Russell 2000 index traded down 5.58 to 370.87, and the S&P 600 index edged 2.67 points lower to close at 187.18. Some of the small cap stocks making big moves included Collins & Aikman Corp. (NYSE:CKC). The stock fell $2.71, or 49%, to $2.81 on volume of 5.6 million shares. The maker of vehicle interiors said it would miss current 2002 earnings estimates. The company now expects earnings of between 20 cents to 26 cents. A consensus forecast saw the company earning 74 cents. 2 NDS Group (NASDAQ: NNDS) rose $0.031, or 3.6%, to $8.81 on volume of 47,400 shares. The satellite TV provider said fourth quarter profit rose 14% to $21 million. 3 ESS Technology (NASDAQ: ESST) fell $1.14, or 9.7% to $10.56 on volume of 7.1 million shares after an article in Barron's mentioned concerns about competition the company is facing in the DVD chip market. In commodities trading on the New York Mercantile Exchange, September crude oil futures traded lower by $0.26 at $26.58 and September natural gas traded down $1.02 to $66.64. December gold gained $0.60 to finish at $309.60. Canadian markets were closed Monday for the civic holiday. The Canadian dollar was bullied to a decline of two-tenths of a cent. It closed Monday at US$0.6264. TODAY'S HEADLINES ******************************** Healthcare FDA GIVES HOLLIS GREEN LIGHT FOR PHASE II TESTING Drug developer Hollis Eden Pharmaceuticals Inc. today said it received clearance from the FDA to proceed with Phase II testing of HE2200, its drug candidate for treating people with high blood cholesterol levels smallcapcenter.com Read these small cap stories and more at smallcapcenter.com SMALL CAP MOVERS ******************************** Collins & Aikman Corp. (NYE: CKC) Collins & Aikman Corp. (NYSE:CKC) closed at $2.83 down $2.17 or 43% on volume of 5.6 million. The maker of vehicle interiors said it will miss current 2002 earnings estimates. The company now expects earnings of between 20 cents to 26 cents. A consensus forecast saw the company earning 74 cents. smallcapcenter.com ESS Technology Inc. (NSD: ESST) ESS Technology (NASDAQ: ESST) closed at $10.56 down $1.14 or 9.7% on volume of 7.1 million. An article in Barron's mentioned concerns about competition the company is facing in the DVD chip market. smallcapcenter.com NDS Group plc (NSD: NNDS) NDS Group (NASDAQ: NNDS) ended the day at $8.81 up 31 cents or 3.6% on volume of 47,500. The satellite TV provider said fourth quarter profit rose 14% to $21 million. smallcapcenter.com PolyMedica Corporation (NSD: PLMD) PolyMedica Corp. (NASDAQ: PLMD) finished at $24.65 down $5.29 or 17.6% on volume of 1.08 million. The maker of diabetes tests, said co-founder and chief executive Steven Lee will be retiring effective immediately. smallcapcenter.com Shaw Group Inc. (NYE: SGR) Shaw Group Inc. (NYSE:SGR) closed at $16.06 down $5.70 or 26% on volume of 4.6 million. The service provider to energy companies warned it may miss current fourth quarter profit estimates. smallcapcenter.com TODAY'S HIGHLIGHTS ******************************** Market Summary At 6:18:06 P.M. ET --------------------------------------------------------- Symbol Close Change Change(%) Market Name .DJI 8043.63 -269.50 -3.24 DOW JONES INDUSTRIAL NYA N/A N/A N/A NYSE COMPOSITE COMP 1206.01 -41.91 -3.36 NASDAQ COMPOSITE XAX 809.03 -15.51 -1.88 AMEX COMPOSITE INDEX SPX 834.60 -29.64 -3.43 S&P 500 SML 185.08 -4.77 -2.51 S&P 600 SMALLCAP NDI 170.26 -4.95 -2.83 INDIVIDUAL INVESTORS 500 IV.JX 1037.09 EVEN EVEN CANADIAN VENTURE EXCHANGE IT.TSXCI 6536.47 EVEN EVEN S&P/TSX COMPOSITE Most Active Stocks At 6:18:06 P.M. ET (Market Capitalization Between $10,000,000 and $750,000,000) ******************************** NASDAQ / OTC ***************** Symbol Volume Close Change Company Name WCOEQ 36134500 0.14 -0.00 WorldCom Group PALM 27494200 0.97 -0.03 Palm Inc. ESST 7119600 10.56 -1.14 ESS Technology Inc. SONS 6975100 0.74 -0.23 Sonus Networks Inc. ENRNQ 5895000 0.17 -0.03 Enron Corp. AMEX ***************** Symbol Volume Close Change Company Name BGO 2840600 1.15 -0.04 Bema Gold Corporation ECO 1394300 0.92 0.05 Echo Bay Mines Ltd. KEA 1023600 7.00 -0.67 Keane Inc. GW 889400 2.78 -0.02 Grey Wolf Inc. ANH 572200 10.95 -0.86 Anworth Mortgage Asset TSE ***************** Symbol Volume Close Change Company Name CDNX ***************** Symbol Volume Close Change Company Name Top Percent Gainers At 6:18:06 P.M. ET (Market Capitalization Between $10,000,000 and $750,000,000) ******************************** NASDAQ / OTC ***************** Symbol Volume Close Change %Gain Company Name DRCX 1600 5.00 4.95 9,900.00 Directrix Inc. NCNX 2700 2.20 1.19 117.62 Nucentrix Broadband Ntwk. HSKA 140600 0.57 0.22 61.71 Heska Corporation CTIM 1100 3.00 1.00 50.00 Childtime Learning Center AKRN 4800 1.00 0.30 42.86 Akorn Inc. AMEX ***************** Symbol Volume Close Change %Gain Company Name CFS 5200 1.15 0.20 21.05 COMFORCE Corporation ISV 13400 1.45 0.20 16.00 Insite Vision Inc. MSN 59000 1.80 0.20 12.50 Emerson Radio Corp. PLC 37700 0.45 0.04 9.76 PLC Systems Inc. TBA 6900 2.40 0.20 9.09 TBA Entertainment Corp. TSE ***************** Symbol Volume Close Change %Gain Company Name CDNX ***************** Symbol Volume Close Change %Gain Company Name Top Percent Losers At 6:18:06 P.M. ET (Market Capitalization Between $10,000,000 and $750,000,000) ******************************** NASDAQ / OTC ***************** Symbol Volume Close Change %Loss Company Name COII 74400 0.25 -0.21 -45.56 Computerized Thermal Imaging Inc. YBTVA 877000 6.60 -3.26 -33.06 Young Broadcasting Inc. CRUS 3271100 3.44 -1.56 -31.20 Cirrus Logic Inc. CERTF 700 0.40 -0.17 -29.82 Certicom Corp. TWSTY 2200 0.30 -0.12 -28.57 TeleWest Communications p AMEX ***************** Symbol Volume Close Change %Loss Company Name ANX 59100 0.85 -0.24 -22.02 Antex Biologics Inc. SEV 550100 0.48 -0.12 -20.00 Seven Seas Petroleum Inc. STG 74400 0.95 -0.19 -16.67 Stonepath Group Inc. CGM 6600 1.45 -0.25 -14.71 Congoleum Corporation AHN 34100 1.20 -0.20 -14.29 ATC Healthcare Inc. TSE ***************** Symbol Volume Close Change %Loss Company Name CDNX ******************* Symbol Volume Close Change %Loss Company Name smallcapcenter.com

To: Johnny Canuck who wrote (37932)	8/6/2002 3:25:41 AM
From: Suresh	Read Replies (1) \| Respond to of 68785

Hi Harry, you are scaring me... I don't think it will take decades to bring the confidence back. Stock market might not reach the level it reached in 2000 for a while but the investing public will be back wiser and hopefully not greedy enogh to push it into a bubble. People around me are talking that the market lost a generation of investors. I respectfully disagree. People who were in the market long term haven't suffered much compared to the money they poured into the market. However, people who came to the market in the late stages are probably hurting right now. I have to say the dissemination of news and access to data has made the investor much more wiser. When I read yahoo message board, I see majority are advocating shorting stocks as opposed to going long in 2000.... As long as investor choose the right sector/stock, I think they should generally do okay. Later, Suresh