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To: Sig who wrote (9311)	10/7/2002 2:44:56 PM
From: Sig	Read Replies (1) \| Respond to of 13815

Fed meeting was a fairy tale. Am a sucker for fairy tales, but should be used to them by now, reading CBS Marketwatch. Pretty Grimm. eh what ? Just how big was that Papa bear, and did Goldilocks get cooked before eaten Did any of the three little pigs survive? . .Sig Short Brcm, Sbc, F,Nbr,Mer, Q Looks like Captain Greenspan has taken our cruise ship and left us here to starve on a deserted Island. alaike.lcc.hawaii.edu

To: Sig who wrote (9311)	10/7/2002 5:00:46 PM
From: stockman_scott	Read Replies (1) \| Respond to of 13815

Stocks fall on war, profit worries October 07, 2002 (Reuters) — Stocks fell across the board in late afternoon trading Monday, with the Nasdaq at new 6-year lows, as a scheduled speech by President Bush on Iraq later in the day added to worries over battered corporate profits and the strength of the world's largest economy. ``There is a lot of uncertainty about President Bush's speech tonight. That's what got the market spooked,'' said Robert Mikkelsen, head of institutional sales and trading for Nasdaq stocks at The Advest Group Inc. ``We're kicking off the earnings season and that got people concerned, not so much the numbers to be reported but what people will say about forward guidance.'' Weighing on sentiment was as a profit warning from retailer Sears, Roebuck and Co., which sent its shares down nearly 13 percent and slammed rivals or shares in the same sector. Gloomy brokerage house forecasts for high-tech giants, including Internet gear maker Cisco Systems Inc. slammed issues in the beleaguered sector. The tech-packed Nasdaq Composite Index dipped 12.04 points, or 1.06 percent, to 1,127.86, trading at levels last seen in September 1996. The blue-chip Dow Jones Industrial average, which moved either side of unchanged throughout the session, was last down 41.13 points, or 0.55 percent, at 7,487.27. The broader Standard & Poor's 500 Index lost 7.98 points, or 1 percent, to 792.60. Bush is to deliver a televised speech on Iraq at 8:01 p.m. to rally Americans behind a possible war on Iraq. War talk has dogged the market for weeks as investors worry that a military strike could imperil the frail U.S. economic recovery. The market enjoyed a fleeting rally at midday as traders hoped for an early resolution to the U.S. West Coast port lockout. Bush intervened Monday by appointing a fact-finding board of inquiry, taking the first step toward forcing an end to the dispute, now more than a week old. Some traders pegged the advance also to remarks by Federal Reserve Chairman Alan Greenspan who said on Monday that despite a sharp climb in business failures and investor losses in recent years, the U.S. financial system remains in good shape. ``We had a bit of a rally on comments from Greenspan, but rallies don't have staying power. There's a whole bunch of people looking to sell into strength,'' Mikkelsen said. ''Greenspan had some positive comments on the banks. Although they did not help the bank stocks, they got the market going.'' Cisco fell 42 cents to $9.04, or 4.5 percent, and ranked as the most active share on the Nasdaq. Deutsche Banc Securities cut its fiscal second-quarter and full-year earnings estimates for Cisco, citing a slowdown in U.S. economic activity. Cisco rival Juniper Networks lost 22.70 cents at $4.583. Sears, the No. 4 U.S. retailer, sank $4.79 to $32.85. Sears warned that third-quarter profits would be below Wall Street expectations as its credit card business — a key profit driver — showed signs of losing steam in a slumping economy. The S&P retail index was down nearly 3 percent. Chip giant Intel Corp. rose 29 cents to $14. Chief Executive Craig Barrett of Intel, the world's largest chipmaker, said Sunday he was more optimistic than ever about the tech sector and saw the current crisis ending by early 2003. On a less rosy note, Prudential Securities cut its investment rating on the semiconductor industry and reduced the communications semiconductor industry, saying it now expects a more ``muted'' recovery in semiconductors, particularly for those exposed to the communications end markets. Prudential cut ratings on LSI Logic Corp. , Broadcom Corp. and others and cut price targets, estimates or both for Texas Instruments Inc., and others. The Philadelphia semiconductor index fell 1.80 percent. Big movers included beleaguered Dutch chip maker ASML, which fell sharply both in Amsterdam and on the Nasdaq, after investment bank UBS Warburg cut its rating on the stock. ASML was down 95 cents at $5.05, nearly 16 percent. The two largest athletic shoe makers, Nike Inc. and Reebok International Ltd., fell as the lockout of West Coast dock workers and lingering concerns about the economy fueled investor concerns. Nike fell $1.87 to $40.07 and Reebok lost 88 cents at $22.30.