Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Oracle Corporation (ORCL) -- Ignore unavailable to you. Want to Upgrade?

To: vinod Khurana who wrote (4306)	12/10/1997 4:48:00 PM
From: vinod Khurana	Read Replies (1) \| Respond to of 19080

J.P. Morgan lost 5 to 117 7/8 after the banking monolith said "unsettled market conditions globally" have adversely impacted its securities trading operation in the current quarter. Excel Communications slumped 2 5/8 to 16 5/8 after the long distance telecommunications services provider guided the Street to expect fourth-quarter operating earnings to come in between 17 cents and 22 cents a share. Consensus estimates had called for 33 cents. Tenneco slid 2 7/8 to 41 1/2. The conglomerate warned that fourth-quarter operating profits will likely be between 40 cents and 45 cents a share. Most analysts had anticipated 62 cents. Vivus said its fourth-quarter revenues will be 25 percent less than that of the third quarter. The impotence treatment specialist cited production problems as the cause of the shortfall. The shares swooned 6 5/16 to 13 13/16. Forest products producer Willamette Industries late Tuesday said it will not be able to match consensus earnings estimates in its fourth quarter "due to the timing of anticipated market conditions." Wednesday, the stock dipped 2 1/8 to 30 1/8. Fastenal plunged 9 1/4 to 41 after the retailer of industrial and construction supplies said it sees fourth-quarter earnings of 26 cents or 27 cents a share. The Street had forecast 31 cents. Hambrecht & Quist skidded 3 7/8 to 38 3/4 as investors doubted whether the San Francisco-headquartered brokerage firm would be acquired by Merrill Lynch. The shares had vaulted 64 percent since mid November on the prospect of a Merrill buyout. Avon Products gained 1 1/2 to 62. Goldman Sachs added the stock to its "recommended list." It was previously rated "market outperform." Microsoft depreciated 2 1/8 to 142 1/4. The computer software heavyweight late Tuesday said sales of its product line had been affected by declines in computer sales in Japan. Labor Ready picked up 2 3/4 to 21 after reporting same-store sales, or sales at outlets open a year or more, rose 42 percent in the four weeks ended Nov. 21. The provider of temporary personnel said it will open 125 to 150 offices in the first six months of 1998, up from the current 313. The stock had been on a tear, rocketing from an April low of 4 to a November peak of 25 before pulling back last month. U.S. BONDS Treasury bonds gained Wednesday on a Federal Reserve coupon pass and some flight-to-quality buying in light of the U.S. stock market's losses. The Fed's coupon pass, or permanent purchase of Treasury securities, occurred just after 11:00 a.m. ET, and included notes maturing between Dec. 31, 1999 and Nov. 30, 2002. Otherwise, the next big event for the market is Thursday's release of the November retail sales report. The Commerce Department said inventories at U.S. wholesalers increased 0.6 percent in October to a seasonally adjusted $269.7 billion. The market failed to budge on the release of the report. At 10:30 a.m. ET, with federal funds at 5 3/8 percent, the Federal Reserve added funds to the banking system through overnight system repurchase agreements. In late-New York trading, the 30-year Treasury advanced 9/32, to yield 6.101 percent. The 10-year note rose 5/32, to yield 5.903 percent. The short bill's discount rate declined 4 basis points to 5.07 percent. In the mortgage-backed market, 30-year currents advanced 1/32. COMMODITIES New York light sweet crude for January delivery declined 53 cents to $18.14. February gold rose $3.70 to $288.60. CURRENCIES In late-New York action, the dollar traded lower vs. the yen and d-mark. Dollar/yen was quoted at 129.40 from Tuesday's 129.70. Dollar/mark was at 1.7861 from 1.7902. LOOKING FORWARD The 8:30 a.m. ET release of the November retail sales report tops Thursday's economic calendar. Most economists expect a 0.4 percent rise, and a 0.2 percent increase when the volatile automotive component in excluded. The monthly retail sales report is a closely followed measure for determining the strength of the consumer sector, as retail sales comprise approximately 50 percent of consumer spending, or one-third of total gross domestic product. The survey canvasses a wide variety of retail outlets including automobile dealerships, gas stations, grocery stores, and department stores. Released by the Commerce Department, it usually comes out two weeks after the end of a month and is often revised extensively. The preliminary, or advance, figures are based on approximately 3,250 retail stores. The subsequent revision is predicated on about 12,500 outlets.