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Technology Stocks : Y2K (Year 2000) Stocks: An Investment Discussion -- Ignore unavailable to you. Want to Upgrade?

To: Risky Business who wrote (8970)	1/15/1998 5:09:00 PM
From: the Chief	Respond to of 13949

Sounds like a buying opportunity !!!!, Thanks to all for your responses so far to my question. Pretty soon I'll be an authority with "ALL" the answers (grin) the Chief

To: Risky Business who wrote (8970)	1/15/1998 5:40:00 PM
From: Risky Business	Respond to of 13949

Like I said, U.S. blue chips fall as Asia unravels By Jennifer Westhoven NEW YORK, Jan 15 (Reuters) - U.S. blue chips slipped on Thursday, snapping a three-day winning streak as investors decided to hold off buying after leading blue chip Eastman Kodak said the Asian currency crisis would cut into future profits. ''There are so many problems in the Pacific Basin and we just don't yet know the ripple effect,'' said Kenneth Ducey, director of trading at Bankers Trust's BT Brokerage. The Dow fell 92.92 points unofficially or 1.19 percent to 7691.77, closing near its session low. Shares of Eastman Kodak Co (NYSE:EK - news) slipped 1-5/16 in heavy NYSE trading to 58-7/16 after the company said earnings in the upcoming first quarter would be weak as the strong dollar erodes sales overseas, especially in Asia. Kodak Chief Financial Officer Harry Kavetas said the first- quarter weakness would be due ''more than anything else to currency'' troubles. Also hurting stocks was worry ahead of tomorrow's ''double witching'' -- the expiration of stock options and index options -- and the following three-day weekend. The New York Stock Exchange will be closed on Monday, celebrating the the Martin Luther King, Jr. holiday for the first time. ''You don't want to be holding the bag ahead of a long weekend, with so many problems over there,'' said Ducey. The broader Standard & Poor's 500 Index was off 7.20, or 0.75 percent, at 950.74. Breadth was slightly negative, with 16 stocks falling for every 13 stocks that gained on the NYSE. Volume was average, at about 570 million. It was only the second time this year that volume came in under the 600 million share mark. Gary Anderson of Anderson & Loe, a firm that advises money managers, said he was advising clients that the market might be most vulnerable to a bear market right now. ''It's like going up a down escalator with only these small gains when we get them,'' he said. ''I think the long-term trend has turned, so I'm neutral on the market now.'' But technology stocks held up relatively well amid the blue-chip malaise, as a flurry of strong earnings reports overshadowed some of the lingering Asian concern. The Nasdaq Composite closed with a slim loss of 1.70 points, or 0.11 percent, to 1547.06. It had been treading water for most of the session, but dipped in the last few minutes of trading, as a large selling program buffeted stocks. Digital Equipment Corp (NYSE:DEC - news) shares gained 1-7/8 to 39-3/8 on the NYSE after the computer products maker said quarterly earnings topped Wall Street estimates, despite some pain from foreign currency translation. Small cap stocks were also weak, but held up well next to blue chips. The Russell 2000 Index, a small-cap barometer, fell just 0.04 percent, slipping 0.18 points to 421.75. The long bond was off 3/32 to yield 5.75 percent. Shares of ADC Telecommunications Inc (Nasdaq:ADCT - news) fell more than 15 percent after analysts downgraded the stock on concerns earnings could be hurt by a possible slowdown in spending by the Baby Bells. ADC, which makes transmission, networking and cable management products, dropped 5-9/16 to 30-7/16. It was the most heavily-traded stock on the Nasdaq. Two other telephone equipment makers fell after an influential analysts said they might also be hurt by the slowdown. Lucent Technologies Inc (NYSE:LU - news) shed 3-3/16 from 75-3/16 and Tellabs Inc (Nasdaq:TLAB - news) fell 1-13/16 to 49-7/16. Continental Can Co Inc (NYSE:CAN - news) shares rocketed 10-12/16 to 38-11/16 after it agreed to be bought by Suiza Foods Corp (NYSE:SZA - news), one of the nation's largest dairy companies. Suiza, which slipped 2-1/8 to 62-1/2, would pay about $345 million in order to gain a foothold in European markets. The Standard & Poor's 500 Index fell 7.20 to 950.74. --------------------------------------------------------------------------------