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 : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: GO*QCOM who wrote (13308)	8/4/1998 1:48:00 PM
From: 2brasil	Respond to of 152472

this too <<< Wall St stocks bleeding at midday By Jennifer Westhoven NEW YORK, Aug 4 (Reuters) - U.S. stocks staggered lower at midday on Tuesday as a particularly heavy bout of selling took its toll on stocks. The Dow industrials were off 136 points or 1.54 percent to 8650 at midday. A 70-point opening rally, ignited by stability in overseas markets, quickly disappeared as sellers emerged. ''The complete inability of the market to hold on to these early gains is very, very disturbing,'' said Donald Selkin, chief investment strategist at Joseph Gunnar & Co, noting this morning's pattern has been a common one in recent sessions. Market analysts pointed at continuing fears about Asia's economic crisis, U.S. corporate profits and bearish comments by influential Prudential analyst Ralph Acampora. Market breadth was ''a disaster show,'' said Selkin. There were three times more declining stocks than advancing stocks on the New York Stock Exchange, with a ratio of 2107 to 691 on volume of 381.0 million. ''We're probably headed for a ten percent correction before we stabilize,'' said Selkin. A ten percent drop from the Dow's July high closing level of 9337.97 would take the 30-stock average to roughly 8,400 points. Adding to the melee, Prudential's famous bull, Ralph Acampora, switched to the bear camp. Acampora, made famous on Wall Street by his strong bullish forecasts as the Dow charged through new records, said the Dow could drop 15 to 20 percent from its record high. Standard & Poor's futures tumbled, down 27 points. Analysts said the unfolding scandal at the White House was an added drag on the market, and was fresh on the market's mind after U.S. Supreme Court Chief Justice William Rehnquist ruled that White House lawyers must testify in the probe of an alleged presidential cover-up. The Dow tumbled further in afternoon trading, dropping more than 200 points or two percent to levels not seen since March. The losses were not confined to the Dow as broader stock market averages reeled. The Standard & Poor's 500 Index was drubbed by more than 28 points to 1083. The Nasdaq fell 52 points or 2.83 percent to 1798. Of the 30 Dow components, only three defensive issues were positive: DuPont Co. (DD - news) rose 9/16 to 62-5/8, Procter & Gamble (PG - news) rose 1-1/4 to 77-1/8, and Minnesota Mining and Manufacturing (MMM - news) edged up 7/16 to 75-3/16. Bank stocks fell on concerns about the possibility of slower domestic economic growth and its impact on bank credit quality and profits. Citicorp (CCI - news) stock fell 8-1/4 to 155-3/8, Chase Manhattan Corp. (CMB - news) lost 4-3/4 to 70-1/16 and Dow component J.P. Morgan & Co. Inc. (JPM - news) fell 4 to 118-1/2. America Online Inc (AOL - news) fell 3 to 113. The company is scheduled to report earnings after Tuesday's close. Cisco Systems Inc (CSCO - news) slipped 1-1/14 to 95-1/4. It is also expected to report earnings after the market close. The Russell 2000 index fell 11.41 points or 2.77 percent to 401.95. More Quotes and News: America Online Inc (NYSE:AOL - news) Chase Manhattan Corp, The (NYSE:CMB - news) Cisco Systems Inc (Nasdaq:CSCO - news) Citicorp (NYSE:CCI - news) E.I. Du Pont De Nemours & Co (DuPont) (NYSE:DD - news) JP Morgan & Company Inc (NYSE:JPM - news) Minnesota Mining & Manufacturing Co (NYSE:MMM - news) The Procter & Gamble Co (NYSE:PG - news) Related News Categories: US Market News Help Copyright c 1998 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon See our Important Disclaimers and Legal Information. Questions or Comments?