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

To: JGoren who wrote (24293)	3/16/1999 1:19:00 PM
From: djane	Read Replies (2) \| Respond to of 152472

QCOM purchaser in thestreet.com blurb thestreet.com. Dow Treads Water as Buyers Focus on Tech By Brian Louis Staff Reporter 03/16/99 12:58 PM ET Excerpt: While much has been made of Dow 10,000, particularly by the media, for a number of market participants it didn't really mean much. "I think it's a yawner right now," said Jay Suskind, head of institutional equity trading at Ryan Beck, of the big round number. Ted Bridges, vice president and money manager at Bridges Investment Counsel in Omaha, Neb., said Dow 10,000 was interesting historically. But analytically, he added, "it doesn't mean anything." He said he's focusing on where the leadership in the market and the earnings growth seems to be. Bridges noted that it seems like the tech stocks are trying to regain their footing, but their leadership is not quite as strong as it once was. The good news is that the market is seeing other sectors fill in, including the brokerage sector, and also bank and drug stocks which have been acting pretty well lately. Today, brokerage stocks were flying. The American Stock Exchange Broker/Dealer Index was lately up 2.9%, in part on some price-target increases for a couple of stocks and an earnings estimate increase for Charles Schwab (SCH:NYSE) from a Morgan Stanley Dean Witter analyst. Bridges said the two most troubling things in the market right now are that valuations are pretty high and that breadth "isn't particularly great." Indeed. Market internals were negative. The New York Stock Exchange, decliners were beating advancers 1,624 to 1,173 on 409 million shares. On the Nasdaq Stock Market losers were leading winners 2,073 to 1,545 on 548 million shares. On the NYSE, 50 issues had set new 52-week lows while 46 had touched new highs. On the Nasdaq, 73 issues had set new lows while new highs totaled 59. "I don't see much action," Suskind said, adding that big trading in the market today has been limited to the larger names. Suskind noted this morning that volume is light, and there's no momentum in the rest of the market, which to him "shows a cautionary flag." Bridges said he's looking for stocks where the valuations are reasonable and whose earnings growth prospects are good. "That's a tough task," he said. But not impossible. He said lately he's been buying Transaction Systems Architects (TSAI:Nasdaq) and Qualcomm (QCOM:Nasdaq). The 30-year Treasury bond was up 24/32 to 96 25/32, yielding 5.47%. (For more on the fixed-income market, see today's early Bond Focus.) Meanwhile, among other indices, the Dow Jones Utility Average was up 0.2% and the Dow Jones Transportation Average was down 0.8%. The American Stock Exchange Composite Index was down 0.8%. Most active on the Big Board was America Online (AOL:NYSE), with 13.3 million shares changing hands. It was up 2 9/16 to 104 9/16. On the Nasdaq, eFax.com (EFAX:Nasdaq) was most active, with 16.3 million shares changing hands. It was up 38%. More on eFax.com below.