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Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: Jimbo Cobb who wrote (57293)	4/12/1999 12:53:00 PM
From: rupert1	Respond to of 97611

April 12, 1999 -------------------------------------------------------------------------------- Stocks Recover From Rocky Start On Compaq News By AARON ELSTEIN INTERACTIVE JOURNAL Stocks recovered many of their losses Monday after getting off to a rocky start in response to an earnings warning from Compaq Computer. Bonds edged higher, while the dollar slipped against the yen and euro. Although some analysts had feared that Compaq's warning could cause a massive sell-off after most averages set new highs last week, traders said it was apparent that the reaction was not as severe as forecast. "The market is perceiving Compaq's problem as specific to the company," said Warren Epstein, head of trading at Richard A. Rosenblatt Co. The Dow Jones Industrial Average fell more than 70 points, or 0.7%, at its opening low, though some had predicted earlier in the morning that the opening loss could approach 200 points. The industrial average hit its low as shares of Hewlett-Packard opened with a loss of more than 3 points following a delay of about 15 minutes in the start of trading in the stock. The Nasdaq Composite Index was weaker, losing more than 65 points, or 2.5%, at worst. But the industrial average rebounded to show a gain of 29 points to 10202 at noon. Among the industrials, Caterpillar got a boost, rising 2 1/4 to 51, after positive comments from a Merrill Lynch & Co. analyst. The Nasdaq composite showed a loss of 17 points to 2576, while the Standard & Poor's 500-stock index fell 3.80 to 1344.60. The New York Stock Exchange Composite Index dropped 0.20 to 626.80.