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

To: Jon Koplik who wrote (26841)	4/12/1999 11:57:00 PM
From: Ruffian	Respond to of 152472

WSJ Gets It Wrong "Again"> April 12, 1999 Monday's Movers Compaq? What's That? By HOWARD J. GODFREY Compaq Computer's disappointing first-quarter earnings may have caused the market to shutter. But the Dow Jones Industrial Average withstood that shaky start, plummeting over 70 points within the first hour of trading, then bounced back with a vengeance and notched another record by gaining 165.67, or 1.6%, to close at 10,339.51 The Dow is now up 12.6% so far in 1999. In its announcement after the close of trading last Friday, Compaq said its earnings would come in at 15 cents a share for the first quarter, less than half analysts' consensus estimates of 31 cents. Compaq's statement hit computer-related stocks hardest. Compaq itself lost 6 13/16, or 22%, to 24 1/8, IBM dropped 2 13/16 to 183 1/2 and Dell Computer fell 1 3/4 to 41 13/16. Gateway declined 2 7/8 to 69 7/8. The Nasdaq Composite index, which is dominated by technology stocks, also managed to advance 5.70 on the day to a new record of 2,598.75. though its gain was not as dramatic as the Dow's. The S&P 500 index rose 10.29 Monday to its own new record of 1,358.64. Market breadth was pretty good: Advancing issues outnumbered decliners by a six-to-five margin: 1,629 rose, 1,365 fell and 564 were unchanged. Trading volume on the Big Board was 806.83 million shares, versus 707.25 million in the previous session. In late trading, the yield on the 30-year Treasury bond -- which moves in the opposite direction from its price -- fell to 5.45%, from 5.46% on Friday. Frank Jennings, manager of the Oppenheimer Global Growth & Income fund, who in 1989 predicted that the Dow would hit 10,000 in 1999, was the subject of the Barron's interview, "Toward 30,000 in 2010." The title says it all. That bold prediction implies that the Dow will grow 11% a year for the next decade, despite some violent corrections. He contended that interest rates will continue to decline, while corporate profits as a percentage of nominal gross domestic product will rise. Jennings added that the best investment opportunity is small-cap stocks, because they are so cheap. Among his favorite U.S. stocks: Qualcomm soared 9 9/16 to 155 1/8, while National Semiconductor gained 1 1/16, over 10%, to 10 ¼, and Millennium Pharmaceuticals rose 2 1/2 to 32 1/2.