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.

Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: MARK C. who wrote (34095)	4/29/1999 7:54:00 AM
From: kathyh	Read Replies (1) \| Respond to of 90042

good morning all... CNNFn's take on the morning... Tech exodus at open? Investors jittery over mixed 1Q earnings report from Amazon.com April 29, 1999: 7:12 a.m. ET NEW YORK (CNNfn) - Wall Street was in a jittery mood about the shaky Internet sector prior to Thursday's market open, as shares of closely-watched Amazon.com dropped in after-hours trading over a mixed bag of earnings news from the e-commerce giant. Stocks looked set to open flat. S&P futures on the Globex exchange system were down about four points. Typically, one point on the futures index equals eight points on the Dow Jones industrial average as trading begins. Fair value - which takes into account interest and dividend effects on futures -- was at minus 1.25. On Wednesday, the Dow Jones industrials crawled up 13.74 points to a new record of 10,845.45. The tech-heavy Nasdaq Composite, which took a beating Tuesday as investors rotated out of the technology sector, took another blow, tumbling 52.14 points, or 2 percent, to 2,550.27. The S&P 500 index slipped 11.89 points to 1,350.91. In Asia early Thursday, Hong Kong staged an afternoon rally to end the day in the black, but other Asian markets finished lower. Tokyo was closed for a public holiday. In Europe, bourses fell as Asia's sluggish session wiped out the impact of another record day for the Dow industrials. After closing at peak levels over the past two sessions, London's FTSE 100 extended an early slide Thursday morning. In the Treasury market early Thursday, the price of the benchmark 30-year U.S. bond was up 2/32 for a yield of 5.47 percent. The dollar was little changed at 119.11 Japanese yen. The dollar was up against the euro, at $1.0602. Wall Street will be closely eyeing the performance of Internet bellwether stock Amazon.com (AMZN) when the market opens Thursday. Amazon reported a smaller-than-expected first-quarter operating loss of $36.4 million, or a pro-forma net loss of 23 cents per share, late Wednesday as revenues surged 236 percent. That easily beat First Call estimates of a 29-cent loss per share in the quarter, but Amazon shares proceeded to fall to 185-7/8 in after-hours trading Wednesday, after closing at 192-7/8 on the Nasdaq exchange prior to the announcement. Investors apparently were unimpressed with the company's predictions of significant operating deficits this year. Also reporting first-quarter earnings late Wednesday was headline-maker Media One Group Inc. (UMG), the target of rival takeover attempts by AT&T (T) and Comcast (CMCSA). The cable giant posted a pro forma loss of $111 million, or 21 cents per share, in the quarter, compared with a pro forma loss of $148 million, or 24 cents per share, in the 1998 period. Analysts polled by First Call had expected MediaOne to report a loss of 34 cents per share. Earnings reports expected Thursday include results from MCI Worldcom (WCOM), which is predicted to post first-quarter earnings of 34 cents per share, according to First Call, and pharmaceutical company Pharmacia & Upjohn (PNU), which is predicted to earn 42 cents for the first three months of the year. In other company news, Wal-Mart Inc. (WMT) has quashed speculation that it plans to enter the British market in the near future, the Financial Times reported Thursday. Also, chemicals giant DuPont (DD) said late Wednesday that its board had authorized the spin-off of its Houston-based Conoco Inc. (COC) energy unit to shareholders. On the economic front, data on March new-home sales is due at 10 a.m. Thursday morning. Analysts predict the yearly rate to drop to 875,000, compared with 881,000 a month earlier. Also, investors will get their first chance to buy into a new public offering, Internet network Mpath Interactive, whose shares have been priced at $18 apiece. home \| markets \| contents \| search \| stock quotes \| help Copyright © 1999 CNN America, Inc. ALL RIGHTS RESERVED.