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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (39980)	5/10/1999 1:39:00 PM
From: wlheatmoon	Respond to of 86076

HO HO HO

To: MythMan who wrote (39980)	5/10/1999 1:48:00 PM
From: Lucretius	Read Replies (1) \| Respond to of 86076

quote.yahoo.com

To: MythMan who wrote (39980)	5/10/1999 1:56:00 PM
From: Lucretius	Read Replies (2) \| Respond to of 86076

Ralphi strikes again... read his latest at the bottom... ho ho if Kosovo ends.... the dollar crashes... i think this is what we are waiting on... although the clowns here will likely see Kosovo ending as bullish just like everything else.. this chinese bombing was the worst thing that could have happened form our perspecive.. it pushed more peole into dollars again... but when it reverses, it will be that much more climactic. Monday May 10, 1:11 pm Eastern Time U.S.stocks up at midday, techs overcome rate fears By Jennifer Westhoven NEW YORK, May 10 (Reuters) - U.S. stocks were modestly higher at midday on Monday as technology stocks pushed higher, shaking off the fears about rising interest rates that have dogged the sector in the past two weeks. The Dow Jones industrial average was up 51 points, or about 0.5 percent, at 11,082. The index closed at a record high of 11,031.59 on Friday. Gains were led by International Business Machines Corp. (IBM - news). Big Blue was up 3-1/4 to 220-1/2 in heavy trading. Earlier the stock touched a new high of 221-1/4. The Nasdaq Composite rose 25 points, or more than 1 percent, to 2528.89 as interest rates took a breather. The index has fallen nearly 87 points in the past two weeks with analysts pointing to a rise in the yield on the benchmark 30-year Treasury bond. Higher rates can cut into the perceived value of stocks, because companies must pay more to borrow money, reducing their profits. Since tech stocks tend to trade at high multiples, they are seen as vulnerable to interest rate pressure. The long bond was up 15/32 with the yield easing slightly to 5.79 percent. ''As long-term rates rise, this is greater competition for the stock market,'' said Richard Hoey, chief economist at Dreyfus Corp. He noted that the yield on the long bond is now just 20 basis points below 6.0 percent. Hoey said the rise in rates could cool down the raging housing market, which could take pressure off the Federal Reserve to raise rates in order to prevent inflation. Another Dow gainer was oil company Chevron Corp. (CHV - news), up 1-1/8 at 95-7/8. A source at rival oil giant Texaco Inc. (TX - news) said there had been some top-level meetings with an eye toward a potential merger between the companies. Shares of Texaco were down 15/16 at 68-1/16. The military situation in Kosovo appeared to be having little impact on the stock market. Analysts generally said the economic ramifications of the conflict were not threatening to the economy. There had been some concern that investors would be disturbed by anti-NATO and anti-U.S. protests in Asia over NATO's bombing of the Chinese Embassy in Belgrade. ''The bombing ... will have no lasting economic consequences other than to add to reasons why the Fed cannot increase interest rates,'' said Paul Rabbit, a strategist at QMS. Shares of Cisco Systems Inc. (CSCO - news) rose 2-5/16 to 110-13/16. The company is due to report earnings for its third fiscal quarter. Wall Street is looking for earnings of $0.37 a share, according to research firm First Call, up from $0.30 in the year-ago period. The Standard & Poor's 500 Index was up 4.74 points, or 0.35 percent, to 1349.74. Small-cap stocks were also performing very well, with the Russell 2000 Index up nearly 5 points, or 1.13 percent, at 441.04. Analysts were mixed on the long-term outlook for interest rates, but several said the higher-rates scenario was more than just a temporary blip. ''I think the yield could maybe work its way up to 6 percent or 6.25 percent. I think I can live with that,'' Ralph Acampora of Prudential Securities told Reuters in an interview. ''I think the market might go through a little bit of a pause and I think that would be healthy. If you had it much higher than that, like 6.5 percent to 7 percent, it would take the starch out of the rally for a while,'' he said.