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- internet.com's - M A R K E T C L O S E By Paul Shread (mailto:pshread@internet.com) http://www.isdex.com http://www.internetstockreport.com/close/article/0,1785,1701_777391,00.html ___________________________ Sponsors ________________________________ This newsletter sponsored by: internet.com Careers Channel _____________________________________________________________________ Stocks Gain On Hope Of Further Rate Cuts /-------------------------------------------------------------------\ **JOB SECURITY -- CAREER GROWTH -- CHALLEGING POSITIONS** The internet.com Careers Channel is powered by dice.com, the leading online Information Technology (IT) job board. Whether you need to start your new job today, are searching for your dream job, or are just wondering what your skills are worth, you'll find the tools you need to land your next great job. Don't wait any longer! http://www.internet.com/sections/careers.html \--------------------------------------------------------------adv.-/ June 1, 2001 - Stocks rose Friday on hope that the latest economic reports could mean further rate cuts by the Federal Reserve. Traders shook off more negative news from Cisco. The ISDEX http://www.wsrn.com/apps/ISDEX/ rose 5 to 258, and the Nasdaq climbed 38 to 2149. The S&P 500 added 4 to 1260, and the Dow rose 78 to 10,990. Volume edged higher to 1.16 billion shares on the NYSE, but declined to 1.53 billion on the Nasdaq. Advancers led 18 to 12 on the NYSE, and 21 to 15 on the Nasdaq. For earnings reports, visit our earnings calendar at http://www.wsrn.com/apps/earnings/internet.xpl and reported earnings at http://www.wsrn.com/apps/earnings/ireported.xpl. For after hours quotes and news, visit our after hours trading site at http://www.afterhourstrading.com. The employment report came in slightly stronger than expected, with a loss of 19,000 jobs in May, and the unemployment rate came in at 4.4% instead of the 4.6% expected by analysts. But at least one economist said the drop in the unemployment rate could be due to some people giving up on finding work. A weaker than expected National Association of Purchasing Management survey provided fresh evidence that manufacturing remains in recession. Cisco (NASDAQ:CSCO), off .49 to 18.77, set tech stocks back with this quote from its latest SEC filing: "The recent slowdown in the general economy, changes in the service provider market, and the constraints on capital availability have had a material adverse effect on many of our service provider customers, with a number of such customers going out of business or substantially reducing their expansion plans. These conditions have had a material adverse effect on our business and operating results, and we expect that these conditions will continue for the foreseeable future." Openwave (NASDAQ:OPWV) cleared 40 resistance once again, surging 2.61 to 40.94 on positive comments from Robertson Stephens and rumors of an impending investment from NTT DoCoMo. Palm (NASDAQ:PALM) rose .70 to 6.33 on management comments that business and market share have been improving with the introduction of the m500. Novellus (NASDAQ:NVLS) rose 2.50 to 50.40 after saying its quarter is on target. Altera (NASDAQ:ALTR) managed to gain 1.11 to 25.11 on an earnings warning. Intel (NASDAQ:INTC), up 1.69 to 28.70, and AMD (NYSE:AMD), up 1.35 to 29.60, rose on Robertson Stephens comments that motherboard demand is stabilizing. Sapient (NASDAQ:SAPE) slipped .09 to 9.48 on negative comments from CS First Boston. Some technical comments on the market: Note: We include charts in the technical market commentary. If you can't get the charts via the e-mail newsletter version, try this link: http://www.afterhourstrading.com/column.html Nice recovery today. Monday is another cycle turn date, so the turn may have come today, or it could arrive any time Monday or Tuesday. Given today's low-volume gains, that turn could still be down. As long as the S&P 500 holds 1200 support and the Nasdaq holds 2000, the market looks okay; below those levels, a retest of the lows becomes likely. The Dow (first chart) closed just below the important 11,000 level, but the ability to recover off this week's lows makes for a much nicer looking weekly candlestick than the index was sporting two days ago. 11,000 is critical resistance, and the index has support about every 100 points starting at 10,900. The Dow would trade with a negative bias below 10,600. The S&P 500 (second chart) once again turned back at the important 1265 level, the neckline of a potential inverted head-and-shoulders bottom. The index could find support in the 1218-1242 range. One positive is that the Nasdaq (third chart) is now firmly back above its September downtrend line, which is now around 2080-2100. 2052-2060 is the next support below 2080-2100. The Nasdaq 100 (fourth chart) is sitting right above important support at 1740-1760. Special report: For a free introduction to technical chart patterns and an overview of last year's action in the stock market, visit http://www.internetstockreport.com/guest/article/0,1785,2571_500051,00.html. Disclaimer: Neither internet.com nor the writers of this newsletter makes specific trading recommendations or gives individualized market advice. Information contained in this newsletter is provided as an information service only. internet.com recommends that you get personal advice from an investment professional before buying or selling stocks or other securities. The securities markets are highly speculative areas for investments and only you can determine what level of risk is appropriate for you. Also, users should be aware that internet.com, its employees and affiliates may own securities that are the subject of reports, reviews or analysis in this newsletter. Although internet.com obtains the information reported herein from sources that it deems reliable, no warranty can be given as to the accuracy or completeness of any of the information provided or as to the results obtained by individuals using such information. Each user shall be responsible for the risks of their own investment activities and, in no event, shall internet.com or its employees, agents or affiliates be liable for any direct, indirect, actual, special or consequential damages resulting from the use of the information provided. internet-stock-report-text Is Powered By http://By.SparkLIST.com/ SparkLIST delivers high volume fast and reliable email newsletter outsourcing which allows you to focus on your core business. Contact us: mailto:free-quote@sparklist.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Advertising: If you are interested in advertising in our newsletters, call Frank Fazio on 1-203-662-2997 or send email to mailto:ffazio@internet.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ For contact information on sales offices worldwide visit http://www.internet.com/mediakit/salescontacts.html ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ For details on becoming a Commerce Partner, contact David Arganbright on 1-203-662-2858 or mailto:commerce-licensing@internet.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ To learn about other free newsletters offered by internet.com or to change your subscription visit http://e-newsletters.internet.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ internet.com's network of more than 150 Web sites are organized into 16 channels: Internet Technology http://internet.com/it E-Commerce/Marketing http://internet.com/marketing Web Developer http://internet.com/webdev Windows Internet Technology http://internet.com/win Linux/Open Source http://internet.com/linux Internet Resources http://internet.com/resources ISP Resources http://internet.com/isp Internet Lists http://internet.com/lists Download http://internet.com/downloads International http://internet.com/international Internet News http://internet.com/news Internet Investing http://internet.com/stocks ASP Resources http://internet.com/asp Wireless Internet http://internet.com/wireless Career Resources http://internet.com/careers EarthWeb http://www.earthweb.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ To find an answer - http://search.internet.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Looking for a job? 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