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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_779931,00.html ___________________________ Sponsors ________________________________ This newsletter sponsored by: internet.com Careers Channel _____________________________________________________________________ Hewlett-Packard Sinks Stocks /-------------------------------------------------------------------\ **JOB SECURITY -- CAREER GROWTH -- CHALLENGING 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 6, 2001 - Warnings from Dow components Hewlett-Packard and JP Morgan Chase dragged stocks lower on Wednesday. An unusually pessimistic speech from Federal Reserve Governor Laurence Meyer also soured traders' mood. The ISDEX http://www.wsrn.com/apps/ISDEX/ slipped 2 to 266, and the Nasdaq declined 15 to 2217. The S&P 500 lost 13 to 1270, and the Dow dropped 105 to 11,070. Volume declined to 1.25 billion shares on the NYSE, and 1.75 billion on the Nasdaq. Decliners led 18 to 11 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. Hewlett-Packard (NYSE:HWP) lost 1.34 to 28.71 after saying that the IT spending slowdown is spreading beyond the U.S. and Europe. The company said it is implementing additional cost-cutting measures to try to meet estimates. Sun Microsystems (NASDAQ:SUNW) rose .62 to 17.64 on positive comments from Goldman Sachs, but CS First Boston said Sun's business has dropped off again after pciking up the first two weeks in May. Research in Motion (NASDAQ:RIMM) lost 3.51 to 34.49 on CIBC WorldMarkets comments that AOL (NYSE:AOL) may seek another manufacturer to build its Mobitex device because of cost issues. Traders awaited Intel's (NASDAQ:INTC) first-ever mid-quarter update tomorrow night. Salomon Smith Barney analyst Jonathan Joseph was cautiously optimistic ahead of the meeting, and the stock climbed .19 to 29.92. Ciena (NASDAQ:CIEN) slipped .12 to 59.45 despite reaffirming its earnings guidance. GoTo.com (NASDAQ:GOTO) lost 2.94 to 23.70 on news that the company filed to sell 7.5 million shares and a Merrill Lynch downgrade based on valuation. As we said yesterday, the 23.31 area should now be support if the company's breakout two days ago was for real. Priceline.com (NASDAQ:PCLN) surged 1.47 to 6.92 on investments from two Hong Kong firms. SonicWall (NASDAQ:SNWL) surged 2.21 to 19.96 on a deal with Cisco (NASDAQ:CSCO). Tellabs (NASDAQ:TLAB) dropped 2.52 to 31.62, just above its recent low of 31.23, after CS First Boston said the company faces near-term risk because of time needed to work down Titan 5500 inventories. 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 Given the lower volume, today's decline probably qualifies as nothing more than a breather after the recent run-up. But today and tomorrow are a cycle turn window, so if the decline continues and volume picks up, short-term direction is likely down. 1200 on the S&P 500 and 2000 on the Nasdaq remain our lines in the sand; above those levels, the market looks okay, and below those levels, a retest of the lows becomes likely. The Nasdaq and Nasdaq 100 (first and second charts) are forming clear lower trendlines for the first time in this rally, and they could be forming bearish rising wedges (converging upper and lower trendlines). However, any significant decline should be some time off, and 2150 should be support on the Nasdaq for now. The Dow (third chart) is holding above 11,000 resistance and its main downtrend line, but it needs to take out 11,400 resistance on this run. The S&P 500 (fourth chart) held the important 1265 level, the neckline of a potential inverted head-and-shoulders bottom, and its September downtrend line, both positive signs. The Nasdaq (fifth chart) is struggling at critical 2252 resistance. 2200 is first support, and then 2150. The semiconductor stocks held up well today, a good sign, but we'll see how they're doing after Intel's update after the close tomorrow. 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. 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