Yesterday's moribund "action" steeped into Tues' trading - then at 2PM
things sold off. It was grim unless you were an oil/ oil service or a
biotech. Starting at 2PM the Nasdaq lost 128 points to close down 65, the
Dow Industrials lost 45 points to close off nearly 80. On the bright side -
in the oils and drillers - TX & HAL up over 6%, SLB & XOM up over 3%, BHI
up over 5%/ In the utilities - ENE up over 5 1/2%, PCG and REI up over 3%,
DUK up over 2% and the drugs AHP up 3 1/2%, PFE and BMY up over 1 1/2% -
lots of talk about MYGN finding a gene for prostate cancer - up over 20%....
then there was the rest of the market - the financials - AXP, LEH, CMB, BAC
all down over 3%.... Then there was tech - some of the laggards of late
showed some strength - QCOM up 2% and MSFT and DELL* up over 4%.... however
SUNW, AMAT, MU, TXN, EMC all down over 4%, CSCO down 3%, YHOO down 1 1/2%...
no it wasn't pretty. In the CEUT Universe - ITWO* down over 7, MANU* down
over 1 1/16... BWAY* up up over 3, USIX* down over 2.... AMZN* and EBAY*
down over 3, CTAC* up over 2 1/2 (almost 10% - technical breakout).... AMCC*
down over 15 (questions about a shortfall on an order), PMCS* down over 7,
SSTI* down over 4, ZRAN* down over 1 1/2... LU* down over 1 3/4, JDSU* down
over 2... DELL* up over 1 1/2, CPQ* up small (boxmakers were generally up),
ANCR* down over 2 1/2, BRCD* up over 1 3/8... PROX* down over 5 1/2, RIMM up
over 1 1/4 and IIIM* up 1 to almost 15 (once again this stock was under 7
recently).... MERQ* down over 7, MUSE* and NTIQ* up over 3, VRTS down 8...
DISH* down over 4, GILTF* down over 3, GMH* up over 2 (announced 3 for 1
split after close), SPOT* down over 3 3/4, PGTV+ down over 11% (guess that
GMH talk wasn't true)..... In IPOland - Founders Food and Firkins (GCFB) -
owns Granite City Food and Brewery PPI # Friday will set the tone - till
then we might be treading water.
GE and CSCO - forming new co. to improve manufacturing via tech.
Alcatel - 3 seperate lawsuits - patent and copyright issues - vs. CSCO.
INTC's Andy Grove - breaks from industry view - wants net transactions to be
Warner - settling problems with MP3.com.
AOL/TWX - submitting "remedies" to European Comm. to get okay on merger.
Nortel co-market deal with Juniper
QCOM - new game-plan for China - build out local areas and get everyone on
Chello Broadband - parent still involved in deal-making - will probably
WCOM - $3.5 million "slamming" fine - changing people's long distance
without their knowledge.
James Cramer - files counter-suit vs. Fox.
T - raising long dist. rates for basic customers.
Amadeus joining BroadVision - creating online travel site.
SupplyForce.com - $52 million 2nd round b to b.
GMH* - 3 for 1
New Virus - attacks text based phones and pagers.
WR Hambrecht - raises $83 million - American Express, Scudder, JF Shea Co.
Astral Point Comm. - optical net co. - gets $40 million.
American Broadband - regional broadband network - raising $200 million.
EOnline.com - ASP - gets $60 million led by Morgan Stanley Dean Witter.
JBL - over $500 million spot secondary by Thomas Weisel Partners.
NY Times - HON going to net - lots of work but lots of reward.
NY Times - special e-commerce section.
AtHome cooperate with Cox - interactive TV in San Diego.
Beenz.com - $52 million for domestic and overseas expansion.
TFSM - iPromotions acquisition - watch out DCLK.
MSFT - $15 million in OnSite access - commercial broadband Infrast.
Congress - "no tax" net bill has provision to let FCC regulate net long dist
eParties - event planning co. backed by eCompanies - merging not going
EBAY* - FBI looking at bidding schemes.
LEH - buys big stake in Turkish ISP.
JP Morgan - fined $200,000 for not representing Nasdaq orders.
FXall.com - 7 big banks in International currency trading consortium.
WSJ Heard - MSFT - restrictions scare investors more than break-up.
WSJ Heard in Europe - Freeserve - what price? T-Online balking?
Palm - buys Actual Software - email provider.
Safeway - exclusive with groceryworks.com
Playboy Ent. - bachelor party site featured on theknot.com (major wedding
Asahi Glassx, Mitubishi and Net One Systems - marketing faster optical fiber
- threat to GLW?
C.E. Unterberg Towbin: Catherine Moore marketing in Denver/ Jim Poyner
marketing in NY/ Karl Motey marketing in NY/ In house Sat. Seminar.
There it talk: Delta and American Airlines?/ DT for Q?/RD for TX?/ CSCO for
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+C.E. Unterberg Towbin makes a market in this security and has been involved
in a recent financing.
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