We're in the middle of the Fed's two day meeting and Tues.'s trading
reflected a degree of nervousness. Everyone is positive that the Fed isn't
going to raise - right? Buyers seemed to be following Prince Hal's adage -
"Discretion is the better part of valor". People sat on the sidelines and
watched Tech fall on it's own weight - there were some buyers - CVS (CVS
Drugstores), WMT (Wal Mart) and HD (Home Depot Inc) up over 5%; RDA (Readers
Digest), ETH (Ethan Allen) and GPS (Gap Inc) over 7% - not exactly cutting
edge names. But Tues trading seemed to scorn anything next generation - HLIT
(Harmonic) down over 40% (after neg pre-announce) AFCI (Advanced Fiber
Comm.) down 16%, WMB (Williams Communications) down 13%, RHAT (Red Hat Inc)
and NSM (National Semiconductor) down 7%, PAIR (Pairgain Technologies) and
ADCT (ADC Telecomm) down 6%, TXN (Texas Instruments) and IBM down 4%
(negative analyst comments on IBM), GLW (Corning Inc), HON (Honeywell
International), INTC (Intel Corp) and SUNW (Sun Microsystems) all down 2% or
more.... some of the laggards of late were in the green - YHOO (Yahoo) and
INKT (Inktomi)both up over 4% but the real feel of the day was reflected in
the Nasdaq (down 50), the Dow Industrials (down 38) and the S&P (down 4.55).
Down - not "panic" down but a "treading water" down. In the CEUT Universe -
AMZN* (Amazon) up over 7%, CTAC* (1800 Contacts) continuing its climb up
over 1, LLL* (L-3 Communications) up 3 (shaking off unfounded talk as
William Kidd said it should), GOAM* (Goamerica) up 8%, PROX* (Proxim) up
almost 2, JBL* (Jabil Circuit) up 1 3/4, BMCS* (BMC Software) up over 1 1/2
- but these were the bright spots in a overall down day - BWAY* (Breakaway
Solutions) down 1 7/8, ITWO* (I2 Technologies) down over 3 1/2, LU* (Lucent
Technologies) down 2, JDSU* (JDS Uniphase) down over 6, ANCR* (Ancor
Communications) down 3, PMCS* (PMC Sierra) down over 5, SSTI* (Silicon
Storage) down over 14, RIMM* (Research In Motion) down over 10 (following
Jason Tsai's downgrade), MUSE* (Micromuse) down over 6, VRTS* (Veritas
Software) down 4, TMPW* (TMP Worlwide) down over 3, ICIX (Intermedia
Communications) down over 2.......... In IPOland - BUSY (Busybox.com)
(images over net) up over 10%, EFDS broke issue bid but closed even, STLW
(Stratos (Lightwave) up over 60%, CKCM (Click Commerce) up over 75% and the
star of the day - MRVL (Marvell Technologies) up over 270% - a flashback to
the last century. Coming Wed. - Genuity (GENU) - net infrast. to ISPs -
priced below range.
Justice Dept nixes FON, WCOM deal.
ORCL - hired Private Investigators to expose MSFT's "underhanded dealings".
IBM - $1 Billion behind new products boosting web efficientcy.
AOL - lic. InterTrust Tech for downloading music for a fee online.
COMS - narrower loss also acquires Kerbango (net radio developer).
Storage Networks - IPO coming this week - EMC (biggest supplier and major
customer) reveals that they're in a big fight over contract terms and
AOL, TWX to Justice Dept - AOL was right to keep IM system exclusive.
LEH issues top ten list - A, BEAS, CD, GMST, HWP, JNPR, LLY, MU, NT*, TLAB.
Flooz.com - using NetByTel's speech recong for phone activated net
Deut T - $14.5 Billion debt deal will be biggest ever.
SNE - hires Credit Suisse vet as chief strategy exec. for SNE Broadband -
looking for dig. dist. deals.
LU* - Enterprise Network Group spin off will be called Avaya.
Nortel* - Charndran named COO - now solidly #2.
Softbank Europe - makes first investment - Scand. wireless incubator.
Telefonica - re-opening of insider trading controversy won't slow down
Conexant - acquires HotRail.
Brit Tel - layoffs and we're not interested in Freeserve at these levels.
Brazilian ISP and Portal Universo Online - partnered with co.s for travel
and tourism portal.
Stonebridge Tech. - net consulting firm - gets $55 million.
ERisks - risk managment - gets $14.5 million.
GS - re-thinking Zethus - online real-estate market.
SEC - tighten ability of accounting firms doing audits from making other
offering to the same client - question of credibility.
Germany - trying to control hate sites on net.
Liquid Audio and HMV.com - offering dig music downloads.
Idealab's Dot TV - domain names with .tv - giving names to stations hoping
it will catch on.
HSX - Hollywood Stock Exchange - national radio syndication deal - more to
us than the net.
Pop.com (Dreamworks and Imagine Ent. site) buys CountingDown.com (slick fan
Media Metrix acquires Jupiter.
FleetBoston Fin. - financing YHOO's new headquarters in Sunnyvale CA.
NFB - extends Dime offer.
Nomura Research and EXDS - new web hosting service for online stock traders
WSJ Heard - Platinium Soft's Flip Filipowski's tale of getting interVentures
(net incubator) through IPO process - tough timing - firing Credit Suisse
hiring Robbie Stephens.
Expedia - MSFT and VC firm put in $60 million in private placement.
RightStart.com - online seller of children's ed and care products - nixes
IPO wants merger.
Doctors Co. offer malepractice discount to those who use iScribe (electronic
prescrib. PDA for docs) -
Pacific Health Systems and CPQ* - invest in service site for seniors -
There is talk: PCTL - more to come?/ Deut T or Q or Bell South for FON?/
CIEN for APAT?/
C.E. Unterberg Towbin - FutureLink roadshow in Denver/ Infovista New York
Lunch/ VINF - NY Lunch
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