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Enron Mail |
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 misrepresentations. 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 transactions. 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 deal-making. 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 site). 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 in Japan. 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 - Senior.com 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 The information contained herein is obtained from sources we believe to be reliable but its accuracy and completeness, and that of the opinions based thereon, are not guaranteed. C.E. Unterberg Towbin, or one or more of its partners, may have a position in any of the securities discussed herein. All rights reserved by C.E. Unterberg Towbin. May not be reproduced in whole or in part without prior written authorization. This report is not an offer to sell or solicitation of an offer to buy the securities mentioned herein. *C.E. Unterberg Towbin makes a market in this security and/or has analyst coverage. +C.E. Unterberg Towbin makes a market in this security and has been involved in a recent financing. _____________________________ Bram Towbin C.E. Unterberg Towbin 10 East 50th Street New York NY 10022 Telephone: 212 572 8163 Fax: 212 759 4032 Btowbin@unterberg.com www.unterberg.com ---------------------------------------------------------------- Pursuant to SEC and NASD requirements, all incoming and outgoing e-mail of C.E. Unterberg, Towbin is subject to review by the Compliance Department. Please note that C.E. Unterberg, Towbin does not allow the use of e-mail to request, authorize or effect the purchase or sale of any security, to send fund transfer instructions, or to effect any other transactions. Any such request, orders or instructions that you send will not be accepted and will not be processed. ================================================================
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