Where is everybody?
Nothing to post? Oh well:
9/22/00
Good evening, THG. "My Ameritrade Portfolio" was down $280 (-0.5%) as of 5:46 pm EST today:
Hows that for some trading...blood letting is almost over.
Lost the 11/4 dow/nasdq...every year since I was 20 and first got my first securities license I have been told Sept sucks and not to be in the market Sept and mostly Not October either...but to be in by NOV...here I am like a dumb as with my portfolio in equities at Sept instead of cash...next year out by March not back in till November...unless I see some obvious ones...
MARKET REPORT
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A strong surge in stocks helped push many of the averages into positive territory in the last few minutes of trading. What started out as a bleak trading day ended surprisingly well for small caps and the Dow Jones Industrial Average, after another volatile day of trading.
On the back of an earnings warning by Intel Corp. (NASDAQ: INTC), whose shares broke a single-day trading record at 265-plus million, investors helped push down the tech-heavy Nasdaq Composite Index to its lowest level since August.
Thursday's late-day announcement by the computer-chip giant, which said it expects third-quarter revenues to be lower than expected, caused the market
to tumble fast and hard.
Intel, which earlier said it was having trouble keeping up with demand for microprocessors, is a component of the Dow, as well as the Nasdaq Composite Index, which reflected the stock's downturn with stunning losses earlier in the day.
Peter Cardillo, an analyst for Westphalia Investments, said the market reacted wildly to Intel's announcement. "The pendulum swung in a very erratic way," as nervous investors sold off tech shares, he said.
Cardillo also noted "three E's" had a profound effect on the market: The euro, energy prices and earnings. Intervention by the European Central Bank helped assuage concerns over the flailing euro, Cardillo said. And OPEC's assurances that $40 a barrel oil isn't on the horizon, have helped to lower
oil prices.
For its part, Intel blamed the falling euro in part for its disappointing third-quarter results. A less-favorable exchange rate for euro users results in fewer sales of personal computers and other technological goods in Europe, due to increased prices. As the euro falls in relation to the dollar, American goods become more expensive.
Double-digit losses could be found in a number of small cap semiconductor issues. At close, shares of Integrated Silicon Solution Inc. (NASDAQ: ISSI), were off 1 7/16, or 6.1%, to 22 5/16, while Exar Corp. (NASDAQ: EXAR) ended at 105 3/4, down 9 3/8, or 8.1%. TelCom Semiconductor Inc. (NASDAQ: TLCM) shares fell 13/16, or 5.7%, to 13 9/16.
While tech issues suffered a beating, more traditional sectors rebounded nicely. Within small cap stocks, shares of biotech companies Intermune Pharmaceutical Inc. (NASDAQ: ITMN) gained 8 7/8, or 19.1%, to 55 3/8, and ImmunoGen Inc. (NASDAQ: IMGN), picked up 5 1/8, or 17.6%, to 34 1/4. Zygo Corp. (NASDAQ: ZIGO), a medical-device maker, advanced 11 7/8, or 16.7%, to 83.
In fact, it was strength in "old-economy" stocks that helped the Dow Jones Industrial Average recoup much of its losses. It ended the day in positive territory despite Intel's pull gaining 81.85, or 0.8%, to 10847.37. The Nasdaq wasn't as lucky, but after sustaining losses in excess of 5% early on, the tech-laden index lost just 25.14 points, or 0.7%, to 3803.72. The broader S&P 500 ended the day marginally lower, dropping 0.33 points to
1448.71.
As Cardillo noted, the European Central Bank moved Friday to shore up the ailing euro. In a cooperative effort, the central banks of the U.S., Canada, Japan, England and the euro stepped in and bought the common European currency to prevent further erosion of the purchasing power of European consumers.
The euro rebounded shortly after intervention to around US$0.90, but then slipped again, to around US$0.88.
Checking in on small cap indexes, the Russell 2000 ended the day in positive territory gaining 4.46 points, or 0.9%, to 518.81, while the S&P 600 picked up 1.63, or 0.8%, to 216.12. The Wilshire Small Cap 1750 was higher, as well, and advanced 5.51, or 0.6%, to 857.63.
November crude oil futures lost ground, dropping $1.35, or 4%, to $32.65 a barrel, while October natural gas futures slipped 2 cents, or 2.8%, to $5.14. December gold gained $1.70, or 0.6%, to $275.20.
In Canadian trading, the Toronto Stock Exchange ended down 35 points, or 0.3%, to 10,566, while the Canadian Venture Exchange lost 11.17 points, or 0.3%, to 3606.03.
In the currency markets, the Canadian dollar dropped 0.2% to US$0.6712 from US$0.6726.
TODAY'S MOST ACTIVE STOCKS AT 6:12:07 P.M. ET
(Market Capitalization Between $10,000,000 and $750,000,000)
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NASDAQ / OTC
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Symbol Volume Close Change Company Name
TTRIF 12867100 0.07 0.00 THERMO TECH TECHNOLOGIES
ZOMX 10281000 8.31 -9.06 Zomax Incorporated
ARET 9529200 0.04 -0.00 AmeriResource Technologies Inc.
BICO 8583800 0.13 -0.00 Biocontrol Technology Inc.
ARTC 7356500 22.50 -8.38 ArthroCare Corporation
AMEX
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Symbol Volume Close Change Company Name
HH 593900 7.81 -0.31 Hooper Holmes Inc.
EDG 538300 2.94 -0.06 DESIGN AUTOMATION SYS INC
AVN 522600 7.13 0.00 Avanir Pharmaceuticals
SGA 408600 14.13 -0.88 Saga Communications Inc.
VRA 392300 1.50 -0.06 Viragen Inc.
TODAY'S TOP PERCENT GAINERS AT 6:12:08 P.M. ET
(Market Capitalization Between $10,000,000 and $750,000,000)
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NASDAQ / OTC
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Symbol Volume Close Change %Gain Company Name
INDX 12200 0.56 0.21 60.57 Indo-Pacific Energy Ltd.
FDHG 380300 1.44 0.50 53.30 Fidelity Holdings Inc.
ALRC 71200 1.00 0.34 52.44 Alternative Resources
PFER 138100 1.25 0.41 48.28 PREFERENCE TECHNOLOGIES
RGNSE 65100 1.69 0.53 45.93 Regenesis Holdings, Inc.
AMEX
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Symbol Volume Close Change %Gain Company Name
CGM 27000 5.00 0.88 21.21 Congoleum Corporation
AKC 234300 5.88 0.88 17.50 Access Pharmaceuticals
BGO 145700 0.50 0.06 14.16 Bema Gold Corporation
XLG 19300 2.63 0.31 13.49 Excel Legacy Corporation
UXP 1100 1.75 0.19 11.96 United States Exploration
TODAY'S TOP PERCENT LOSERS AT 6:12:08 P.M. ET
(Market Capitalization Between $10,000,000 and $750,000,000)
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NASDAQ / OTC
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Symbol Volume Close Change %Loss Company Name
GAMM 18200 1.05 -1.85 -63.79 Global Entertainment
Holdings/equities Inc.
INTW 6031000 3.69 -5.47 -59.72 Interworld Corporation
ZOMX 10281000 8.31 -9.06 -52.16 Zomax Incorporated
CTCK 458900 0.57 -0.31 -34.86 CraftClick.com, Inc.
PAYV 53500 0.20 -0.10 -33.33 Payforview Com Corp.
AMEX
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Symbol Volume Close Change %Loss Company Name
AI 311100 2.13 -0.44 -17.09 American Telesource Internat'l
FSW 72400 1.25 -0.25 -16.67 flightserv.com
HWS 8300 0.75 -0.13 -14.29 Hospitality Worldwide Srv
VTC 6400 5.63 -0.88 -13.46 N/A
SPO 4300 0.88 -0.13 -12.50 Sonicport.com, Inc.
AI
