AAPL s that a buy or what...investors went overboard didn't they? The cube is cool tech...I think they will have new products that sell well...current PE is under 12 11.95...
JNPR is over 1400...this has short written all over it...wait and see...one piece of bad news and bloowey...
Dow 10.7 NASDQ 3.45
Some have said 3250 is the test for NASDQ low...get a tracking fund if it hits 3250 because the run up to 4 will give a nice gain...things look to get worse before they get better...
Transmeta will be huge IPO start tring to get in now...flip...
MARKET REPORT
************************************
Weakness struck U.S. stocks in the last hour of trading, as small cap and
tech stocks languished over earnings worries. The tech-laden Nasdaq
Composite Index lost 3.2%.
Adding to the malaise was the Federal Reserve's cautionary language about
the still-robust U.S. economy, even as it was announcing a stay-put
interest rate decision.
Tempered comments are to be expected by the Fed, said Timothy Ghriskey,
senior portfolio manager at Dreyfus Corp. However, "expectations grew in
the morning for a more dovish statement," he noted.
The Fed fears enthusiastic remarks may cause the market to run up wildly,
Ghriskey said.
There is still a great deal of uncertainty over third-quarter-earnings
pre-announcements. Investors are still figuring out whether the problems
are company-specific, or evidence of an industry-wide problem, Ghriskey said.
Within specific small cap issues, semiconductor stocks, which had staged a
healthy rebound early on, ended largely lower. There were exceptions,
however. Gainers for the session included Power Integrations Inc. (NASDAQ:
POWI) and Stanford Microdevices Inc. (NASDAQ: SMDI). Shares of Integrated
Silicon Solution Inc. (NASDAQ: ISSI) climbed 1 1/16, or 7.5%, to 15 1/4.
The Philadelphia Semiconductor Index of large cap issues, which had been
sharply higher in afternoon trading, ended decidedly lower at 812.95,
slipping 20.42 points, or 2.5%.
Within small cap indexes, the Russell 2000 ended lower at 504.67, off 7
points, or 1.4%, while the S&P 600 slipped 2.46 points, or 1.1%, to 212.
The Wilshire Small Cap 1750 lost a whopping 20.42 points, or 2.5%, to 812.95.
As expected, the Federal Reserve said Tuesday afternoon it isn't raising
interest rates in the near term.
The decision leaves the federal-funds rate (the rate commercial banks
charge each other for overnight loans) at 6.5%, while the discount rate
(the rate the Fed charges banks for money) remains at 6%.
A profit warning from Xerox Corp. (NYSE: XRX) early in the day didn't make
many waves as most major indexes were climbing in morning trading. The
tumble came late in the day.
Xerox has ceased to be a force that moves markets, said Michael Holland,
president, Holland & Co. The copier maker has seen its importance
supplanted by high tech companies such as Intel Corp. (NASDAQ: INTC).
Semiconductor issues were higher in afternoon trading, a boost attributable
to stock-price moves "down to levels that are silly," according to Holland.
Small cap Internet stocks were mostly lower, with some exceptions, after a
midday rout. Shares of SoftNet Systems Inc. (NASDAQ: SOFN) picked up 5/16,
or 5.8%, to 5 11/16, and Caminus Corp. (NASDAQ: CAMZ) rose 4 9/16, or
11.7%, to 43 5/8. Avenue A Inc. (NASDAQ: AVEA), Lante Corp. (NASDAQ: LNTE)
and Register.com Inc. (NASDAQ: RCOM) closed higher as well.
Shares of small cap Corel Corp. (NASDAQ: CORL) surged 90% in after-hours
trading Monday after news of a $135 million investment by Microsoft Corp.
(NASDAQ: MSFT) hit the airwaves. In today's trading Corel gave back some
gains, closing up 2 1/4, or 61%, to 5 15/16.
Late yesterday, Corel said Microsoft had agreed to invest $135 million in
the Ottawa-based software company. Corel is best known for its Word Perfect
word-processing program and its decision to embrace the Linux operating system.
The Dow Jones Industrial Average surrendered much of its earlier gains but
still ended the day higher by 19.61, or 0.2%, to 10719.74. The broader S&P
500 dropped 10.05 points, or 0.7%, to 1426.18, while the tech-heavy Nasdaq
Composite Index slipped to 3454.69, down 114.20 points, or 3.2%.
In Canadian trading, the Toronto Stock Exchange advanced 13.60 points, or
0.1%, to 10,456.40, while the Canadian Venture Exchange fell 54.03 points,
or 1.5%, to 3505.68.
In the currency markets, the Canadian dollar gained 0.3% to US$0.6650 from
$US0.6628.
In commodities trading, November crude oil futures ended lower by 8 cents,
or 0.3%, to $32.10 a barrel. December natural gas futures remained
unchanged at $5.35, while December gold has slipped to $274.90, off $1.40,
or 0.5%.
Earlier this morning, the Census Bureau said August new-home sales fell 3%
to an annual rate of 893,000, just below analysts' estimates of 895,000 and
well below July's revised 921,000.
Separately, the Conference Board said the nation's economic indicators fell
0.1% in August, in line with analysts' estimates. The nonprofit business
group also revised July's figure downward to a minus 0.2% from minus 0.1%.
