Market Update: Major Indices in the Green Near Midday Despite IBM's, H-P's Woes
In the early going, the stock market's major indices were moving to the upside, after merger action and Wall Street's comments on Big Blue put pressure on tech shares in the early going.
Lately, the
Dow Jones Industrial Average was up 43 to 11,263, with a 2% gain from
J.P. Morgan
(JPM)
. The investment bank was rallying on news that its CFO Peter Hancock resigned. Chief Administrative Officer Thomas Ketchum will replace Hancock immediately.
Although the Dow was in positive territory, blue-chip losses from
IBM
(IBM)
and
Hewlett-Packard
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were tempering the index's gains.
This morning,
Goldman Sachs
lowered
TheStreet Recommends
IBM's
(IBM)
fourth-quarter estimates to $1.50 from $1.53 a share and moved fiscal 2000 estimates to $4.45 to $4.50 a share. Analyst Laura Conigliaro attributed the revisions to weakening currency exchange rates.
Discounting the negative impact of the exchange ratios, Conigliaro upped her third-quarter growth estimate to 10.3% from 9.7% due to the strength in semiconductors, Unix servers and disk storage. IBM was lately off 2.8%.
Hewlett-Packard was skidding 3.3% after on reports that it is negotiating a possible acquisition of
PriceWaterhouseCoopers
consulting arm.
TheStreet.com
wrote about this in an earlier
story.
The
Nasdaq was bouncing back from a down open, up 21 to 3999. The tech laden index was initially held down by some merger action in the biotech sector.
Genzyme General
(GENZ)
slipped 11.1% after it entered a cash and stock deal to buy
GelTex Pharmaceuticals
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for nearly $1 billion. GelTex popped 15.9% on the news.
Elsewhere, the broad
S&P 500 was lifting 0.7%, while the small cap
Russell 2000
was 0.4% higher.
TheStreet.com Internet Index
was up 1.6%.
Market Internals
Breadth was mixed on moderate volume.
New York Stock Exchange: 1,410 advancers, 1,031 decliners, 338 million shares. 128 new 52-week highs, 18 new lows.
Nasdaq Stock Market: 1,666 advancers, 1,850 decliners, 548 million shares. 52 new highs, 37 new lows.
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Most Active Stocks
NYSE Most Actives
Nasdaq Most Actives
- Cisco (CSCO) : 21.7 million shares.
WorldComundefined: 20 million shares.
Intel (INTC) : 14.1 million shares.
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