The Dow Jones Industrial Average and Nasdaq Composite Index had been frolicking on the upside early in the afternoon, but just jumped, hand in hand into the red.
They've been up and down all day, showing little conviction to either the positive or negative side and hovering close to the break-even line.
kept its lead position as the biggest drag on the Dow, taking about 25 points away from the index. It was also getting kicked lower by
, each with more than 10 points to the negative.
was adding almost 26 points to the Dow.
were also contributing to the Dow, adding a total of about 25 points.
Meanwhile on the Nasdaq,
was getting stomped, down 41.7% to $10.88, after it warned that its third-quarter revenue would
fall short of estimates. Fellow Nasdaq component and Internet stock
was down 12.9% to $89.25.
With all of the
earnings warnings in the past couple weeks, it was nice to get some good news from
. It reported a far narrower-than-expected loss post-close last night, and got some positive revisions on 2001 loss estimates from
. The stock was lately soaring, up 20.2% to $16.75.
Two of 3Com's primary competitors,
, off 5.6% to $28.81, and
, down 7.9% to $60.19, were also getting battered.
was lately falling about 5.4% to $28.44, on rumors of an earnings shortfall. The company said it wouldn't change its earnings expectations and declined to comment on the speculation and has since started to edge up.
Flying high today was
, which made its debut on the Big Board today. It was priced at $22, but was lately up almost 30% to $28.63.
Semiconductors were making another attempt at a comeback this morning. The sector has been under water of late on concern that chip demand is slowing. The
Philadelphia Stock Exchange Semiconductor Index
had lately turned south, off 0.2%.
were moving higher on the day.
Energy stocks were rallying, with the
American Stock Exchange Oil & Gas Index
up 1.8% and the
Philadelphia Stock Exchange Oil Service Index
1.7% higher. Also, gold was shining this afternoon. The
Philadelphia Stock Exchange Gold and Silver Index
Brokerage stocks were slipping slightly, and banks stocks were down following news of
planned acquisition. The
American Stock Exchange Broker/Dealer Index
was down 9.2%, while the
Philadelphia Stock Exchange/KBW Bank Index
was 0.8% lower.
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Bonds are under pressure in part because a
report in today's
says an error in calculating the
Consumer Price Index
) resulted in it being understated.
The Bureau of Labor Statistics confirmed that it will revise CPI data for January to August, and that the increase over that period will be revised to 2.7% from 2.6%. The bureau will hold a briefing on the matter on Thursday at 9:30 a.m. EDT.The
article says the correction is likely to add 0.1 to 0.3 percentage points to the overall and core inflation rates. Overall CPI inflation was running at a rate of 3.4% in August, while core CPI inflation, which excludes food and energy, was running at 2.5%, nearly a two-year high.
A higher inflation rate devalues bonds because it erodes the value of the fixed interest payments they make.
The benchmark 10-year Treasury note lately was down 6/32 at 99 13/32, lifting its yield to 5.829%.
The BLS said the error was in the portion of the report that measures housing costs, and that software was responsible.
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