Nasdaq Composite Index
held out for a good while, but it's lately joined its record-setting compatriots from
yesterday's rally in slumping.
The Comp was down 1 to 2559, and that wasn't the only trouble for the tech-splashed measure. Decliners were beating advancers on the
Nasdaq Stock Market
, and more new lows were being made than new highs.
Yesterday, of course, boasted a trifecta of indices closing at record highs: the
Dow Jones Industrial Average
and the Nasdaq Comp.
The Dow lately was down 31, or 0.3%, to 9976. The biggest drag on the venerable blue-chip average was financial services behemoth
, which fell 2 7/16 to 123.
"Every time it gets near 10,000, it gets a nosebleed," said Peter Boockvar, equity strategist at
Miller Tabak Hirsch
Meanwhile, reports of a unilateral cease-fire from Yugoslavia -- followed shortly after by a rebuffing of it from
-- prompted little reaction in the market.
The S&P 500 was down 3, or 0.2%, to 1318.
Among the tech bellwethers,
were higher. Dell was most active on the Nasdaq, with 22.2 million shares changing hands. It was up 1 1/8 to 45 1/8.
, meanwhile, was down 1 1/16 to 93 15/16.
More-specific tech sector gauges were higher. The
Philadelphia Stock Exchange Semiconductor Index
rose 1.7%, while the
gained a fraction. Meanwhile, the
Morgan Stanley High-Tech 35
The cyberspace arena was mixed.
TheStreet.com Internet Sector
index was up solidly again today, up 22, or 3.2%, to 705, led by
, which was up 29, or 18.8%, to 183 1/8.
TheStreet.com E-Commerce Index
slumped 1, or 0.8%, to 122.
-- which lagged the other indices in yesterday's advance and is well below its all-time highs -- was down half a point to 402. The Russell's all-time closing high is 491.41.
As for the weakness today, some of the blame was laid on the need for the market to take a break after yesterday's rally, and on
earnings warning. That warning sent shares of Gillette down 11.8%.
Elsewhere in the news,
The Wall Street Journal
is holding preliminary talks about buying
. The stocks themselves, however, weren't moving that much.
Peter Coolidge, managing director of trading at
Brean Murray Foster Securities
, said the market is suffering some indigestion from yesterday's rally.
Unlike yesterday's rally -- which was inspired in part by Friday's jobs report -- Coolidge said the market didn't have an impetus to keep going up today.
Currently, Boockvar said he's somewhat cautious on the market because the market's so narrow. The more narrow it gets, the more frothy it gets, he noted.
He said the market still needs to correct itself. He said he'd feel more comfortable with the market if some of the excess of it was shaken out particularly in some of the bigger-cap stocks.
"We'd like to see more participation," Boockvar said.
Boockvar was less-than-impressed with yesterday's rally, pointing to the light volume and the weak breadth that accompanied it.
As for the Treasury market, the 30-year Treasury bond was lately up 28/32 to 95 31/32, yielding 5.53%. (For more on the fixed-income market, see today's early
New York Stock Exchange
, decliners were beating advancers 1,639 to 1,171 on 433 million shares. On the Nasdaq, losers were beating winners 2,205 to 1,489 on 634 million shares.
On the NYSE, 66 issues had set new 52-week lows while 58 had touched new highs. On the Nasdaq, 115 issues had set new lows while new highs totaled 99.
Among other indices, the
Dow Jones Transportation Average
was down 0.1%, the
Dow Jones Utility Average
was down 0.6% and the
American Stock Exchange Composite Index
was off 0.5%.
On the Big Board,
was most active, with 22.1 million shares changing hands. It was up 2 1/16 to 169.
Tuesday's Midday Movers
Gillette was falling 6 7/8, or 11.8%, to 50 15/16 after last night warning it expects to post a mid-single-digit percentage increase in first-quarter earnings, leaving results about a penny below the 16-analyst outlook for 25 cents a share. The company, which earned 23 cents in the year-earlier period, said greater-than-anticipated softness in the
business and in Latin America will hurt results. Today,
Morgan Stanley Dean Witter
downgraded the stock to neutral from outperform,
Donaldson Lufkin & Jenrette
lowered it to market perform from top pick and
Brown Brothers Harriman
dropped it to short-term neutral from buy.
In other news:
was down 3, or 32%, to 6 3/8 after
BT Alex. Brown
lowered it to market perform from buy.
was up 3 3/8 to 76 1/8, continuing yesterday's push skyward fueled by news of strong online trading volume. Today, the company said
will be its primary provider of financial news and market data. Reuters was up 1 7/8 to 90 5/8.
Lernout & Hauspie Speech
was up 5, or 13.2%, to 43 on last night's news that Intel agreed to invest $30 million in the company. Intel was up 2 1/4 to 129 11/16.
was up 4 3/8, or 64.2%, to 11 3/16 after last night
said it will buy the company for $12 a share. Columbia Energy was flat at 53 3/8.
Pediatrix Medical Group
was down 3, or 17.5%, to 14 1/8 after
U.S. Bancorp Piper Jaffray
dropped the stock to neutral from strong buy. Yesterday, Pediatrix said Arizona and Colorado government officials are seeking billing-related documents from the company.
was soaring 12 3/16, or 147.7%, to 20 7/16 on news
offered to sell its Internet and interactive television assets in exchange for TCI Music stock. Liberty Media was up 2 5/16 to 58 3/16; and Telephone was up 1 5/16 to 78 11/16.
announced it's buying Liberty Media's 50% stake in
in exchange for 51.8 million nonvoting News Corp. ADRs. News Corp., up 1/8 to 33 15/16, said it also plans to repurchase 56.2 million of its nonvoting ADRs from MCI WorldCom for $1.4 billion. MCI WorldCom was off 3 1/8 to 89 3/8.
was up 8 3/16 to 227 1/4 on word it will be featured on the default Web page on PCs sold by
. Micron was up 5/16 to 11 11/16.
Genesee & Wyoming
was down 2 1/8, or 19.5%, to 9 after saying it expects to report a first-quarter loss of about 7 cents a share due to lower Australian grain movements and northeastern U.S. car loadings. The single-analyst view called for quarter earnings of 40 cents a share vs. the year-ago profit of 42 cents.
was up 1 15/16, or 6.3%, to 32 3/4 after last night saying its March same-store sales rose 6%.