The stock market treaded water on a semi-holiday of extraordinarily low volume, resting up for an
swim through the choppiest part of the earnings season.
All of the major indices popped higher this morning, then came off their highs to close not too far from break-even. The
Dow Jones Industrial Average
, which traded as high as 8114.71 before 10 a.m. EDT, slid back to close up 27.01 at 8072.22. Earnings-related news propelled the index's top performers:
up 1 11/16 to 120 3/8 despite missing
third-quarter estimate by 3 cents per share, and
moved up smartly on positive earnings outlooks.
Nasdaq Stock Market
volume managed to stay around its daily average, but the
New York Stock Exchange
had one of its thinnest days of the year as many Wall Streeters took advantage of the closed bond market to enjoy a three-day weekend. Big Board advancers outpaced decliners by 1,503 to 1,327 on a paltry 357.8 million shares. On the Nasdaq, 2,340 advancers led 2,123 decliners on 664.9 million shares.
Among the other major indices, the broad
rose 1.12 to 968.10, the tech-bedecked
Nasdaq Composite Index
gained 3.08 to 1742.11 and the small-cap
edged up 0.18 to a record 465.21.
"The absence of trading in the bond market has made some equity players a bit fearless, and without a counterpoint to go by -- namely the bond market -- it seems that some of Mr.
remarks have been quickly forgotten," said Alan Ackerman, market strategist at
A look at today's
publication prepared by
Pegasus Econometric Group
, backs up that take on the market's response to
Fed Chairman Alan Greenspan's
dark-tinged Wednesday testimony. "More economic data is needed before Greenspan's remarks will bully us out of this market," Pegasus said. "A sustained daily close below 8020
on the Dow will warn that we should take Greenspan's remarks more seriously, and because 8020 is in the thick of daily price action we have nothing to lose by waiting to see if this support holds or not."
Monday's market action
(earnings estimates from
Netcom On-Line Communications Services
exploded up 6 1/8, or 40.8%, to a 52-week high of 21 3/16 after
agreed to buy the Internet service provider for $283.5 million in stock. ICG, a competitive local-exchange carrier, lost 7/8 to 25 3/16.
skyrocketed 11 3/8, or 28.1%, to a nearly two-year high of 51 3/4, reportedly on positive comments at a
BT Alex. Brown
looked into Hummingbird's stunning rise in a
surged 5 7/16, or 17%, to a 52-week high of 37 1/2 after
agreed to acquire the company in a $1 billion deal. The price includes the assumption of $320 million in Greenfield debt and convertible preferred shares. Kennametal gave up 7/8 to 51 9/16.
Ballard Power Systems
surged 8, or 13.1%, to an all-time high of 69 3/8. There was no news that directly explained the rise, but a Saturday
The Financial Post
examined the stock's recent outperformance and offered some possible explanations.
rose 13/16 to 75 5/16 after reporting earnings of $1.12 per share, 11 cents better than the 17-analyst estimate and up from the year-ago 86 cents.
Donaldson Lufkin & Jenrette
retreated from a strong start, gaining 1/2 to 76 after trading as high as 78 5/16. The firm reported earnings of $1.80 per share, crushing the six-analyst expectation of $1.26 and the year-ago 86 cents. (
took a glance at DLJ in today's
shed 4 7/16, or 11.5%, to 34 1/16 after reporting third-quarter earnings of 55 cents per share. That beat the year-ago 49 cents but fell short of the four-analyst forecast, 60 cents.
Advanced Energy Industries
leapt 3 3/8, or 11.1%, to an all-time high of 33 15/16 after reporting third-quarter earnings of 24 cents per share. The four-analyst view called for 16 cents and the company made 1 cent a year ago.
Fletcher Challenge Energy
jumped 5, or 8.9%, to an all-time high of 61 3/16 after
started coverage at buy.
dropped 1 3/4, or 12.7%, to 12 after the company and
terminated a marketing agreement.
cut Neoprobe to neutral from buy. U.S. Surgical inched down 1/16 to 29 5/8.
tacked on 2 5/8 to 141 after introducing a new, ultrafast silicon chip.
Chairman and CEO Roberto Goizueta, suffering from lung cancer, returned to an Atlanta hospital after a throat infection developed complications. He remained in critical condition at the time this story was posted. Coke's stock slipped 3/8 to 61 5/16. In other medical news,
Chairman, President and CEO Albert Costello was reportedly recovering well from a Saturday heart attack. Grace was down 1/8 to 73 3/4.
rose 3 11/16 to 53 7/8 after
added it to the firm's U.S. recommended list.
HBO & Co.
moved up 1 to 42 13/16 after
Credit Suisse First Boston
named it the featured stock of the week.
ascended 1 3/8 to an all-time high of 44 1/16 after
upped it to buy from hold.
declined 1 1/4 to 72 9/16 after Credit Suisse First Boston cut it to hold from buy.
-- like which nothing runs -- advanced 1 5/16 to 56 15/16 after
upgraded it to buy from neutral.
sloughed off 1 3/4 to 93 1/8 despite reporting first-quarter earnings of $1.23 per share, demolishing the seven-analyst forecast of 99 cents and the year-earlier 60 cents.
Eagle Hardware & Garden
rose 1 1/8 to 18 1/2 on an upgrade to strong buy from buy at
surrendered 2 1/4 to 42 1/4 after
lowered it on price to buy from strong buy.
slid 15/16 to 16 3/8 after
downgraded it to long-term buy from strong buy. The firm trimmed its price target to 22 from 24.
improved 2 1/16 to 73 after
Deutsche Morgan Grenfell
placed the stock on its U.S. focus list.
Nu Skin Asia Pacific
advanced 1 1/16 to 23 13/16 after PaineWebber began coverage at attractive.
Papa John's International
gained 1 3/8 to 35 3/8 after Dain Bosworth initiated coverage at buy. The firm set a 12- to 18-month price target of 47.
Crown Cork & Seal
fell 1/2 to 46 1/2 after Salomon Brothers cut it to hold from buy.
Robert Mondavi Winery
enjoyed a fruity but unpretentious rise of 1 3/8 to 55 7/8 after
initiated coverage at outperform.
was up 3/4 to an all-time high of 40 after
started coverage at buy.
fell 13/16 to 83 1/2 after
downgraded it to perform in line from outperform.