Morgan Stanley Dean Witter
chief U.S. investment strategist Byron Wien cut his recommended stock allocation in his model portfolio to 85% from 90% and raised cash to 15% from 10% helped send stocks tumbling early on, piling on to losses suffered yesterday.
Dow Jones Industrial Average
was down 42 to 9358. The
was down 8 to 1245.
Nasdaq Composite Index
was down 16 to 2324. The
was down 1 to 394.
TheStreet.com Internet Sector
was down 1 to 504.
TheStreet.com E-Commerce Index
was up 1 to 96.
The benchmark 30-year Treasury bond was getting whacked again. It was down 21/32 to 95 19/32, yielding 5.56%, piling on to huge losses suffered in the last couple of sessions.
Meanwhile, Steven Milunovich, an analyst at
, had cautious comments on
and the personal computer industry in general. Milunovich in a note said that he was concerned that vendors' "growth objectives the next few years will prove hard to achieve, perhaps resulting in pricing pressure." As for Dell, he said, "Dell's superior model affords some protection but valuation remains an issue."
Dell was down 1 9/16 to 81 5/8.
Most Up at Open -- NYSE
Fort James , up 15/16 to 30 1/4
raised its rating on Fort James to attractive from neutral.
Most Up at Open -- Nasdaq
BancBoston Robertson Stephens
upped its rating on Amazon.com to strong buy from buy.
Most Down at Open -- NYSE
Most Down at Open -- Nasdaq
BMC Software (BMCS) , down 4 3/8 to 42 5/8
wrote about the company
this morning. Also
downgraded BMC Software to accumulate from strong buy.