yesterday looking like the vestiges of the Woodstock '99 festival, the
Nasdaq Composite Index
today was beginning to repair some of the damage it has suffered since closing at an all-time high on
July 16 .
The tech-laden Nasdaq Comp was lately up 54.45, or 2.1%, to 2673.74 having just surpassed its opening peak of 2672.36.
was up 0.7%, while the
Morgan Stanley High-Tech 35
was up 2.5% and the
Philadelphia Stock Exchange Semiconductor Index
was up 5.4%.
Chip behemoth (and SOX component)
was up 6.3% after being upgraded by
. Intel was most active on the
Nasdaq Stock Market
, with 23.4 million shares changing hands.
Internet stocks were enjoying a decent rise.
TheStreet.com Internet Sector
index was up 11.42, or 2%, to 576, but off its session peak of 584.62.
were among the index's stars so far.
, a DOT component, was most active on the
New York Stock Exchange
, with 15.3 million shares changing hands. AOL was up modestly.
Dan Marciano, head of trading at
, said the rise in tech and Internet stocks was a technical rebound, and he also used an old Wall Street cliche to describe the market's jump. (Hint, the description includes references to a feline and a rubber ball.)
Dow Jones Industrial Average
was up 132.34, or 1.2%, to 10,995.50. Providing the biggest boost to the Dow has been
, up 4.3%.
Reflecting the snap-back in tech,
was the second-biggest boost to the venerable average, up 3.3%.
was up 16.56, 1.2%, to 1364.32. The
was up 2.44, or 0.6%, to 445.31.
"It's nice to see a little bit of a bounce," said Ted Bridges, vice president and money manager of
Bridges Investment Counsel
in Omaha, Neb.
Among several risks for equities going forward, Bridges cited high valuations as most paramount. Although the market leaders have been pounded, have valuations come down enough to get anything more than a bounce?, he asked. "I kind of suspect not." However, Bridges confessed that he did not know.
is scheduled to testify before the
Senate Banking Committee
tomorrow. Greenspan is widely expected to mainly repeat testimony delivered last week before the
House Banking Committee
. However, a big unknown is what -- if anything -- will come out of the question-and-answer period with senators.
Last week the Fed chief warned the Fed won't hesitate to raise interest rates if signs of inflation emerge. That warning only intensifies the already high interest in upcoming economic data, although Marciano said he didn't hear anything different in Greenspan's testimony last week than in previous comments by the chairman.
Regardless, there are a couple of big reports coming up, including the
Employment Cost Index
for the second quarter and the advance estimate of second-quarter
gross domestic product
. Both reports are slated for release Thursday at 8:30 a.m. EDT. According to the average estimate of economists polled by
, the ECI is projected to rise 0.8%, while GDP is predicted to increase 3.3%.
In the Treasury market, the 30-year bond was lately up 7/32 to 89 14/32, its yield dipping to 6.02%. (For more on the fixed-income market, see today's early
On the NYSE, advancers were leading decliners 1,559 to 1,245 on 410.4 million shares. In Nasdaq trading, winners were beating losers 1,951 to 1,658 on 550 million shares.
On the NYSE, 26 issues were trading a new 52-week lows while 84 had touched new highs. On the Nasdaq, 42 issues had set new 52-week lows while new highs totaled 46.
Meanwhile, among other indices, the
Dow Jones Transportation Average
was up 1%, the
Dow Jones Utility Average
was down 0.5% and the
American Stock Exchange Composite Index
was up 0.2%.
Tuesday's Midday Watchlist
As noted above, Intel was up 3 15/16, or 6.3%, to 66 7/8 after SG Cowen raised it to buy from neutral and lifted its 1999 earnings estimate for the company to $2.33 from $2.25 a share. The firm said the chip maker will be helped in the second-half by rising sales promotions for PCs. "Higher capacity utilization will mean decent profitability, even from low-end processors," analyst Drew Peck wrote in a research note this morning.
Mergers, acquisitions and joint ventures
was down 7/8 to 37 15/16 after
The Wall Street Journal
reported the company plans to acquire the cable TV assets of
for $2.7 billion. Gannett was up 1 13/16 to 76 5/16.
was up 3/8 to 17 3/4 on news it's selling 43 radio stations in nine markets to
for $821.5 million in cash. Entercom was up 1 15/16, or 5.2%, to 39 1/16.
downgraded Sinclair to attractive from buy, and
Morgan Stanley Dean Witter
upgraded Entercom to strong buy from outperform.
Earnings/revenue reports and previews
Advanced Fibre Communications
was up 1 1/2, or 10.3%, to 16 1/8 after last night announcing second-quarter earnings that beat analyst predictions by 2 cents a share.
was up 1/16 to 63 1/16 after posting second-quarter earnings of 63 cents a share, 2 cents above the seven-analyst view and higher than the year ago 55 cents. The company also said it sees double-digit earnings growth in the second half.
was up 3 3/4, or 7.2%, to 56 1/2 after it met analyst estimates yesterday, reporting a net loss of 61 cents a share for the second quarter. The Santa Clara, Calif.-based provider of high-speed data services posted revenue of $10.8 million, up sharply from $809,000 one year earlier. The stock has fallen 21% from 67 1/2 on July 15 as investors worry about growth prospects for Covad and its sector.
wasn't invited to breakfast today. After the online auctioneer last night posted second-quarter earnings of 4 cents a share vs. the year-ago 2 cents, the stock was off 2 13/16 to 101 5/8.
The market apparently needed a little
before lunch, lifting the stock 3 3/8, or 10.6%, to 35 1/8 after the company posted second-quarter earnings that exceeded predictions by 4 cents a share.
Integrated Silicon Solution
flexed some early muscle, jumping 3 3/16, or 10%, to 34 15/16. After training and eating its vitamins, the company beat last year's quarter by 56 cents a share with a figure that includes a charge and an extraordinary gain. The company provided no per-share operating figures.
International Network Services
opened big, up 3 points in the first half-hour of trading. But by lunch, the stock had given the gain back somewhat, and lately was up 2 5/8, or 6.7%, to 42 1/4. The company beat a fourth-quarter earnings prediction by a penny a share yesterday.
was up 3/8 to 9 13/16 after late yesterday beating a second-quarter estimate by 3 cents a share.
Gentlemen, start your engines.
peeled out at the bell, jumped 3 points and came in with a midday gain of 1 7/16, or 5.6%, to 26 151/16 after passing a second-quarter earnings estimate by 14 cents a share and lapping last year's quarter by 35 cents.
? Exactly. Although the company beat second-quarter predictions by a penny yesterday, by midday the company needed something to stop the bleeding. It recently was off 2 7/8, or 11.1%, to 23 1/8.
was up 1 to 27 7/16 after last night it matched second-quarter earnings estimates.
was up 3 3/16, or 6%, to 56 5/16 after late yesterday the company drowned the analysts, and beat their second-quarter prediction by 4 cents a share.
In other earnings news:
American Express was up 5 13/16 to 142 5/16 after Morgan Stanley Dean Witter started coverage with a strong buy and a price target of 175.
was up 3 3/8 to 124 3/8 after PaineWebber upped the stock to neutral from unattractive. The firm also lifted
to attractive from neutral. Union Carbide was up 1 5/8 to 47 5/8. Separately,
ING Barings Furman Selz
upgraded Union Carbide to hold from sell, saying the company's earnings probably will improve in the coming months.
Hewlett-Packard was up 3 7/16 to 109 1/8 after
Salomon Smith Barney
raised its price target for the stock to 130 from 105.
Eric Gillin contributed to this report.