Daily market summary and stock picks

THE "DAILY BREAD" FOR THE MARKET

Daily Morning Insights on the Market

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MARKET SUMMARY FOR THURSDAY SEPTEMBER 21ST. 2000

DOW INDUSTRIAL: 10765.52 = +77.60

NASDAQ: 3828.87 = -68.57

S & P 500: 1449.05 = -2.29

MOST ACTIVE STOCKS & SECTORS

The markets closed mixed as the market rotated to retailing and other blue chip stocks. NASDAQ closed down due to profit taking in the technology sector. Gainers included: 3M, ADC Telecomm, AT&T Liberty, Bed Bath & Beyond, Benton Oil, Carnival, Corn Production International, Cybersource, Cryolife, DaimlerChrysler, Darden Restaurants, Enchira Biotechnology, Exabyte, GM, HCA Healthcare, Hertz Corp, IGate Capital, JC Penney, Johnson & Johnson, Knight Trading, Lockheed Martin, Longs Drug Store, Manufacturers Services, McLeodUSA, Nextel Communications, Omnicare, OmniSky, Pfizer, Renal Care Group, Rite Aid, Royal Carribean, Sycamore Networks, TTM Technologies, Wal-Mart, Westerfed Financial, Yankee Candle, and York International.

MAIN REASONS FOR ACTIVITY

US Jobless Claim for weekending September 15 dropped 308,000 - slightly higher than expected. Initial Jobless Claims has been above the all-important 300,000 mark for 6 weeks. This is another good sign on how the economy is slowing, and how recent activities have caused us to change our stance on the next Federal Reserve FOMC meeting. Visit our redesigned Federal Reserve Monetary Policy Analysis page to read more on our take on the coming Federal Reserve FOMC meeting. Also, visit our expanded message boards to discuss this topic or any other business topic by clicking here.
IPOs today: TTM Technologies, a circuit board maker, closed 30.86% above its offering price. OmniSky, a wireless internet provider, also closed well above its offering price.
Ford Motor Company is offering $597 million for the remaining publicly traded 18.5% of Hertz Corp, the rental company. Ford lost 1 7/16, while Hertz gained 30.41%.
Carnival Corp. gained 14.16% after announcing that its fiscal Q3 income will be about 4.5% short of Wall Street estimates, but announced that bookings are up and will continue to grow up to year 2001. This news also lifted rival Royal Caribbean.
Goldman Sachs' top strategist Abby Joseph Cohen made known that the market's reaction to corporate profits being affected by oil prices and the demise of the Euro is being "overdone" and the effects of these will really be "short-lived".
CMGI, the respected technology start-ups incubator, announced that Q1 2001 could be the right time to take its search engine Alta Vista public. CMGI closed unchanged.
3M gained 5.73% after announcing an aggressive revenue growth target for the second half of this year and 3 years after that.
AFTER CLOSE: The leading chip maker Intel issued an earnings warning for fiscal Q3. Intel which lost 1 point in regular trading, is dropping seriously in after hours trading.
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PICKS FOR THE NEXT MARKET DAY

REASONS BEHIND THE PICKS

Intel's earnings warning will spook technology stocks tomorrow. We expect blue chip stocks to rally again. Give us your views on this observation here.
STOCKS TO WATCH NEXT MARKET DAY: See below.
Biotechnology/Biopharmaceuticals, B2B, Technology (Software and Networking stocks), Contract Equipment Manufacturers (CEMs), and Online Brokerage stocks are still our premiere picks.
Expect the major Internet Portal sites to perform very well.
Internet holding and capacity (storage) companies will do very well (check out our Quarterly forecasts for other picks).

NASDAQ:

Technology, Biotechnology, Telecommunications, and some Internets will gain. Companies like: 3 Dimensional, Accelerated Networks, Act Networks, Active Power, Advanced Electronic Support Products (AESP), Advanced Power Technology, Akamai Technology, Alamosa PCS, AlpNet, Altera, Alysis Technology, Amdahl, American Medical Systems, Amgen, Amtech Systems, Anaren Microwave, Andover.Net, Apple, Applied Materials, Applied Molecular, Arena Pharmaceuticals, Argonaut Technologies, Ariba, Ariad Pharmaceuticals, Ariel Corporation, Arrowpoint, Art Technology Group, Ask Jeeves, Atherogenics, AudioCodes Ltd., Avanex Corp., Avici Systems, Axent Technology, Be Incorporated, Biospherics, Bruker Daltonic, Calypte Biomedical, Cavion Technology, Cellular Technical, Centillum Communications, Centra Software, Centura Software, Charter Communications, Chordiant Software, Cisco Systems, Clarus Corp., ClearNet Communications, CMGI, Cobalt Networks, Comdisco, Commonwealth Biotechnologies, Compugen, Concurrent Computer, Convergent Group, Copper Mountain Networks, Corio, Corvis, Covad Communications, Cyber-Care, Cygnus, Cytogen Pharmaceutical, Dallas Semiconductor, Decode Genetics, Dell, DeltaGen, Disc, Discovery Partners International, Dyax, ebay, Ecogen, Efficient Networks, Elan Corp. PLC, Emerge Interactive, Entravision Communications, Epicor Software, E-piphany, ePlus, Equinix, Ericsson, Esperion Therapeutics, EuroWeb, Excite@Home, EXE Technologies, Exfo Electro-Optical Engineering, Evolve Software, Evolving Systems, Finisar, Floware Wirel

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