THE "DAILY BREAD" FOR THE MARKET

Daily Morning Insights on the Market

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MARKET SUMMARY FOR TUESDAY APRIL 16TH. 2002

DOW INDUSTRIAL: 10301.32 = +207.65

NASDAQ: 1816.79 = +63.01

S & P 500: 1128.19 = +25.64

MOST ACTIVE STOCKS & SECTORS

The markets rallied on improved corporate earnings. The NASDAQ, which was up all day, had a heavy trading volume of over 1.791 billion, while the NYSE had a volume of over 1.344 billion shares traded. Gainers included: Agere Systems, Airgas PCS, Akamai Technologies, Amazon.Com, Amdocs Ltd, AOL Time Warner, Apple, Applied Digital, Applied Materials, Applied Micro Circuits, Ask Jeeves, AT&T, AT&T Wireless, Bea Systems, Broadcom, Broadwing, Brocade Communications, ChevronTexaco, Cisco Systems, Citigroup, Coca Cola, Comcast, Compaq, Dell, DoubleClick, eBay, EMC Corp, eUniverse Network, ExxonMobil, FindWhat.Com, FleetBoston, Ford Motor Co, General Motors (GM), Given Imaging, Hewlett Packard, IBM, Inktomi, Intel, J2 Global Communications, JDS Uniphase, Johnson & Johnson, JP Morgan Chase & Co, KLA-Tencor, Linear Technology, Lucent Technologies, Mastec, Meritage, Merrill Lynch, Microsoft, Misonix, Motorola, Mykrolis, Nextel Communications, Neurogen, Nokia, Nortel Networks, Novellus Systems, Oracle, Pfizer, Pioneer Corp, Qwest Communications International, Qualcomm, Raindance Communications, RealNetworks, RF Micro Devices, SBA Communications, SBC Communications, Scientific Atlanta, Siebel Systems, Sonus Networks, Sprint FON Group, Sprint PCS Group, Stoneridge, Sun Microsystems, Texas Instruments, TheStreet.Com, Transwitch, Tyco International, Veritas Software, Westcorp, Worldcom Group, and Xilinx.

MAIN REASONS FOR ACTIVITY

• US Consumer Price Index (CPI), a good measure of consumer inflation, grew a lower-than-expected 0.3% in March. Core CPI, which excludes the volatile energy and food sectors, grew 0.1%.

• US Industrial Production rose 0.7% in March, while Capacity Utilization rose to 75.4%.

• US New Residential Construction Activity declined 7.8% in March to 1.65 million. 

• The Bank of Tokyo-Mitsubishi Chain Store Sales Index for weekending April 13th. declined 0.7%. Visit our Federal Reserve Monetary Policy Analysis page to read more, also visit our expanded message boards to discuss this topic or any other business topic by clicking here.

• Oil stocks and crude prices continued their gains today after Venezuelan President and strict observer of OPEC production quota, Hugo Chavez, returned to power on Sunday.

• FleetBoston gained 8.06% and lifted banking shares after reporting fiscal Q1 earnings that were strong. FleetBoston announced that it will sell its investment bank, Robertson Stephens, and stop making Latin America investments.

• Sprint FON and Sprint PCS gained 20.71% and 25.75% respectively, and also lifted telecommunications shares after reporting strong fiscal Q1 results.

• Coca Cola gained 2.84% after reporting earnings that beat Wall Street estimates.

• Homebuilding shares closed lower on the new home construction data.

• General Motors (GM) gained 4.83% and lifted auto shares after reporting fiscal Q1 results that beat Wall Street estimates. GM also raised its US sales and earnings outlook for the full year.

• Texas Instruments gained 5.17% and lifted chip shares after reporting late yesterday earnings that beat Wall Street estimates, and forecasted strong revenue growth.

• GE gained 3.92% after its CEO, Jeffrey Immelt, stated on its financial network, CNBC that the company's outlook is still strong.

• Novellus Systems was rewarded with a 6.07% rally today after raising its fiscal Q2 outlook late yesterday.

• IBM gained 1% after announcing that it is entering into a storage data device development deal with Hitachi. The 2 also announced plans to form a joint venture to develop hard disk drives.

• Visit our Up to the minute market charts covering commodities, derivatives, foreign exchange, futures, interest rates, and global stock markets for the closing numbers worldwide.

• Internet related shares posted strong gains for the second day in a row.

• Linear Technology gained 6.20% after reporting fiscal Q3 earnings that beat Wall Street estimates, despite a 59% decline over the year.

• AFTER CLOSE: Intel is still gaining in after hours trading after reporting fiscal Q1 net income of 14 cents a share, in line with First Call estimates, on revenue of $6.8 billion, which beat First Call estimates by $100,000. 

• AFTER CLOSE: RealNetworks is still gaining in after hours trading after reporting fiscal Q1 pro forma earnings of 2 cents a share, 1 cent a share better than First Call estimates. Revenue declined 6% to $47.3 million, but subscription sales rose 35% to $13.6 million.

• AFTER CLOSE: Veritas Software is losing in after hours trading despite reporting fiscal Q1 pro forma earnings of 16 cents a share, 3 cents a share better than First Call estimates.

• AFTER CLOSE: Internet Security Systems is gaining in after hours trading after reporting fiscal Q1 results that met First Call estimates. Internet Security however, lowered its outlook.

• AFTER CLOSE: Commerce One is losing in after hours trading after reporting fiscal Q1 loss of 19 cents a share, 1 cent a share less loss than First Call estimates, and revenue also beat at $31.8 million.

• AFTER CLOSE: i2 Technologies is unchanged in after hours trading after reporting fiscal Q1 loss of 7 cents a share on revenue of $168 million, all better than First Call estimates.

• AFTER CLOSE: RF Micro Devices is still gaining in after hours trading after reporting fiscal Q4 earnings that beat First Call estimates, and also raised its fiscal Q1 outlook.

• AFTER CLOSE: Motorola is still gaining in after hours trading after reporting fiscal Q1 loss of 8 cents a share, 4 cents a share less than First Call estimates, on revenue of $6 billion.

• AFTER CLOSE: Vitesse Semiconductor is losing in after hours trading after reporting fiscal Q2 loss that met Wall Street estimates, but revenue declined by 65%.

• IN MEMORY of Robert Urich, the actor who showed this writer how interesting the US can be in TV shows like Vega$ and Spencer For Hire.

• Enron Drama: Arthur Andersen announced April 8th that it is cutting 7,000 jobs. ON Tuesday April 9th, former Andersen auditor David Duncan agreed to plead guilty to obstruction of Justice charge, and will become an important witness for the US Department of Justice.

• ANOTHER ADDITION: We now have services for Australia, Canada, South Africa, UK & Ireland, and United States. We will continue our qualitative, informative, and useful content policies at all our portals. Thank you for your support.

• JOIN THE DISCUSSIONS: Due to the immense popularity this column has received recently, and the willingness of our guests to communicate with each other, we have expanded our message boards so as to serve you better. Please check out (and post on) our NEW expanded message boards here

PICKS FOR THE NEXT MARKET DAY

REASONS BEHIND THE PICKS

STOCKS TO WATCH NEXT MARKET DAY: Internet and technology shares. Check out our Quarterly forecasts for other picks.

Visit our Monthly Stock Picks and Guidance page to read our portfolio picks/recommendations.

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MARKET SUMMARY FOR MONDAY APRIL 15TH. 2002

DOW INDUSTRIAL: 10093.67 = -97.15

NASDAQ: 1753.78 = -2.41

S & P 500: 1102.36 = -8.65

MOST ACTIVE STOCKS & SECTORS

The markets closed lower on disappointing earnings from blue chip stocks today. The NASDAQ, which saw its noon rally fizzle in the end, had a light trading volume of over 1.346 billion, while the NYSE had a volume of over 1.110 billion shares traded. Gainers included: Adelphia Communications, Adolor Corp, Akamai Technologies, Allergan, Amazon.Com, AOL Time Warner, Applied Materials, AT&T Wireless, Bea Systems, Bristol Myers Squibb, British Energy Plc, Brocade Communications, Cadence Design Systems, Checkers Drive-In Restaurants, ChevronTexaco, Cleveland Cliffs, Compaq, eBay, Eli Lilly & Co, eUnivers e Network, ExxonMobil, FindWhat.Com, GlaxoSmithKline Plc, Hewlett Packard, Horizon Organic Holdings, Inktomi, JDS Uniphase, JP Morgan Chase & Co, Juniper Networks, LastMinute.Com, Leap Wireless, Merrill Lynch, Motorola, Nextel Communications, Nokia, Nortel Networks, Novellus, Nvidia, Patriot Transportation Holdings, Primedia, Qualcomm, Readers Digest "B", Rowan Company, Royale Energy, Saba Software, Seabulk International, Shaw Group, Sonus Networks, Sorrento Networks, Telus Corp, Texas Instruments, TheStreet.Com, Time Warner Telecom, TRW, Valhi, Veritas Software, Vintage Petroleum, Worldcom Group, and Xilinx.

MAIN REASONS FOR ACTIVITY

• The National Association of Home Builders (NAHB) reported that its NAHB Housing Market Index was unchanged in April at 60. 

• US Business Inventories declined 0.1% in February, while Sales declined 0.9%, thus pushing the Inventory-to-Sales Ratio higher to 1.38. Visit our Federal Reserve Monetary Policy Analysis page to read more, also visit our expanded message boards to discuss this topic or any other business topic by clicking here.

• Oil stocks and crude prices rose after Venezuelan President and strict observer of OPEC production quota, Hugo Chavez, returned to power on Sunday.

• Citigroup lost 2.51% after reporting fiscal Q1 earnings that missed Wall Street estimates.

• Bank of America lost 1.21% despite reporting fiscal Q1 earnings that rose 20%.

• Readers Digest "B" gained 20.57% after the company announced the cancellation of its "B" class shares and have just one type of shares.

• Nvidia gained 4.05% after the chip company signed a deal with Hewlett Packard for the use of its high end chipsets.

• Eli Lilly gained 2.42% after reporting a decline in profits, but sees a rebound next year due to new drugs in the pipeline.

• GE lost 5.07% on lingering concerns about its earnings.

• Allergan gained 6.14% after the FDA approved its anti-wrinkle drug, Botox™, for cosmetic use.

• Visit our Up to the minute market charts covering commodities, derivatives, foreign exchange, futures, interest rates, and global stock markets for the closing numbers worldwide.

• TRW gained 0.58% after Northrop Grumman raised its bid for the company to $6.7 billion. Northrop closed 2.89% lower.

• Adolor gained 29.85% after signing a deal with GlaxoSmithKline to develop the bowel drug, Alvimopan™. The deal is valued at around $270 million.

• AFTER CLOSE: Novellus is still gaining in after hours trading after reporting fiscal Q1 net income of 2 cents a share on revenue of $169.7 million, which were all above First Call estimates. Novellus also raised its fiscal Q2 outlook.

• AFTER CLOSE: Texas Instruments is still gaining in after hours trading after reporting fiscal Q1 loss that was narrower-than-expected. Texas Instruments also announced it is seeing a return to its revenue growth.

• AFTER CLOSE: Unisys is gaining in after hours trading after reporting fiscal Q1 earnings that met Wall Street estimates, while revenue missed.

• Enron Drama: Arthur Andersen announced April 8th that it is cutting 7,000 jobs. ON Tuesday April 9th, former Andersen auditor David Duncan agreed to plead guilty to obstruction of Justice charge, and will become an important witness for the US Department of Justice.

• ANOTHER ADDITION: We now have services for Australia, Canada, South Africa, UK & Ireland, and United States. We will continue our qualitative, informative, and useful content policies at all our portals. Thank you for your support.

• JOIN THE DISCUSSIONS: Due to the immense popularity this column has received recently, and the willingness of our guests to communicate with each other, we have expanded our message boards so as to serve you better. Please check out (and post on) our NEW expanded message boards here

PICKS FOR THE NEXT MARKET DAY

REASONS BEHIND THE PICKS

STOCKS TO WATCH NEXT MARKET DAY: Internet and technology shares. Check out our Quarterly forecasts for other picks.

Visit our Monthly Stock Picks and Guidance page to read our portfolio picks/recommendations.

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MARKET SUMMARY FOR FRIDAY APRIL 12TH. 2002

DOW INDUSTRIAL: 10190.82 = +14.74

NASDAQ: 1756.19 = +30.95

S & P 500: 1110.83 = +7.14

MOST ACTIVE STOCKS & SECTORS

The markets closed higher on Friday. The NASDAQ, which was up all day, had a moderate trading volume of over 1.533 billion, while the NYSE had a volume of over 1.256 billion shares traded. Gainers included: Acclaim Entertainment, Advanced Tissue Sciences, Akamai Technologies, Amazon.Com, AOL Time Warner, Applied Materials, AT&T, AT&T Wireless, Bank of New York, Bea Systems, Benihana inc, Blackrock, Boyd Collection, Bristol Myers Squibb, Brocade Communications, CanTV, Cisco Systems, Citigroup, CNET Networks, Cobalt, Comcast, Compaq, Concord Communications, Corimon CA, Cree inc, Daniel Green, eBay, EMC Corp, eUniverse Networks, Fargo Electronics, Focal Communications, Genentech, Genzyme Biosurgery, Handspring, IBM, ICN Pharmaceuticals, Imation Corp, InfoSpace, Inktomi, Introgen Therapeutics, JDS Uniphase, Jetblue Airways, Juniper Networks, Lucent Technologies, Magal Security, Merck & Co, Mercury Interactive, Microsoft, MIPS Technology, Network Appliance, Nextel Communications, Nokia, Nortel Networks, Oracle, Peoplesoft, Pfizer, Qualcomm, Qwest Communications International, Republic Bancorp, Ribapharm, Siebel Systems, Sorrento Networks, Southwest Airlines, Sprint PCS Group, Stoneridge, Sun International Hotels, Sun Microsystems, Symbol Technologies, TheStreet.Com, Tyco International, Veritas Software, Viisage Technology, Vitro SA, Worldcom Group, Worldcom MCI Group, and Yahoo!

MAIN REASONS FOR ACTIVITY

• WEEKEND NEWS: Populist Venezuelan President Hugo Chavez returned to power on Sunday amid fanfare - expect oil prices to gain on Monday.

• US Producer Price Index (PPI), a good measure of producer inflation, rose a surprising 1.0% in March. The Core PPI rose 0.1%.

• US Retail Sales rose a mild 0.2% in March. Excluding auto sales, retail sales rose a stronger 0.4%. 

• The University of Michigan Consumer Sentiment Survey declined to 94.4 in April, due to rising oil prices on the Middle East conflict. Visit our Federal Reserve Monetary Policy Analysis page to read more, also visit our expanded message boards to discuss this topic or any other business topic by clicking here.

• Mercury Interactive gained 24.66% after reporting fiscal Q1 earnings that beat Wall Street estimates, and reiterated its full year outlook.

• Concord Communications gained 18.98% after reporting fiscal Q1 earnings that beat Wall Street estimates by 2 cents a share, as revenue rose 19% to $24.2 million. Concord Communications raised its fiscal Q2 and Q3 outlooks.

• IPOs Today: Jetblue Airways gained 66.67% above its offering price. Ribapharm, a spinoff from ICN Pharmaceuticals, closed 8% above its offering price.

• Fargo Electronics gained 16.67% after Raymond James upgraded it to a "strong buy" recommendation.

• Worldcom Group gained 5.03% on Friday despite Standard & Poor's announcement that it might cut its debt rating on the company due to its eroding long distance market share, and its troubling $30 billion debt. Telecommunications stocks were generally strong on Friday.

• Financial news portal TheStreet.Com gained 4.46% on Friday after reporting fiscal Q1 losses that narrowed late Thursday, and increased expense reduction. The news caused Internet related stocks to close quite strong on Friday.

• Visit our Up to the minute market charts covering commodities, derivatives, foreign exchange, futures, interest rates, and global stock markets for the closing numbers worldwide.

• Cree gained 7.67% after reporting fiscal Q3 earnings that net Wall Street estimates.

• removable data storage company Imation gained 11.90% after announcing that its fiscal Q1 results will be "substantially higher" than estimated.

• Biometric identification company Viisage Technology gained 14.81% after wining a $7.5 million contract with the Connecticut Department of Motor Vehicles (DMV) to develop a digital Drivers License system.

• Introgen Therapeutics gained 10.72% after announcing that its INGN 241™ gene therapy product showed promise in pre-clinical trials studies.

• Acclaim Entertainment gained 7.48% after reporting fiscal Q2 earnings that met Wall Street estimates, and reiterated its fiscal Q3 and Q4 outlooks. Acclaim also raised its fiscal 2002 revenue outlook.

• Enron Drama: Arthur Andersen announced April 8th that it is cutting 7,000 jobs. ON Tuesday April 9th, former Andersen auditor David Duncan agreed to plead guilty to obstruction of Justice charge, and will become an important witness for the US Department of Justice.

• ANOTHER ADDITION: We now have services for Australia, Canada, South Africa, UK & Ireland, and United States. We will continue our qualitative, informative, and useful content policies at all our portals. Thank you for your support.

• JOIN THE DISCUSSIONS: Due to the immense popularity this column has received recently, and the willingness of our guests to communicate with each other, we have expanded our message boards so as to serve you better. Please check out (and post on) our NEW expanded message boards here

PICKS FOR THE NEXT MARKET DAY

REASONS BEHIND THE PICKS

STOCKS TO WATCH NEXT MARKET DAY: Internet and technology shares. Check out our Quarterly forecasts for other picks.

Visit our Monthly Stock Picks and Guidance page to read our portfolio picks/recommendations.

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MARKET SUMMARY FOR THURSDAY APRIL 11TH. 2002

DOW INDUSTRIAL: 10176.08 = -205.65

NASDAQ: 1725.24 = -41.83

S & P 500: 1103.50 = -26.97

MOST ACTIVE STOCKS & SECTORS

The markets closed lower on earnings concerns and IBM. The NASDAQ, which slumped all day, had a heavy trading volume of over 1.705 billion, while the NYSE had a volume of over 1.499 billion shares traded. Gainers included: American Pacific Bank, Ask Jeeves, Avant Immunotherapeutics, Bancorp Connecticut, BE Aerospace, Big Dog Holdings, Broadcom, Brocade Communications, CanTV, Cepheid, Classic Bancshares, Coldwater Creek, Compaq, Fila Holdings SpA, Gymboree, Herbalife International, Hewlett Packard, ICIC Bank Ltd, Ispat International, Joann Stores, KMG Chemicals, Marinemax, McAfee.Com, McCormick & Company, National Golf Properties, Network Associates, Officemax, On Command, Point.360, Primedia, Rocky Shoes, Shopko Stores, Toys'r'Us, Turkcell, and Zoltek.

MAIN REASONS FOR ACTIVITY

• US Chain Store sales rose 6.4% in March.

• US Jobless Claims for weekending April 6th. declined 55,000 to 438,000. The 4-week moving average rose 9750 to 433,750.

• US Import Prices, excluding Crude oil imports, was unchanged. US Export Prices, excluding Agricultural products, rose 0.2%. Visit our Federal Reserve Monetary Policy Analysis page to read more, also visit our expanded message boards to discuss this topic or any other business topic by clicking here.

• Siebel Systems lost 6.96% after Merrill Lynch cut its price target on the stock.

• Yahoo! lost 16.21% after Merrill Lynch downgraded it to "neutral" and most analysts were cool about its earnings report late yesterday.

• IBM lost 5.42% and took the Dow lower after the SEC announced a probe against it.

• GE lost after reporting fiscal Q1 earnings that met estimates, but revenue missed at $30.5 billion.

• Retailers like Pier 1 Imports and AnnTaylor Stores closed lower despite raising their earnings outlooks.

• Cepheid gained 12.46% after receiving 2 US patents for its I-Core™ DNA Detection and Sample Preparation Technology.

• Herbalife International gained 32.29% to close at $19.05/share after a 2 company consortium offered $19.50/share to take it private.

• Visit our Up to the minute market charts covering commodities, derivatives, foreign exchange, futures, interest rates, and global stock markets for the closing numbers worldwide.

• Network Associates gained 2.30% after reporting fiscal Q1 earnings that beat Wall Street estimates, and intends to complete the acquisition of the remaining stakes in McAfee.Com. McAfee.Com gained 3.26%.

• Bancorp Connecticut gained 22.10% after Banknorth Group agreed to pay $157 million to acquire it.

• Gymboree gained 14.11% after reporting that its March same-store sales rose 12%. Gymboree also raised its fiscal Q1 outlook.

• AFTER CLOSE: IBM is gaining in after hours trading after the SEC announced that it took no action in its probe of the company.

• AFTER CLOSE: DoubleClick is gaining in after hours trading after reporting fiscal Q1 loss of 4 cents a share, in line with First Call estimates, and half the year before losses.

• AFTER CLOSE: Juniper Networks is gaining in after hours trading after reporting fiscal Q1 loss of 14 cents a share on revenue of $122.2 million.

• AFTER CLOSE: Elantec is unchanged in after hours trading after reporting fiscal Q2 net income of 4 cents a share on revenue of $25.4 million.

• Enron Drama: Arthur Andersen announced April 8th that it is cutting 7,000 jobs. ON Tuesday April 9th, former Andersen auditor David Duncan agreed to plead guilty to obstruction of Justice charge, and will become an important witness for the US Department of Justice.

• ANOTHER ADDITION: We now have services for Australia, Canada, South Africa, UK & Ireland, and United States. We will continue our qualitative, informative, and useful content policies at all our portals. Thank you for your support.

• JOIN THE DISCUSSIONS: Due to the immense popularity this column has received recently, and the willingness of our guests to communicate with each other, we have expanded our message boards so as to serve you better. Please check out (and post on) our NEW expanded message boards here

PICKS FOR THE NEXT MARKET DAY

REASONS BEHIND THE PICKS

STOCKS TO WATCH NEXT MARKET DAY: Internet and technology shares. Check out our Quarterly forecasts for other picks.

Visit our Monthly Stock Picks and Guidance page to read our portfolio picks/recommendations.

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MARKET SUMMARY FOR WEDNESDAY APRIL 10TH. 2002

DOW INDUSTRIAL: 10381.73 = +173.06

NASDAQ: 1767.07 = +24.50

S & P 500: 1130.28 = +12.48

MOST ACTIVE STOCKS & SECTORS

The markets rallied today. The NASDAQ, which rallied after 1 PM, had a very heavy trading volume of over 1.965 billion, while the NYSE had a volume of over 1.431 billion shares traded. Gainers included: Akamai Technologies, Anglogold Ltd, Ashanti Goldfields Ltd, Ashbury Automotive, Ask Jeeves, Aspect Medical Systems, Barrick Gold, BE Aerospace, Broadcom, Checkpoint, Cincinnati Financial Corp, Cisco Systems, Compaq, Computer Associates, Cooper Rubber & Tire, Crompton Corp, CTS Corp, Dell, Durban Roodepoort Deep Gold Mining, Ericsson, ExxonMobil, Fastenal, GE, Genentech, Gold Fields Ltd, Handleman Company, Harmony Gold, Hecla Mining, Hewlett Packard, IBM, IDEC Pharmaceuticals, Intergraph, Ista Pharmaceuticals, KLA Tencor, MarketWatch.Com, Marinemax, Microsoft, Miltope Group, Newmont Mining, Nextel Communications, Nokia, Odyssey Healthcare, Pfizer, Placer Dome, Polaris Industries, Rambus, Rubio's Restaurants, Schering-Plough, Sears Roebuck & Co, Sonus Networks, Stoneridge, TheStreet.Com, Tommy Hilfiger Group, Tyco International, US Bancorp, Wal-Mart, and Zoltek.

MAIN REASONS FOR ACTIVITY

• The Energy Information Administration (EIA) reported that for weekending April 5th, US crude oil inventory declined 100,000 barrels, while Distillates rose 1.5 million barrels.

• The Mortgage Bankers Association (MBA) reported that its MBA Mortgages Application Survey for week ending April 5th. declined 4.8% to 462.0. The Purchase Index declined to 332.8. The Refinance Index declined to 1213.5. The 30-year Fixed Rate Mortgages declined to 6.96%. Visit our Federal Reserve Monetary Policy Analysis page to read more, also visit our expanded message boards to discuss this topic or any other business topic by clicking here.

• Nortel Networks lost 3.85% and took telecommunications equipment makers lower after issuing a warning.

• IDEC Pharmaceuticals gained after raising its fiscal Q1 late yesterday.

• Research in Motion lost 13.20% today after its late yesterday earnings report failed to impress Wall Street.

• AOL Time Warner lost 5.26% after Merrill Lynch analyst Jessica Reif Cohen expressed concerns that the management changes at the company's online unit might mean conditions at the unit are weaker than previously thought.

• Financial Portal TheStreet.Com gained 21.99% on the eve of its earnings report tomorrow. Rival MarketWatch.Com also gained on the news.

• Gold stocks were hot today after Anglogold announced that it is aggressively cutting down its hedge. In a separate development, Goldman Sachs raised its 2002 gold bullion prices.

• Zoltek gained 44.45% after introducing a new fiber clothing line.

• Sonus Networks gained 4.63% after reporting stellar earnings late yesterday.

• Genentech gained 5.04% after announcing late yesterday some stellar results.

• Sears Roebuck & Company gained 5.82% after raising its fiscal Q1 earnings outlook.

• BE Aerospace gained 20.86% after reporting fiscal Q4 losses that were in line with Wall Street estimates. BE Aerospace however, raised its fiscal 2002 outlook.

• Siebel Systems lost 7.69% after Bloomberg™ reported that the founder of the company and its Chairman, Thomas Siebel, stated that Q1 was the worst quarter for the company.

• Qwest Communications International lost 10.70% after announcing late yesterday that it may have to restate previous quarters.

• Visit our Up to the minute market charts covering commodities, derivatives, foreign exchange, futures, interest rates, and global stock markets for the closing numbers worldwide.

• Ashbury Automotive gained 16.88% after raising its fiscal Q1 earnings outlook.

• Akamai Technologies gained 10.61% after announcing that it will partner with Microsoft to make its EdgeSuite™ e-commerce software available for Microsoft's .NET customers. Microsoft closed higher.

• Marinemax gained 6.06% after raising its fiscal Q2 outlook.

• AFTER CLOSE: Rambus is still gaining in after hours trading after reporting fiscal Q2 net income of 7 cents a share, 1 cent a share less than First Call estimates, while revenue was short at $31.2 million.

• AFTER CLOSE: Yahoo! is still losing in after hours trading despite reporting fiscal Q1 loss of 9 cents a share, in line with First Call estimates, on revenue that beat at $193 million. Yahoo! raised its 2002 outlook. Yahoo!'s results reflect those of HotJobs.Com too.

• AFTER CLOSE: Cognos is still losing in after hours trading after reporting fiscal Q4 earnings that beat Wall Street estimates on revenue of $142.8 million.

• AFTER CLOSE: Redback Networks is gaining in after hours trading after reporting fiscal Q1 losses that were in line with First Call estimates on revenue of $40.6 million.

• AFTER CLOSE: E*Trade Group is unchanged after reporting that it is paying $100 million to acquire privately held rival, TradeScape, which sees about 100,000 active trades a day. E*Trade Group also announced it is paying $5 million to acquire an online trading technology from A.B. Watley.

• Enron Drama: Arthur Andersen announced April 8th that it is cutting 7,000 jobs. ON Tuesday April 9th, former Andersen auditor David Duncan agreed to plead guilty to obstruction of Justice charge, and will become an important witness for the US Department of Justice.

• ANOTHER ADDITION: We now have services for Australia, Canada, South Africa, UK & Ireland, and United States. We will continue our qualitative, informative, and useful content policies at all our portals. Thank you for your support.

• JOIN THE DISCUSSIONS: Due to the immense popularity this column has received recently, and the willingness of our guests to communicate with each other, we have expanded our message boards so as to serve you better. Please check out (and post on) our NEW expanded message boards here

PICKS FOR THE NEXT MARKET DAY

REASONS BEHIND THE PICKS

STOCKS TO WATCH NEXT MARKET DAY: Internet and technology shares. Check out our Quarterly forecasts for other picks.

Visit our Monthly Stock Picks and Guidance page to read our portfolio picks/recommendations.

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MARKET SUMMARY FOR TUESDAY APRIL 9TH. 2002

DOW INDUSTRIAL: 10208.67 = -40.41

NASDAQ: 1742.57 = -43.30

S & P 500: 1117.62 = -7.49

MOST ACTIVE STOCKS & SECTORS

The markets closed lower on earnings concerns. The NASDAQ, which slumped all day, had a heavy trading volume of over 1.662 billion, while the NYSE had a volume of over 1.206 billion shares traded. Gainers included: Ariad Pharmaceuticals, Aurora Foods, AVI Biopharmaceuticals, Blockbuster, Click2Learn, Citigroup, Comcast, Crown Cork & Seal, Electronic Data Systems (EDS), Foster Wheeler, Genesis Health Ventures, Geron, Giant Industries, Hewlett Packard, Hollis-Eden Pharmaceuticals, IBM, International Multifoods, Isle of Capri Casinos, JDA Software, Kenneth Cole Productions, Marinemax, Nortel Networks, Novel Denim Holdings, OSI Systems, Overture Services, Palm, Pfizer, Quicksilver, QXL Ricardo Plc, Rite Aid Corp, Sharper Image, Spiegel, Startech Environmental, Tyler Technology, UICI Corp, Wal-Mart, Wendy's International, and Wink Communications.

MAIN REASONS FOR ACTIVITY

• Richmond Fed Manufacturing Survey improved to 20.0 in March -  the Third straight monthly rise.

• Bank of Tokyo-Mitsubishi chain Store Sales Index for the weekending April 6th. rose 0.3%. Visit our Federal Reserve Monetary Policy Analysis page to read more, also visit our expanded message boards to discuss this topic or any other business topic by clicking here.

• Cisco Systems lost and took the tech sector lower after RBC Capital Markets lowered the router giant's fiscal Q3 outlook. Rumors were also spreading that Cisco might issue an earnings warning.

• Wendy's International gained today after CS First Boston, Goldman Sachs, and Lehman Brothers upgraded it after Wendy's announced late Monday that its 2002 results will beat estimates.

• Yahoo! lost 2.02% and took Internet shares lower on the eve of its earnings report.

• Crude Oil prices and related stocks closed lower as Israel begin its withdraw from its offensive positions against the Palestinians.

• Wal-Mart gained after Salomon Smith Barney initiated coverage with a "buy" recommendation. Salomon Smith Barney also expects the retail giant to see 13% annual profit growth for the next 3 to 5 years.

• Ariad Pharmaceuticals gained 17.22% after reporting that its orally active Cancer test drug has shrunk tumors in animal subjects.

• IBM gained today after taking a hit yesterday for warning about fiscal Q1 results.

• JDA Software gained 12.17% today after raising its fiscal Q1 outlook late Monday.

• OSI Systems gained 11.19% after announcing that its fiscal Q1 results will beat Wall Street estimates.

• Visit our Up to the minute market charts covering commodities, derivatives, foreign exchange, futures, interest rates, and global stock markets for the closing numbers worldwide.

• Sharper Image gained 13.09% after announcing that its fiscal Q1 losses will be lower than estimates, due to an 18% increase in same-store sales in March, while total sales for the quarter rose 30% to $30 million.

• AFTER CLOSE: Research in Motion is still losing in after hours trading after reporting fiscal Q4 loss that was 1 cent a share less than First Call estimates, while revenue met estimates. Research in Motion, which added 32,000 new users to its Blackberry™ messaging system, warned of lower sales and higher costs in 2003.

• AFTER CLOSE: Sonus Networks is gaining in after hours trading after reporting fiscal Q1 pro forma loss that was 1 cent a share less than First Call estimates, on revenue of $21.2 million.

• AFTER CLOSE: Genentech is still losing in after hours trading after reporting fiscal Q1 profits that rose 29% and met, due mostly to its anti-cancer drugs.

• AFTER CLOSE: IDEC Pharmaceuticals is still losing in after hours trading after announcing that its fiscal Q1 results will beat estimates by 1 cent a share.

• Enron Drama: Arthur Andersen announced April 8th that it is cutting 7,000 jobs. ON Tuesday April 9th, former Andersen auditor David Duncan agreed to plead guilty to obstruction of Justice charge, and will become an important witness for the US Department of Justice.

• ANOTHER ADDITION: We now have services for Australia, Canada, South Africa, UK & Ireland, and United States. We will continue our qualitative, informative, and useful content policies at all our portals. Thank you for your support.

• JOIN THE DISCUSSIONS: Due to the immense popularity this column has received recently, and the willingness of our guests to communicate with each other, we have expanded our message boards so as to serve you better. Please check out (and post on) our NEW expanded message boards here

PICKS FOR THE NEXT MARKET DAY

REASONS BEHIND THE PICKS