dcsimg
RealTime IT News

Stocks Begin Week On A Mixed Note

Stocks were mixed in quiet trading on Monday, a welcome relief after seven weeks of steep losses and volatile trading.

The ISDEX slipped 1 to 669, and the Nasdaq declined 14 to 3468. The S&P 500 was off 1 to 1395, but the Dow rose 45 to 10,271 on a merger between Honeywell and GE. Volume declined to 1.03 billion shares on the NYSE and 1.68 billion on the Nasdaq. Decliners led by 15 to 12 on the NYSE, but advancers led 20 to 18 on the Nasdaq. The big economic reports for the week are Thursday's employment cost index and Friday's GDP report. For earnings reports, visit our earnings calendar and reported earnings. For after hours quotes and news, visit our after hours trading site.

FreeMarkets rose more than a point to 51 after hours after beating earnings estimates by 9 cents with a 33-cent loss. The stock rose 2 to 49 1/2 during the day on an expanded alliance with Dow component United Technologies .

Ariba gained 2 to 131 3/4 on news that it will join the Nasdaq 100 on Friday.

Corning , off 4 1/2 to 101 7/16, met estimates at 35 cents a share. The company had pre-announced positive earnings earlier. Corning raised 2001 guidance to $1.40-$1.43, versus current estimates of $1.38.

Cisco slipped 1 1/8 to 56 3/16 on a Barron's article that said the company avoided reporting $18 billion in costs through pooling-of-interest accounting; there is a move on Capitol Hill to end this controversial merger accounting practice. Also, Cisco has been rumored as a possible addition to the Dow when the Honeywell-GE merger goes through.

Amazon.com slipped 1 5/16 to 29 1/2 ahead of its earnings report, which will be announced after the close tomorrow.

Last week's earnings winners continued to gain. Commerce One rose 5 5/8 to 75 5/8, E.piphany climbed 4 7/32 to 94 3/32, Kana added 1 15/16 to 28, and Interwoven bolted 11 3/16 to 131, eclipsing its September 25 closing high of 122 1/16.

Priceline.com added 1/4 to 5 11/16 despite news that Delta Airlines may sell its stake in Priceline and join competitor Hotwire.com.

Ticketmaster Online rose 1 7/8 to 14 1/2 after the company formed a committee to explore alternatives, such as a merger or issuance of additional stock to parent USA Networks.

Stamps.com gained 1/32 to 2 3/4 after announcing it will reduce its workforce by 40%, or 240 positions.

Drugstore.com slipped 7/16 to 2 1/8 despite beating estimates.

Some technical comments on the market: Note: We are now including charts with the technical market commentary; just click on the links in the story below to go to them. If you have trouble accessing the charts via the e-mail newsletter version, try this link: http://www.afterhourstrading.com/column.html

Now that the initial euphoria is wearing off, it's time to look for signs that this rally has staying power. First of all, we are looking for a high-volume follow-through rally (a 1% gain in volume that is higher than the day before) any time between tomorrow and early next week. Second, we want to make sure the rally doesn't begin to form converging boundary lines, indicating a bearish wedge or pennant formation. It's a little early to look for that, but we'll keep our eyes open. And third, we are watching behavior around key levels. For the Nasdaq, that's almost the entire range from about



×
We have made updates to our Privacy Policy to reflect the implementation of the General Data Protection Regulation.