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by 12/15/2000 2:00 PM
Stocks quoted in this article:
The bears are out in force today, attacking the market-leading names that had been holding up on a relative basis. The weapons of choice are rumors and downgrades. Here are some examples:

Sun Microsystems (SUNW – 28-1/2) made a new 52-week low today at 27-1/2 on persistent rumors of accounting problems. The stock is trading down 9.86 percent today.

International Business Machines (IBM – 88) was the lone box maker left standing until it got downgraded today. IBM is now testing the lows made October 25th, currently trading at 88, down 4.73 percent.

EMC Corp. (EMC – 66-3/8) also fell victim to an analyst downgrade today. The stock is getting beaten up on the news. EMC is now down 10.89 percent, a chip shot from making a new 52-week low. <
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by 12/15/2000 9:54 AM
Stocks quoted in this article:
This morning, the Federal Reserve released the November U.S. Industrial production numbers, which unexpectedly declined for the second straight month. The overall decline came in at a rate of 0.2-percent, compared to analysts' estimates of a 0.1-percent rise. The weakness was attributed to lower-than-expected figures from the auto-manufacturing sector.
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by 12/15/2000 9:17 AM
Stocks quoted in this article:
The S&P Retail Index (RLX - 817.0) continues to hang tough despite being hit with negative fundamental news on a daily basis. While the list of retailers experiencing disappointing sales continues to grow, the RLX has pulled back to find support in the form of its 20-day moving average. In addition, the RLX continues to remain north of the round-number 800 mark. The 800 level has been a key region of support on a number of occasions over the past two years. <
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by 12/15/2000 9:16 AM
Stocks quoted in this article:
Software maker Red Hat (RHAT - 8-11/16) reported better-than-expected earnings yesterday, after the closing bell. The company posted a loss of one penny per share, which exceeded the Street's expectation of a two-cent per share loss. Although the stock is about 95 percent off its high, from a short-term technical perspective the stock was able to clear its 10-day and 20-day moving averages earlier this week. In pre-market action, RHAT is trading fractionally lower than yesterday's close. <
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by 12/15/2000 9:15 AM
Stocks quoted in this article:
Emerson Electric (EMR - 72) commented yesterday, in an effort to reassure investors that it is comfortable with the current Street consensus for first-quarter earnings. The company reaffirmed the 83-cents per share estimate and remains optimistic about fiscal year 2001. The shares had recently overcome strong resistance in the 75 range to reach a new high of 79-3/4. Yesterday, however, they fell over four percent to close beneath their 20-day moving average.

With the December options contract expiring today, it will be interesting to watch as shares approach the 70 mark. Although options are not hugely traded on EMR, traders have concentrated their bets on puts and calls at the 70 strike. Currently, there are 1,205 open December 70 calls and 1,307 open December 70 puts. <
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