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by 1/3/2001 10:44 AM
Stocks quoted in this article:
Monthly construction spending figures released this morning show a 0.6 percent decrease for November. This was the largest decline since July and a softer number than expected. October's figure was also revised from a previously reported 0.9 percent increase to a 0.8 percent increase.

The decline was largely due to less spending on government projects because spending on new single family residences actually increased slightly. <
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by 1/3/2001 9:36 AM
Stocks quoted in this article:
The GSTI Software Index (GSO - 245.38) took it on the chin yesterday, amid the carnage in the tech market. The GSO declined nearly thirteen percent en route to its lowest level since August 1999. Big-cap software names accounted for the brunt of the decline. Oracle (ORCL - 26-3/8) was down over nine percent. Adobe Systems (ADBE - 46-47/64) and EMC Corp. (EMC - 54-5/16) were down 20 percent and 18 percent respectively. On the brighter side, after losing 63-percent of its value during 2000, Microsoft (MSFT - 43-3/8) finished the first trading day of 2001 unchanged.
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by 1/3/2001 9:34 AM
Stocks quoted in this article:
Southwest Airlines (LUV - 33.46) will be a stock to watch in this morning's trading. A major brokerage house cut their near-term rating on the stock to "accumulate" from "buy". LUV was an outstanding performer in the year 2000, adding over 100-percent to its value. Over the past five months, the shares have been technically strong, using their 10-week and 20-week moving averages for support.<
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by 1/3/2001 9:34 AM
Stocks quoted in this article:
PeopleSoft shares (PSFT - 32-3/4) were unable to dodge the selling pressure on Wall Street yesterday. The stock finished the session down 4-7/16, or nearly twelve percent. The decline takes PSFT down to the 32-33 level, which has provided technical support for the shares on several occasions over the past month and a half.

In yesterday's trading, a pair of PSFT puts was active. The January 35 put traded over 4,300 contracts, resulting in an increase to open interest of about 3,700 contracts. The January 40 put traded over 2,500 contracts, which resulted in a decrease to open interest of about 1,900 contracts.
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by 1/3/2001 9:26 AM
Stocks quoted in this article:
There is both good and bad news out this morning on Intel (INTC – 31-1/16). The company is unveiling a new Celeron processor and chipset made for value-priced personal computers. This announcement comes back-to-back with yesterday's announcement of a new personal digital audio player.

On the other side of the coin, Lehman Brothers has chopped their 12-month price target for INTC from $55 to $40 per share, while also reducing 2001 earnings expectations by a dime. Unfortunately, the bad news seems to be taking precedence in investors' thoughts, as the initial reaction is a drop in share price of over one dollar per share in pre-market trading this morning.
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