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by 6/30/2000 12:59 PM
Stocks quoted in this article:
Argosy Gaming (AGY - 14-1/2) owns five riverboat casinos on the Ohio, Mississippi, and Missouri Rivers. This morning, the company announced that its second-quarter earnings figures would weigh in between 37 and 40 cents per share, a good bit below analysts' 45-cent consensus estimate. The stock quickly saw its rating reduced from "strong buy" to "buy" at a Wall Street brokerage firm. The shares were halted for more than a half-hour following the opening bell, but opened shortly after 10:00 a.m., gapping 3-9/16, or 20 percent, lower on very heavy volume. The stock is not showing any real signs of recovery, as it is in the red by 18 percent in early afternoon activity. This news has brought the shares below their significant short-term and intermediate-term moving averages, although they remain a hair above potential support at their 10-month trendline.
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by 6/30/2000 12:12 PM
Stocks quoted in this article:
On Thursday, Research In Motion (RIMM - 43-3/8) fell by more than nine percent after two brokerage firms lowered their ratings on the communications software name after the company said that it wouldn't make a profit. After yesterday's close, RIMM reported first-quarter earnings that met Street expectations at breakeven. This morning, two different brokerage houses started the stock at a "market outperform" and a "buy," and an analyst reiterated the equity's "strong buy" status. In response to today's developments, the shares have surged ahead by over 11 percent to climb back higher than their 10-week moving average, which they have closed the last three weeks above. In RIMM's options pit today, traders apparently believe that the equity has more downside potential, as 1,177 contracts have traded on the out-of-the-money July 35 put. This strike has open interest of 489 contracts, so some of this afternoon's volume should translate into new positions.<
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by 6/30/2000 9:53 AM
Stocks quoted in this article:
AT&T (T - 31-7/8) said that it would consider other tracking stocks to try to boost Ma Bell's share price. Barring a change of heart, this would seem to be tough sell with its most recent offering, AT&T Wireless (AWE - 25-5/8), down about 20 percent from the closing price on its first day of trading. Yesterday, T made a new two-year low, taking out the 32-1/4 mark in intraday action. The current Schaeffer's put/call open interest ratio (SOIR) on T is showing a surprising degree of optimism and is lower than all but seven percent of the readings taken in the last year. Check out Schaeffer's Daily Sentiment to learn more about SOIR.<
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by 6/30/2000 9:51 AM
Stocks quoted in this article:
The Commerce Department released the May personal income and spending results this morning. Personal income and consumer spending posted modest gains of 0.4 percent and 0.2 percent, respectively. Analysts' expectations called for 0.2-percent increases in both measures. Personal savings, however, rose from 0.4 percent in April to 0.6 percent in May. In addition, the implicit price deflator, which is one of the Federal Reserve's favorite measures of inflation, remained unchanged for the second consecutive month. Today's results continue to bolster the argument that the Federal Reserve's interest-rate increases are beginning to have their desired effect of slowing the economy.
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by 6/30/2000 8:56 AM
Stocks quoted in this article:
The late-session weakness in the U.S. equities yesterday has not hurt global markets. Fourteen of 18 world markets are higher thus far. On average, overseas markets rose 0.96 percent. The top four major markets and their respective returns are: Finland (HEXND - 15097), up 5.69 percent; Sweden (AFFND - 5721), up 2.03 percent; Denmark (CSIND - 286.99), up 1.64 percent; and Australia (SYIND - 3258), up 1.62 percent. The bottom four major markets and their respective returns are: Hong Kong (HKIND - 16156), down 0.80 percent; Singapore (SIIND - 2038), down 0.57 percent; Japan (NIKKEI - 17411.1), down 0.37 percent; and Japan (TOPIX - 1591.6), down 0.19 percent.
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