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by 3/6/2001 9:49 AM
Stocks quoted in this article:
Citigroup (C 49.40) announced plans to cut $2 billion over the next year in an attempt to stay ahead of grim market conditions. The company plans to cut $400 million from their global corporate and investment bank and their global consumer business. An additional $100 million will be trimmed from their global money-management unit. Reassured by the news, the stock has gapped higher in trading this morning, surging back above its 10-day moving average. The shares have not enjoyed a close above this trendline since February 12.<
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by 3/6/2001 9:23 AM
Stocks quoted in this article:
In a refreshingly positive conference call, Veritas Software's (VRTS 59-13/16) CEO and CFO reiterated their previous forecast of 20-cent-per-share earnings for this quarter and an annual revenue growth rate of 45-50 percent, bringing yearly profit to about 89 cents per share.

The data software and storage vendor says the slowing economy has not affected them, unlike other software providers who have recently warned of slowing sales.

VRTS shares are celebrating the news wholeheartedly, by trading up almost five dollars in pre-market activity this morning.<
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by 3/6/2001 9:14 AM
Stocks quoted in this article:
TriQuint Semiconductor (TQNT - 19) warned last night that the company will miss first-quarter profit estimates of 23 cents per share, possibly by nine cents. The senior management has not even gotten their hair back in (after shaving their heads as part of a bet when they met record revenues at the end of last quarter) and conditions have already changed for the worse. Orders are being delayed from their telecommunications customers causing TQNT earnings to fall to about 14 cents per share for this quarter.

The good news is that when shares resumed trading after the conference call around five o'clock p.m. yesterday, they did not fall in price. So far this morning, in pre-market activity TQNT is trading up about one point. This could mean that the bad news was already factored into the price.<
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by 3/6/2001 8:53 AM
Stocks quoted in this article:
The AMEX Tobacco Index (TOB - 381.06) edged higher to close at another all-time high on Monday. The group has now added over 155 percent from its March 2000 low. The trend has picked up steam over the past five months. The index has not made two consecutive daily closes below its 20-day moving average since mid-October.

The near-term prospects of the index will be greatly affected by the fortunes of Phillip Morris (MO - 49.33). A steady performer in 2001, the stock is now grappling with resistance in the form of over 23,000 contracts of call open interest overhead at the March 50 strike.<
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by 3/6/2001 8:51 AM
Stocks quoted in this article:
Cree Inc. (CREE - 23-5/16) was among a number of semiconductor names that received a downgrade from a major brokerage house yesterday. However, like the broader chip sector, CREE shook off the news and managed a fractional gain. Despite the recovery, the stock was not able to close the session above its 10-day moving average. The stock has only made one daily close above this trendline since February 1.

The CREE June 17-1/2 put saw some block activity yesterday. A 1,000-contract block and a 1,500-contract block accounted for the large majority of the volume on this option yesterday. Open interest on the option increased by 2,500 contracts.
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