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by 9/25/2000 3:42 PM
Stocks quoted in this article:
The National Association of Realtors (NAR) announced today that existing home sales rose 9.3 percent in August to an annualized rate of 5.27 million. This number was higher than expected and more than made up for an especially weak July. Analysts had expected an increase of only 4.4 percent.

The increase in existing home sales is attributed to lower interest rates during August. During August, the rate on a conventional 30-year fixed-rate mortgage fell below eight percent for the first time since December.

The NAR also announced that the current stock of existing homes for sale fell to a 3.7-month supply from a revised 4.3 months in July.

The surprising strength in existing home sales is not expected to sway Fed watchers, who believe that the Federal Reserve will not raise interest rates the rest of the year.<
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by 9/25/2000 12:14 PM
Stocks quoted in this article:
On Friday, Sprint PCS Group (PCS 31-3/4) dipped to its worst intraday mark since mid-August 1999, as the shares declined by over six percent. The stock has stepped back by 57 percent from its near-term intraday high on July 17 through Friday's close under the pressure of its descending 10-day and 20-day moving averages.

Today, though, the security is in the black by more than three points, or greater than 13 percent, after it was raised to a "buy" from "neutral" status this morning by an analyst at Lehman Brothers Holdings. Despite this climb, PCS remains beneath all of its significant intermediate-term and long-term trendlines.

Schaeffer's put/call open interest ratio (SOIR) on this laggard has dropped from a 1.46 reading on Thursday to the current mark of 0.64. This indicates that investors are starting to show more optimism toward PCS, which could serve as a bearish omen if the equity is not able to carry over today's upward momentum. For more details about SOIR, please visit Schaeffer's Daily Sentiment.


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by 9/25/2000 12:13 PM
Stocks quoted in this article:
Anchor Gaming (SLOT 75-3/16) is a maker of slot machines and lottery equipment. The company announced this morning that it will split its shares two for one, and it will purchase 4.6 million shares owned by Chairman Stanley Fulton and members of his family for $66.60 per share.

The stock is up more than five points, or over seven percent, in response to this news. This upswing has carried SLOT back above both its 10-day and 20-day moving averages and placed it within a chip shot of its annual high of 77-1/4 from September 7. Since its mid-March low, the security has added 142 percent to its value, using cohesive support from its uptrending 10-week moving average.

According to information from Zacks Online, there are only four analysts currently covering the equity. Any new positive coverage could give SLOT an extra boost over the short term.

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by 9/25/2000 11:23 AM
Stocks quoted in this article:
DoubleClick (DCLK 37-15/16) provides Internet advertising services to over 1,500 websites. DCLK has been mired in a sideways trend since early June, vacillating between the 30 and 46 levels. From a longer-term perspective, the equity has been trading below its descending 20-week moving average for just over six months. This trendline is now perched directly overhead in the 39 region.

This morning before the open, DCLK announced plans to purchase @plan.inc (APLN 8-3/4), an online marketing firm, for $120 million in cash and stock. The offer represents a 28-percent premium over APLN's closing price on Friday. APLN is trading more than 20 percent higher this morning, while DCLK is showing marginal gains.
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by 9/25/2000 11:23 AM
Stocks quoted in this article:
Sears, Roebuck and Co. (S 34.24) is one of the largest retailers in the United States. The company is one of the oldest American firms, having opened its doors as a mail-order operation in 1893. Today, the stock and 56 other equities joined the ranks of New York Stock Exchange stocks trading in dollars and cents, rather than fractions.

Additionally, S is in the news after company officials decided to eliminate the office of the chief executive. As such, the current Chief Operating Officer is leaving the firm on October 1 to pursue other career possibilities. S is trading modestly lower in mid-morning activity today. <
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