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by 9/12/2000 12:51 PM
Stocks quoted in this article:
The PHLX Internet Index (DOT 815.3) is one of the top-performing indices in early afternoon trading, shooting up by over 17 points, or more than two percent. The index is bouncing higher today after a successful test of its ascending 20-day moving average on Monday. This advance has the DOT poised to snap its four-session losing streak.

The leading DOT performer this afternoon has been DoubleClick (DCLK 37-1/8), which is up 9.8 percent on news that its "strong buy" status was reiterated by a brokerage firm.

Other stocks leading the index upward today include (PCLN 28-3/8), up 6.8 percent; Network Associates (NETA 23-1/2), up 6.2 percent; Juniper Networks (JNPR 194-3/16), up six percent; and Check Point Software Technologies (CHKP 145-15/16), up 5.6 percent.


by 9/12/2000 12:48 PM
Stocks quoted in this article:
PRI Automation (PRIA 25-7/16) has plunged more than 17 points, or over 40 percent, after the company warned investors that manufacturing, capacity, and supply-chain problems would cause fourth-quarter earnings to fall short of Street estimates. This development has led to numerous analyst downgrades throughout the morning.

On above-average volume, the stock has retreated to its worst intraday mark since late May 1999. The shares are also beneath their 20-month moving average, which they haven't finished a month below since April 1999.

In PRIA's options pit this afternoon, the November 20 put is leading the way on volume of 520 contracts. This out-of-the-money option has no open interest, so all of today's activity should translate into new positions.


by 9/12/2000 11:05 AM
Stocks quoted in this article:
Alza (AZA 76-11/16) designs devices that control the distribution of pharmaceuticals. These devices include skin patches, electric devices, and others. This year, the shares have more than doubled in value, rising from a December 17 low of 29-5/8 to current levels above the 75 mark.

This monster rally has caused AZA officials to declare a two-for-one stock split. The split will be paid on or near November 15 to shareholders of record by November 1. AZA is up fractionally today after retesting support at its ascending 10-day moving average. The equity has not traded below this short-term trendline since August 16.

by 9/12/2000 10:49 AM
Stocks quoted in this article:
Covad Communications (COVD 19-1/4) closed almost 11 percent higher on Monday. The stock got a boost from news that SBC Communications (SBC 45-1/2) will take a six-percent stake in the company. As part of the deal, COVD will become a digital-subscriber-line provider for SBC. In early trading today, COVD is giving back some of yesterday's gains, as it is currently down by more than five percent.

Yesterday's news sparked some option activity on COVD. Open interest on the September 20 call rose by 1,273 contracts, while the December 30 call saw a 2,651-contract increase to open interest. Today's option action is moderate in comparison.

by 9/12/2000 10:48 AM
Stocks quoted in this article:
E-commerce leader (AMZN 43-3/16) was handed some mediocre news today when an analyst at Merrill Lynch (MER 70-9/16) widened his expectations for the company's future losses. The analyst raised his per-share-loss expectation for AMZN's third quarter by two cents, expecting a 32-cent loss for each share. Additionally, he decreased his expectations for 2001, expecting the company to now lose 63 cents, as opposed to his previous estimate for a 53-cent loss.

These estimate shifts notwithstanding, the MER analyst maintained his long-term "buy" rating on the equity, stating that the company is just enduring an "awkward" period at present. Not to be outdone, brokerage firm Bear Stearns (BSC 70-7/16) initiated coverage on AMZN today with an "attractive" rating.

AMZN, which has climbed over 50 percent higher since the end of July, is trading over two percent higher in mid-morning activity.

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