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by 8/17/2000 11:54 AM
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The GSTI Multimedia Networking Index (GIP - 680.2) has stepped up by nearly 14 points, or just over two percent, in late-morning trading. This upswing has the GIP poised to log its highest intraday mark in more than three weeks. The index is obtaining support today from its ascending 10-day moving average as well as its 10-week and 10-month trendlines. The GIP has not closed a month lower than its 10-month moving average since September 1998. Leading the index higher this morning is Oni Systems (ONIS - 111-1/4), which is higher by 16.4 percent on news that it will provide optical networking equipment to Qwest Communications (Q - 48-5/16). Other top GIP performers today have been Efficient Networks (EFNT - 49-1/8), up 8.8 percent; Ciena (CIEN - 173-3/4), up 6.4 percent; Cabletron Systems (CS - -35-1/8), up six percent; and Sycamore Networks (SCMR - 156-3/8), up five percent.<
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by 8/17/2000 11:19 AM
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According to First Call/Thompson Financial, second-quarter earnings for the companies comprising the Standard & Poor's 500 Index (SPX - 1493.67) are running four percent higher than analysts' expectations. Currently, 95 percent of the SPX firms have already reported their earnings. In late-morning trading, the SPX is ahead by more than 13 points, or nearly one percent.<
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by 8/17/2000 10:46 AM
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Corning (GLW - 283-7/8) is the world's top manufacturer of fiber-optic cable technology. The company additionally profits from its telecommunications division. The stock has enjoyed an impressive, steady uptrend over the past 10 months. Since its October lows around the 69 mark, the equity has roughly quadrupled in value. Yesterday, the shares recorded a new all-time high at the 295 level. Wall Street is taking the stock's strength to heart, as brokerage houses have a unanimously positive opinion on the shares. According to the latest data from Zacks Online, all 12 analysts rating GLW have named the stock a "buy" or better. Last night after the close, GLW officials announced plans to split the firm's stock three-for-one. This split will take effect on October 3 for shareholders of record by September 5. The split will raise the number of outstanding GLW shares from 319 million to 957 million. GLW is trading more than 2.5 percent higher in mid-morning activity. <
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by 8/17/2000 10:30 AM
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UAL Corp. (UAL - 48-1/8), parent company of United Airlines, issued its second earnings warning for third-quarter results. In July, the company downwardly revised third-quarter earnings forecasts to between $2.60 and $3.20 per share. Today, UAL said it would likely fall short of that range due to flight cancellations and labor disputes. The stock is down almost three percent in response to this news. Since the company's first profit warning, the equity has lost almost 19 percent of its value and is trending below all its key moving averages. Options players are understandably pessimistic about the security's near-term prospects. Put open interest exceeds call open interest by 25 percent for options expiring within the next three months.
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by 8/17/2000 9:26 AM
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As a follow-up to Wednesday's Market Observation on Ciena (CIEN - 163-1/4), the company reported this morning that its third-quarter earnings came in at 19 cents per share. This figure surpassed Street earnings estimates of 17 cents per share. This positive earnings surprise comes just one session after CIEN announced plans for a two-for-one stock split. In yesterday's trading, the security declined by nearly seven points, or almost four percent. However, despite this retreat, the shares remain higher than all of their significant moving averages. This morning, CIEN appears poised to gap more than two points higher at the opening bell in response to today's earnings report.
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