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by 9/6/2000 9:45 AM
Stocks quoted in this article:
After Tuesday's closing bell, Tech Data (TECD 52-1/8) reported second-quarter earnings of 72 cents per share, topping Street expectations by five cents per share. In anticipation of this positive earnings surprise, the stock recorded an all-time intraday high yesterday before reversing and finishing more than three percent lower. The equity's "buy" status was also reiterated yesterday by a broker.

The shares, though, still remain in the midst of a near-term upswing, as they have advanced nearly 32 percent since their intraday bottom on July 31. During this rally, TECD has been supported by its ascending 10-day moving average. The security gapped fractionally higher this morning, but it is now marginally lower.


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by 9/6/2000 9:44 AM
Stocks quoted in this article:
This morning, H.J. Heinz (HNZ 36-1/4) posted first-quarter earnings of 68 cents per share, which was a penny per share ahead of analysts' projections. According to I/B/E/S International, this marked the company's fifth positive earnings surprise in the previous six quarters.

In spite of this positive fundamental news, the security is still in a near-term slump, as it fell by over one percent in Tuesday's trading and is down more than two percent so far today. Since their July 7 intraday high, the shares have stepped back by 21 percent under the pressure of their downtrending 10-day moving average. HNZ is also trading beneath all of its significant intermediate-term and long-term trendlines.


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by 9/6/2000 9:15 AM
Stocks quoted in this article:
It was announced early this morning that Citigroup (C 57-15/16) will purchase Associates First Capital (AFS 27-13/16) in a deal valued at $31.1 billion. C will issue 0.7334 shares for each AFS share, valuing AFS at about $42.49 per share, almost a 53-percent premium from yesterday's NYSE close.

Option activity was fairly brisk on the AFS September 27-1/2 call yesterday, as 1,447 contracts opened up on this option. This is now the site of peak open interest on the shares with 5,128 open contracts.


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by 9/5/2000 3:01 PM
Stocks quoted in this article:
RF Micro Devices (RFMD 41-9/16) has stepped back by over four percent, or nearly two points, today to dip below its upsloping 10-day moving average. The security has not closed a session lower than this short-term trendline for the last three weeks. This retreat has the shares poised to log their third consecutive losing trading day.

In RFMD's options pit this afternoon, 5,910 contracts have traded on the September 50 put. Open interest on this in-the-money option stands at only 452 contracts, which means that almost all of today's volume should translate into new positions. This is presently among the most-active put contracts on the Pacific Exchange.

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by 9/5/2000 3:00 PM
Stocks quoted in this article:
One of the best-performing indices this afternoon has been the PHLX Utility Index (UTY 343.10), which has risen by over seven points, or more than two percent. This advance has taken the index to levels not seen since mid-June 1999. Since the UTY's near-term intraday bottom on June 30, it has stepped up by 22 percent, obtaining tenacious support from its uptrending 20-day moving average.

Leading the index higher today is Niagara Mohawk (NMK 15-11/16), which has elevated by 13 percent on news that National Grid Group (NGG 40-5/8) will acquire NMK for $19 per share, or about $3 billion. This development has lifted NMK to its highest intraday level since August 1994.

Other top UTY performers include Edison International (EIX 21-1/2), up 4.8 percent; CP&L Energy (CPL 38-13/16), up 3.1 percent; and TXU Corp. (TXU 36-3/8), up three percent.

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