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by 1/2/2001 12:20 PM
Stocks quoted in this article:
Blaming slowed computer sales on their earnings woes, Intel (INTC - 30-7/8) is hoping to mend that financial problem with the launch of their new portable digital music player. Called the Intel Pocket Concert Audio player, the release is set for next month. The player is compatible with MP3 and Windows media audio music formats.

INTC managed to gap slightly higher from Friday's close, hanging on in positive territory while the rest of the market continues to bleed.
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by 1/2/2001 12:19 PM
Stocks quoted in this article:
Stocks continue to slip upon hearing the newest report of the National Purchasing Managers' Index that was released today. The NPMI fell to 43.7 for December, coming in below estimates of 47. This was the lowest reading since December 1991. During times of expansion, the index is above 50 and below 50 in times of contraction. Highly regarded, this indicator is seen as a good predictor of the direction of the market.
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by 1/2/2001 10:52 AM
Stocks quoted in this article:
Generic drug maker Andrx (ADRX – 69-9/16) is receiving enthusiastic support today from investors on the settlement of its dispute with Genpharm over the first rights to produce and market a form of the drug Prilosec. In order to facilitate development of the generic equivalent, the two companies have come to an agreement that will give first rights to ADRX. As a result, ADRX shares are up over 20 percent today.

Even so, options activity on ADRX remains light. The most-active call option is the March 110 strike, which has traded 170 contracts today. The January 55 put has had 160 contracts change hands, with 130 of those a block trade that appears to be a purchase of the option. The January 60 put had 152 contracts change hands, all in smaller quantities.
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by 1/2/2001 9:38 AM
Stocks quoted in this article:
The merger between Chase Manhattan (CMB - 45-7/16) and J.P. Morgan (JPM - 165-1/2) became effective on Sunday, December 31. The combined company will be called J.P. Morgan Chase and Co. and will trade under the ticker symbol "JPM." JPM shareholders will receive 3.7 CMB shares for each JPM share held. Based on CMB's Friday close, JPM shares would be valued at about 168.12.

The merged entity is a Dow Jones Industrial component, therefore changes in the components weightings will be affected. In order to maintain historical continuity in the Dow Jones Industrials, the editors of the Wall Street Journal compute a "divisor." This number is adjusted anytime a company is added to or deleted from the index, a stock split occurs in a member stock, or a spin-off is generated. The new divisor is 0.1537, meaning than any one-point change in a component member will impact the average by 6.506 points (1/0.1537=6.506).

Options traders will now need to look under JPM for their CMB options. We suggest you check with your broker concerning the changes. In order to reflect this name and underlying stock symbol change, the CMB option symbol will change to JPM effective with trading on Tuesday, January 2, 2001. The option symbols for the adjusted CJM/XJM and for the January 2002 (WCV) and 2003 (VCX) LEAPS will remain the same. Strike prices and all other option terms remain the same.
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by 1/2/2001 9:11 AM
Stocks quoted in this article:
Robertson Stephens analyst Dane Lewis has begun the New Year this morning by downgrading a slew of companies in the network storage and security space. He cited a significant slowdown in IT spending for at least the first quarter of 2001 as the reason for the downgrade. Stocks affected include: EMC Corp. (EMC – 66-1/2), Network Appliance (NTAP – 64-3/16), Veritas Software (VRTS – 87-1/2), Inktomi (INKT – 17-7/8), Network Engines (NENG – 4-3/16), NetIQ (NTIQ - )87-3/8, Internet Security Systems (ISSX – 78-7/16), VeriSign (VRSN – 74-3/16), and Certicom (CERT – 20-3/8). The equities were all lowered to "long-term attractive" from "buy" ratings. He also reduced his coverage on Quest Software (QSFT – 28-1/16), CacheFlow (CFLO – 17-1/16), and Netegrity (NETE – 54-3/8), to "buy" from "strong buy." <
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