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by Beth Gaston 1/20/2000 8:38 AM

Stocks quoted in this article:

LGTO

Things aren't shaping up well for Legato Systems (LGTO - 53-5/8) this morning, as the stock is showing a 44-percent loss in pre-session activity. After closing above the 53 mark last night, the shares are now asked at 28-3/4. After the closing bell yesterday, the networking company reported fourth-quarter earnings of 11 cents per share, falling far short of analysts' expectations of 19 cents. Before today, analysts were notably bullish on the shares, according to the latest data from Zacks Online. In fact, 17 of the 18 brokerage houses covering the shares had rated the stock a "buy." Already this morning, one brokerage firm has downgraded LGTO to a "hold." If more downgrades follow, it could prove to be a truly disastrous day for the shares.
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by 1/20/2000 8:30 AM

Stocks quoted in this article:

AAPL

IBM (IBM – 115-1/2) and Apple Computer (AAPL – 103-15/16) will be setting the tone for the technology group today after last night’s earnings reports. IBM beat earnings by six cents and reported earnings of $1.12 but accounted for its anemic two percent revenue growth to the Y2K debacle. Early indications are that IBM is bid higher in pre-open trading. Schaeffer's put/call open interest ratio is tilted toward pessimism with puts about equal to calls, a ratio higher than 88 percent of such reading in the last year (take from Schaeffer's Daily Sentiment). AAPL came in at $1, or 10 cents ahead of estimates, which has the stock bid higher by 14 points in pre-open activity. For a background on the sentiment heading into AAPL’s earnings report, see our Market Observation.
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by 1/20/2000 8:21 AM

Stocks quoted in this article:

Sears, Roebuck and Co. (S – 33-3/4) has had a tough struggle trying to redefine its image with consumers in recent years. The stock has languished and has lagged the S&P Retail Index (RLX – 974.6) since 1996 by a wide margin. Today, the company reported a positive earnings surprise, beating Street estimates of $1.77 by 21 cents. Analysts are cautious on the stock with 10 of 19 rating it a “hold” or “sell” rating. It would not be surprising to see a solid open for the stock although Wall Street is a tough critic to convert and may await further evidence before getting on board.<
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by 1/19/2000 4:15 PM

Stocks quoted in this article:

Earlier today, we discussed importance of the 500 level for the Russell 2000 Index (RUT - 520.01) as well as the put activity at the 520 strike. (See the corresponding Market Observation.) The closing price on the RUT was 520.01, just a hair above the key strike. We will watch the open interest adjustments in the morning and update you on any significant developments. <
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by 1/19/2000 4:13 PM

Stocks quoted in this article:

EGRP

Several of the online brokers reported earnings today that handily beat estimates but the stocks are reacting mixed to the news. E*Trade Group (EGRP - 26 3/16) is lower by six percent after trouncing the Street of (21c) and coming in at (2c). Knight/Trimark Group (NITE - 37 5/16) is also lower on the day by about four percent after earning 50 cents per share or about 10 cents per share better than the average estimate. On the other hand, DLJ Direct (DIR – 13-3/4) beat the Street of (6c) and coming in at (2c) and is fractionally higher, up three percent on the day. Each of the stocks is lower by about 10 percent versus this time last month. <
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