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by 6/13/2000 3:10 PM
Stocks quoted in this article:
Fiber-optic network seller SDL Inc. (SDLI - 278-11/16) heads the Nasdaq new highs list this afternoon. On rumors that the company will be acquired by Corning (GLW - 241-1/2), the security has stepped up by over 17 points, or greater than six percent. The stock was also rated a "strong buy" in new coverage by a brokerage house. With these gains, SDLI has established an all-time intraday high for the second straight session. Since sinking to a near-term intraday bottom on May 24, this outperformer has rocketed ahead by more than 92 percent, using sturdy support from its upsloping 10-day moving average. In SDLI’s options pit today, 1,219 contracts have crossed the tape on the September 250 call. This option has open interest of 1,465 contracts. As a result, most of this afternoon’s volume could be profit taking at this in-the-money strike.
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by 6/13/2000 3:07 PM
Stocks quoted in this article:
The Federal Reserve Bank of Richmond released its region's business index, and it showed a continuation of strong economic activity. However, the index showed some slowing in the manufacturing sector and some slight easing of prices. The manufacturing shipments index decreased by four points in May, well below its three-month average of 16, which suggests slowing in the region's manufacturing. The new orders index rose three points to 17, above its three-month average of 12. The services index showed the most strength, rising nine points to 18, due in large part to an increase of 38 points to 40 in the retail revenues index. Wages rose in the retail sector, up nine points to 39, but fell one point in the non-retail sector. Price changes moderated to 1.07 percent from 1.69 percent in April. Expectations of price changes also lessened a bit, coming in at 2.04 percent from last month's 2.20 percent.<
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by 6/13/2000 2:51 PM
Stocks quoted in this article:
Two weekly retail sales numbers released today confirmed this morning's report by the Commerce Department that showed a decrease in retail sales for May. Both the LJR Redbook and the Bank of Tokyo-Mitsubishi's (BTM) weekly sales reports indicated a continuing decrease in retail sales in the first two weeks of June. The LJR Redbook report showed national retail sales fell 0.4 percent in the first two weeks of June, lower than the expected rise of 0.5 percent. However, sales rose 3.3 percent from the same period in 1999. The BTM report echoed the same sentiment. Its U.S. chain store sales index fell 0.1 percent last week, the first back-to-back weekly declines since late November. <
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by 6/13/2000 2:46 PM
Stocks quoted in this article:
The Commerce Department released first-quarter U.S. manufacturing after-tax profits. The results show that profits rose to an average of 6.8 percent for sales in the first quarter, up from 6.4 percent in the fourth quarter and 6.0 percent from the first quarter of 1999. The annual rate of return on shareholder's equity increased to 17.9 percent in the first quarter. The fourth-quarter reading was 15.7 percent, and the first quarter of 1999 saw return on shareholder's equity of 15.9 percent.<
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by 6/13/2000 2:45 PM
Stocks quoted in this article:
UST Inc. (UST - 16-9/16), the parent company of U.S. Tobacco, announced today that its second-quarter earnings would fall two percent short of the year-ago period. The company attributed the shortfall to slower sales of moist smokeless tobacco and significantly higher interest costs. UST did say that it expects full-year results to be comparable to 1999's figures. UST earned 70 cents per share last year. Analysts' consensus estimate for 2000 is 74 cents per share. UST has recovered to add 18 percent from an intraday low of 13-15/16 on March 30, but the equity is off almost three percent today.
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