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by 6/6/2000 2:11 PM
Stocks quoted in this article:
What a difference a week makes. Recent activity is like old times when technology stocks were the undisputed champions. However, many of these former high-fliers are still off 60 percent or more from their highs. Nevertheless, the last week has seen some of the former leaders step up to the plate again. It remains to be seen if the technology stocks will continue their winning ways, but it is encouraging that the media has changed their focus from the rosy long-term upside to the downside risk from the rally. One article in a major daily financial newspaper on Monday was based on the fear that the recent rally was an aberration in the downtrend. With the Nasdaq Composite (COMP - 3868.6) up over 19 percent and the S&P 500 Index (SPX - 1467.63) up 6.5 percent in the past week, the following are the top four performing indices in the last five days: the PHLX Semiconductor Index (SOX - 1173.2), up 26.7 percent; the CBOE Internet Index (INX - 626), up 22.2 percent; the CBOE Computer Software Index (CWX - 1328.3), up 20.4 percent; and the AMEX Biotechnology Index (BTK - 604), up 19.3 percent. The four indices showing the most weakness are: the Morgan Stanley Healthcare Providers Index (RXH - 182.42), down 1.9 percent; the AMEX Tobacco Index (TOB - 194.33), down 3.6 percent; the AMEX Pharmaceutical Index (DRG - 374.7), down 4.6 percent; and the PHLX Oil Service Sector Index (OSX - 116.07), down 6.4 percent.
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by 6/6/2000 1:20 PM
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With the Nasdaq Composite (COMP - 3876.4) up 1.43 percent and the S&P 500 Index (SPX - 1469.53) up 0.13 percent today, many of the sector indices are higher on the day, with 20 of 35 in positive territory. The following are the top four performing indices today: the AMEX Biotechnology Index (BTK - 602.5), up 7.2 percent; the PHLX Oil Service Sector Index (OSX - 116.44), up 6.3 percent; the AMEX Natural Gas Index (XNG - 199.75), up 2.8 percent; and the AMEX Oil and Gas Index (XOI - 532.78), up 2.8 percent. The four indices showing the most weakness are: the PHLX KBW Banking Index (BKX - 840.31), down 3.3 percent; the S&P Retail Index (RLX - 875.3), down 3.2 percent; the S&P Insurance Index (IUX - 627.9), down 2.1 percent; and the CBOE Mexico Index (MEX - 102.83), down 2.0 percent.
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by 6/6/2000 1:19 PM
Stocks quoted in this article:
Technology stocks have managed to push into positive territory today, impacting the Nasdaq to a greater degree than the NYSE. The S&P 500 Index (SPX - 1468.63) is up 0.07 percent. Currently on the NYSE, 1,470 advancing issues have the edge on 1,299 declining issues, while 518 issues are unchanged. Up volume of 266 million shares is remarkably similar to down volume of 263 million shares on total volume of 547 million shares. The 37 new highs are outpacing the 20 new lows. The Nasdaq Composite (COMP - 3869.9) is up 1.26 percent. Advancing Nasdaq issues of 2,149 are pushing past 1,625 declining issues, while 617 issues are unchanged. Up volume of 588 million shares is ahead of down volume of 257 million shares. The 47 new highs have slipped past the 42 new lows.<
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by 6/6/2000 11:59 AM
Stocks quoted in this article:
The whirlwind romance between Bestfoods (BFO - 67-1/4) and Unilever (UN - 50-15/16) appears to be reaching the point of commitment. Earlier this morning, sources close to the situation reported that UN's latest bid for the consumer-foods manufacturer is $73 per share, a 16-percent premium over Monday's closing price. Shortly before 11:00 a.m., UN officials confirmed a definitive merger agreement with BFO for the $73-per-share price originally hinted at. The company expects to complete the purchase by the fourth quarter of this year. Both stocks are currently halted. This morning, BFO rallied over seven percent to achieve a new high of 67-1/4. BFO also boasts the second-most active put option trading on the Pacific Exchange this morning, as over 1,200 contracts have traded at the July 50 strike. A number of mid-sized blocks have been trading throughout the morning off the bid price or between the bid and the ask prices.<
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by 6/6/2000 11:57 AM
Stocks quoted in this article:
Hilton Hotels (HLT - 9-9/16) is presently one of the most-active names trading on the NYSE. The shares have posted an eight-percent gain on the heels of a brokerage upgrade. Ahead of the opening bell today, a Wall Street analyst boosted his rating on HLT from a "market performer" to a "buy." Today's rally has enabled the stock to surge beyond potential triple-top resistance at the 8-7/8 mark. This level previously thwarted the stock's advances in mid-April and early May. Over the past 10 sessions, HLT has been rallying strongly, appreciating 28 percent since May 24. During this time, the stock's 10-day and 20-day moving averages completed a bullish crossover, a sign of technical strength.
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