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by 1/9/2001 8:44 AM
Stocks quoted in this article:
At first blush, Amazon.com's (AMZN – 14-15/16) pre-announcement after the market closed yesterday seemed to be good news. It met with an initial flurry of upward activity on the stock's price. Upon closer inspection, celebration may not be appropriate. AMZN said their fourth-quarter sales would be at least $960 million, which would meet expectations. Analysts' estimates ranged from $950 million to an optimistic $1.1 billion, with an average just over one billion. It may be closer to the truth that AMZN's important holiday sales will come in toward the lower end of expectations, even with their offer of free shipping. It is possible this could even be the setup for a future earnings warning.
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by 1/8/2001 4:01 PM
Stocks quoted in this article:
S&P 500 March futures (SP/H1 - 1309) have just made a massive late-day surge into positive territory for the day. After trading off more than 13 points earlier today, futures are now trading up about four dollars.
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by 1/8/2001 2:20 PM
Stocks quoted in this article:
Telecommunications network provider Global Crossing (GX – 19-9/16) is rallying today after saying it will likely generate between $7.1 and $7.2 billion in cash revenue for 2001. This puts the firm within striking distance to achieve its previously stated goal of 30-percent annual growth. Additionally, the firm said it sees earnings before interest, taxes, depreciation, and amortization (EBITDA) totaling around $2 billion. In mid-afternoon trading, the stock had tacked on over three percent.

In separate news, the company announced a five-year strategic alliance agreement with Computer Sciences (CSC – 56-1/8). The deal is valued at approximately $150 million in revenue for GX.

Last week, GX shares rallied above their 10-day and 20-day moving averages, although they remain below significant resistance in the form of their 20-week and 10- and 20-month moving averages.
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by 1/8/2001 2:07 PM
Stocks quoted in this article:
In the news today is hotel and gaming concern MGM Mirage (MGG – 29-1/8), which announced before the open that its fourth-quarter earnings numbers should total between 40 and 44 cents per share. This surpasses the Street estimate, which looked for the firm to earn 39 cents per share during the period. Last year for the same reporting period, MGG reported earnings of 36 cents per share. The shares are trading about two percent higher on the news.

Technically speaking, MGG recently pressed above short-term resistance at its 10-day and 20-day moving averages, trendlines that recently enjoyed a bullish crossover. From a longer-term perspective, the equity is now perched above its descending 10-week moving average. The stock has not managed a weekly close above this trendline since late September.
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by 1/8/2001 12:40 PM
Stocks quoted in this article:
As if sickening technical charts weren't enough evidence that online brokers are having a rough go of it, Ameritrade (AMTD – 8-1/16) announced plans today to lay off 330 workers. The company also announced that they expect first-quarter earnings expectations to fall short of analysts' expectations, which called for a loss of a nickel per share.

Other disconcerting news in the sector included J.P. Morgan Chase's (JPM - 48-3/4) Internet venture Morgan Online also announcing layoffs, as 150 employees will soon be handed their walking papers. AMTD is currently trading off 9.79 percent after hitting a new 52-week low today, while JPM is faring better, trading only 2.88 percent in the red.
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