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by 9/28/2000 2:03 PM
Stocks quoted in this article:
The AMEX Networking Index (NWX – 1190.4) is on positive ground by just over 22 points, or nearly two percent, this afternoon. Earlier today before it headed higher, the index fell to its lowest intraday mark since June 15. The NWX, which had retreated by 18 percent from its near-term intraday high on September 1 to today's intraday low, is now quickly approaching its overhead 10-day and 20-week moving averages.

NWX components performing well this afternoon include Lucent Technologies (LU – 31-13/16), up 10.6 percent; ADC Telecommunications (ADCT – 27-1/2), up 7.6 percent; Comverse Technology (CMVT – 105-1/4), up 7.4 percent; and Nortel Networks (NT – 62-1/2), up 5.1 percent.

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by 9/28/2000 1:00 PM
Stocks quoted in this article:
Cosmetics and personal goods purveyor Avon Products (AVP – 41-7/16) is trading nearly four percent higher today on a positive earnings forecast. Last night after the close, company officials said they concur with analysts' third-quarter earnings estimates of 38 cents per share. Additionally, the firm said it is in negotiations to sell its products at 150 to 200 Sears (S – 34.55) and J.C. Penney (JCP – 12-7/16) stores.

Since late April, AVP shares have been sandwiched in a range between the 35 and 43 levels. The equity has been trending sideways in this range for five months, with no notable support or resistance from any moving averages. Today's boost higher has taken the stock toward the upper rail of this consolidation range.
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by 9/28/2000 11:46 AM
Stocks quoted in this article:
Bed Bath & Beyond (BBBY - 25) is a home accessories store. According to Hoover's Online, it ranks as the top such retailer in the United States, with over 250 superstores in 39 states. The company aims to open 45 new stores each year to maintain its growth rate.

Last Thursday, BBBY shares rocketed over 18 percent higher after announcing second-quarter earnings that topped the Street's consensus estimate by a penny per share. Over the past week, BBBY has been consolidating near new annual highs around the 25 region.

This morning, BBBY was downgraded at Bank of America, which reduced its rating on the stock from a "strong buy" to a "market perform." The security initially opened to the downside but has since erased its losses and is trading more than a percent higher in late-morning activity. <
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by 9/28/2000 11:09 AM
Stocks quoted in this article:
Canadian pharmaceutical firm Biovail (BVF – 83-1/16) received approval from the U.S. FDA for its hypertension drug Nifedipine XL in 60 milligram doses. The stock is up over one percent on this news and is poised to overtake its all-time high of 85-1/2 from Monday. BVF has been a strong performer in recent months and has doubled in value from its early May lows.

Activity is stirring up in BVF's typically subdued options pit. The November 80 put has logged volume of 2,000 contracts this morning. Since this option has no open interest coming into today, this activity should result in new positions.
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by 9/28/2000 11:07 AM
Stocks quoted in this article:
Viacom (VIA – 56-5/8) is a major entertainment conglomerate. Overnight, it hit the wires that the company's MTVi Group, which controls the MTV and VH-1 music television Internet presences, has chosen to cancel its initial public offering. The division additionally laid off 105 workers, or 25 percent, of its staff. Company officials cited concerns about the volatile environment for Internet-based equities.

Despite this disconcerting news, VIA said that website hits on the MTVi's network of sites are increasing, rising to five million in August. Additionally, revenue at the VIA division is expected to more than double compared to last year, when MTVi earned just under $20 million. VIA is virtually unchanged in late-morning trading. <
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