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by 5/26/2000 3:43 PM
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One of the top-performing names in the Nasdaq Composite today is GoTo.com (GOTO - 16-15/16). This Internet-based company is a search engine that charges its clients for prime placement on its results pages. Shortly before the close, the equity was trading almost 12 percent higher on above-average volume. This rally was spurred by news that the company settled a patent infringement lawsuit with entertainment titan Disney (DIS - 39-13/16). DIS will pay GOTO $21.5 million and will discontinue the use of the disputed logo artwork in question. Despite today's rally, GOTO remains more than 80 percent off its February high of 102. The stock's four-month downward spiral has been held in check by its overhead descending 10-day and 20-day moving averages.
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by 5/26/2000 3:22 PM
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This morning, the University of Michigan released its May consumer-sentiment index. The index declined from 110.9 in the preliminary mid-month report to 110.7. The April reading came in at 109.2. The index for consumer expectations rose to 104.8 from the mid-month level of 104.7. The April reading stood at 109.2. The May current-conditions index decreased to 119.9 from the mid-month level of 120.6. The April reading was at 117.8. <
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by 5/26/2000 2:45 PM
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With the Nasdaq Composite (COMP - 3165.8) down 1.23 percent and the S&P 500 Index (SPX - 1373.93) down 0.55 percent today, the sector indices are seeing mixed activity with eight of 34 in positive territory. The top four performing indices are the Morgan Stanley Healthcare Providers Index (RXH - 187.63), up 1.2 percent; the AMEX Natural Gas Index (XNG - 193.56), up 1.1 percent; the PHLX Gold and Silver Index (XAU - 56.91), up 0.6 percent; and the AMEX North American Telecom Index (XTC - 1401.2), up 0.4 percent. The four indices showing the most weakness are the CBOE Automotive Index (AUX - 251.83), down 3.9 percent; the AMEX Biotechnology Index (BTK - 430.1), down 2.1 percent; the PHLX Oil Service Sector Index (OSX - 117.55), down 2.1 percent; and the Morgan Stanley Cyclical Index (CYC - 494.08), down 2.0 percent. <
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by 5/26/2000 2:43 PM
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Stocks have been generally lower for most of the day on light pre-holiday volume. The S&P 500 Index (SPX - 1375.04) is lower by 0.47 percent. Currently on the NYSE, 1,407 advancing issues are remarkably similar to 1,404 declining issues, while 480 issues are unchanged. Up volume of 247,519,968 shares is behind down volume of 270,438,176 on total volume of 540 million shares. The 34 new highs are being trounced by the 73 new lows. The Nasdaq Composite (COMP - 3170.2) is lower by 1.10 percent. Advancing Nasdaq issues of 1,521 are far behind 2,265 declining issues, while 679 issues are unchanged. Up volume of 235,370,896 shares is well behind down volume of 495,999,904 shares. The 16 new highs are lagging by a wide margin the 195 new lows. Option volume is showing little fear in the wake of today's market weakness, with the put/call ratio for equities coming in at 0.56 thus far.
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by 5/26/2000 2:23 PM
Stocks quoted in this article:
Ralston Purina (RAL - 18-3/4) is the world's largest producer of dry pet food. The company sold off its Energizer battery unit earlier this year. For over six months, RAL has been trending sporadically lower within a downtrending channel defined by a series of lower highs and lower lows. Today, however, the shares have risen more than two percent. This advance follows news that the company plans to repurchase up to eight million shares of the 306.8 million shares presently outstanding. On the options front, the Schaeffer's put/call open interest ratio (SOIR) for RAL presently weighs in at 1.07, meaning that open puts outweigh open calls by about seven percent in the front three-month series. This ranks in the 92nd percentile of all annual readings on this ratio. <
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