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by 12/21/2000 1:43 PM
Stocks quoted in this article:
S&P 500 March futures (SP/H1) have been dancing around the round-number 1300 level for most of the afternoon. This should be an interesting level to watch for two reasons. First, traders typically focus on round numbers as key points of support and resistance. This is additionally the site of yesterday's major gap lower. We'll see if the futures are able to break above this resistance and begin to fill this gap.
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by 12/21/2000 1:28 PM
Stocks quoted in this article:
Third-quarter Gross Domestic Product figures were released this morning. While anticipated growth for the third quarter was 2.4 percent, the actual figure was a weaker 2.2 percent, which may account for the bounce we are seeing in today's market. More evidence of an economic slowdown is seen as increasing the probability of an interest rate cut by the Fed. This was the slowest growth rate reported since 1996 and there was also an increase in jobless claims reported for the week.
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by 12/21/2000 12:44 PM
Stocks quoted in this article:
A "sweet spot" in the market over the last couple of sessions was Tootsie Roll Industries (TR – 45-1/4). Yesterday, the stock muscled nearly 19 percent higher to reach an annual high of 45-1/2. This puts the shares a hair's breadth away from its all-time high of 45.57, which was reached in March 1999. The equity's charge higher yesterday was set into motion by news that Standard & Poor's was adding TR to the S&P Midcap 400 Index (MID – 486.49). The equity will replace Noble Drilling (NE – 40-15/16), which will be replacing Time Warner (TWX – 54.60) in the S&P 500 Index (SPX – 1280.49) after TWX is acquired by America Online (AOL – 36.31). A date has not yet been set for this re-shuffling. TR is trading moderately higher again today. <
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by 12/21/2000 12:18 PM
Stocks quoted in this article:
One of the most-active issues trading on the Nasdaq Exchange today is RealNetworks (RNWK – 5-7/8), a provider of audio and video software devices. Last night after the closing bell sounded, the firm reluctantly joined the long line of technology companies that have been forced to shuffle their quarterly expectations lower. RNWK said it now aims to earn two cents per share for the fourth quarter, half as much as the Street had been previously expecting.

The Street did not take kindly to this news, as the shares have been downgraded at 10 brokerage houses this morning, including Merrill Lynch, Bank of America, and Credit Suisse First Boston. Meanwhile, the investing world, which should be taking earnings warnings in stride by now, has sent the stock down over 40 percent on heavy volume. The equity is now trading at levels not seen in over two years. <
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by 12/21/2000 10:44 AM
Stocks quoted in this article:
The CBOE market volatility Index (VIX - 3684) continues to move higher today, as the market flounders. The VIX is currently up 3.19 percent, while the S&P 10 Index (OEX – 661.67) is down .09 percent. The next key levels for the VIX are in the 39-42 range, as 42 coincides with the highs achieved during April's sharp market downdraft. <
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