Stocks Drop Amid Continuing Uncertainty

By Chandra Steele and Dana Silverstein, CRN 12:30 PM EST Wed. Sep. 19, 2001

Stocks fell sharply by midday as investors grappled with their uncertainty of what the future would bring after last week's attacks on the United States and the prior fear of a recession.

"I think the market right now is seized by fear rather than rationality," says Stanley Nabi, managing director at Credit Suisse Asset Management, who regards the sell-off as overdone and is confident of an economic recovery next year. "I was bearish until a few days ago and now I am very clearly bullish. Rationality dictates this is the time to step in and buy."

Here are 10 stocks that affect resellers:

  • IBM was up to $93.78 from its closing price of $96.40 on Tuesday, on 5.4 million shares traded. Its 52-week range is $80.06 to $126.69 on average daily volume of 6.86 million.
  • Cisco was up to $13.02 from its closing price of $13.57 on Tuesday, on 45.2 million shares traded. Its 52-week range is $13.19 to $63.63 on average daily volume of 56.3 million.
  • Intel was up to $21.98 from its closing price of $23.47 on Tuesday, on 35 million shares traded. Its 52-week range is $22.25 to $63.50 on average daily volume of 42.33 million.
  • Microsoft was up to $52.11 from its closing price of $54.32 on Tuesday, on 25 million shares traded. Its 52-week range is $40.25 to $76.15 on average daily volume of 30.29 million.
  • Sun Microsystems was up to $8.54 from its closing price of $9.18 on Tuesday, on 37.7 million shares traded. Its 52-week range is $10.06 to $61.94 on average daily volume of 39 million.
  • Compaq was down to $8.20 from its closing price of $8.52 on Tuesday, on 9 million shares traded. Its 52-week range is $9.95 to $31.63 on average daily volume of 10.69 million.
  • Hewlett-Packard was up to $15.35 from its closing price of $16.20 on Tuesday, on 6.8 million shares traded. Its 52-week range is $15.5 to $53.72 on average daily volume of 6.57 million.
  • EMC was down to $12.31 from its closing price of $12.90 on Tuesday, on 18.8 million shares traded. Its 52-week range is $12.60 to $104.94 on average daily volume of 16.94 million.
  • Tech Data was down to $36.12 from its closing price of $37.01 on Tuesday, on 635,300 shares traded. Its 52-week range is $24.93 to $49.88 on average daily volume of 581,500.
  • Ingram Micro was down to $13.70 from its closing price of $13.84 on Tuesday, on 113,100 shares traded. Its 52-week range is $10.19 to $18.38 on average daily volume of 236,045.

    Additional reporting for this story is from Reuters