Nasdaq Slams Into Year's Low
7:18 PM EST Tue. Dec. 19, 2000
From the December 19, 2000 issue of CRN
The FOMC move, a bullish sign for equities, was greeted nonetheless by declines on both the Nasdaq Composite and the Dow Jones Industrial Average.
The move fell short of what some Wall Street strategists had been predicting.
Richard Suttmeier, chief technical analyst at Joseph Stevens & Co., New York, had been forecasting a 50-basis-point rate cut. Meanwhile, some traders adopted the familiar Wall Street tactic of "buy on the rumor, sell on the news."
"It has become a 'sell-on-the-news' event," said Paul Cherney, market analyst at Standard & Poor's, New York.
In any case, Nasdaq tumbled 113.08 points, or 4.31 percent, to 2,511.44. That compares to a previous low closing for the year of 2,597.93 set on Nov. 30.
Before the announcement by the FOMC, the Nasdaq was up 58 points, but within minutes the index was trading in the red.
Cherney said there was initial confusion about the meaning of the Fed's statement. But once the market digested the news, the decline continued.
The Dow also retreated once the FOMC made its announcement, losing 57.26 points, or .54 percent, to 10,588.16.
Cherney said the pessimistic tone about the economy in the Fed's announcement plus the recognition that more companies will be reporting disappointing results as the earnings season gets underway contributed to the decline.
"Even the Fed's shift to an easing bias is not going to change the news on earnings over the next month or so," he said. "There could be a little more pain."
That perception has kept long-term investors on the sidelines, Cherney said, and put the market in the hands of traders.
In a research note, Bruce Steinberg, chief economist at Merrill Lynch, said the Fed likely will cut interest rates at the Jan. 31 FOMC meeting in the "first of a series of easing" moves.
Optical stocks closed lower, led down by a 24 percent decline in Ciena Corp. Ciena dropped 23 3/16 to 73 3/16 after the telecommunications gear maker said it would buy closely held Cyras Systems Inc. for $2.3 billion in stock.
Analysts said the acquisition is dilutive for Ciena stockholders, but bolsters Ciena's position in competing against Cisco Systems Inc. in providing optical networking services to businesses and individuals. Cisco lost 1 3/16 to 41 3/4.
Other optical stocks also suffered, with Corning Inc. shedding 2 3/16 to 62 5/16 and JDS Uniphase Corp. stumbling 7 7/16 to 51 3/4.
Beleaguered semiconductor stocks closed mixed. Analog Devices Inc. gained 2 1/8 to 55 3/16; Applied Materials Inc. fell 3/4 to 39; Broadcom Corp. lost 8 3/4 to 96 11/16; and Intel Corp. gained 3/16.
But Internet stocks were pummeled in the wake of reports of weak sales during the holiday period. Amazon.com Inc. fell 1 5/8 to 18 1/4; America Online Inc. lost 1.48 to 40.76; Ariba Inc. shed 3 to 59 1/4; and Yahoo Inc. dropped 4 to 28.
Computer hardware makers were mostly lower. Apple Computer Inc. edged down 3/16 to 14 1/16; Compaq Computer Corp. tacked on .60 to 17; Dell Computer Corp. shed 1 1/4 to 18 1/4; Hewlett-Packard Co. added 3/16 to 31 5/16; and IBM Corp. lost 3/8 to 90 1/8.
In the software sector, Adobe Systems Inc. gained 7/16 to 64; Computer Associates International Inc. lost 1 1/4 to 22; Microsoft Corp. fell 3 1/16 to 44 3/4; Oracle Corp. lost 1 3/8 to 30 5/8; and PeopleSoft Inc. stumbled 4 5/8 to 37 3/4.
Among telecommunications issues, AT&T Corp. gained 1/4 to 20 9/16; Ericsson AB lost 1/4 to 11 3/8; and Motorola Inc. edged up 3/16 to 19 7/16.
E-Services
| Ticker | Company | 12/19/00 Close | 12/18/00 Close | Pct. Change | 52Week High | 52Week Low | Market Cap (MIL) |
| ACCL | ACCELERATED NETWORKS | $4.56 | $5.56 | -18% | $67.50 | $4.62 | $230 |
| ACOM | AGENCY.COM LTD | $2.84 | $3.00 | -5% | $98.00 | $2.75 | $102 |
| ANSR | ANSWERTHINK CON | $4.00 | $4.44 | -10% | $40.37 | $3.81 | $177 |
| ARBA | ARIBA | $59.25 | $62.25 | -5% | $183.34 | $43.87 | $14,256 |
| AWE | AT&T WIRELESS | $19.50 | $19.81 | -2% | $35.56 | $17.12 | $45,045 |
| BUYX | BUY.COM | $0.56 | $0.72 | -22% | $33.00 | $0.56 | $76 |
| CTLM | CENTILLIUM | $23.25 | $21.75 | 7% | $112.50 | $17.75 | $764 |
| CIRC | CIRCLE.COM | $1.03 | $1.06 | -3% | $15.12 | $0.62 | $23 |
| CMGI | CMGI INC | $6.16 | $7.53 | -18% | $163.50 | $7.12 | $1,825 |
| CMRC | COMMERCE ONE | $31.00 | $34.38 | -10% | $165.50 | $25.87 | $5,986 |
| COSN | COSINE COMMUNICATIONS | $13.75 | $15.56 | -12% | $71.00 | $10.00 | $1,425 |
| CYSV | CYSIVE INC | $4.19 | $4.63 | -9% | $63.00 | $4.12 | $119 |
| DVIN | DEVINE INTERVENTURES | $1.75 | $1.75 | 0% | $12.43 | $1.00 | $238 |
| ERMS | EROOMSYSTEM TECHNOLOGIES | $1.63 | $1.63 | 0% | $6.50 | $1.43 | $11 |
| GOAM | GOAMERICA | $5.88 | $6.13 | -4% | $19.31 | $5.00 | $309 |
| INFT | INFORTE | $11.44 | $10.88 | 5% | $100.12 | $10.25 | $144 |
| IISX | INTEGRATED INFO SYS | $0.75 | $0.72 | 4% | $28.00 | $0.62 | $15 |
| ILND | INTERLAND | $2.13 | $2.56 | -17% | $12.00 | $2.31 | $99 |
| ICGE | INTERNET CAPITAL GROUP | $3.94 | $4.25 | -7% | $212.00 | $4.21 | $1,128 |
| IIXL | IXL ENTERPRISES | $0.81 | $0.75 | 8% | $58.75 | $0.75 | $62 |
| LNTE | LANTE | $1.19 | $1.69 | -30% | $87.50 | $1.50 | $47 |
| NTGX | NET.GENESIS | $1.94 | $1.69 | 15% | $59.00 | $1.12 | $42 |
| ONVI | ONVIA.COM | $1.50 | $1.66 | -9% | $78.00 | $1.12 | $130 |
| OGNC | ORGANIC | $0.81 | $0.94 | -13% | $60.00 | $0.81 | $72 |
| PRVW | PREVIEW SYSTEMS | $3.03 | $3.13 | -3% | $94.00 | $2.62 | $52 |
| PMIX | PRIMIX SOLUTION | $1.00 | $0.91 | 10% | $14.87 | $0.75 | $17 |
| PXCM | PROXICOM INC | $3.19 | $3.94 | -19% | $67.50 | $3.75 | $181 |
| RAZF | RAZORFISH INC | $1.28 | $1.25 | 3% | $56.93 | $1.25 | $54 |
| SAPE | SAPIENT CORP | $11.63 | $11.25 | 3% | $75.59 | $10.18 | $1,410 |
| SCNT | SCIENT CORP | $2.63 | $2.75 | -5% | $133.75 | $2.28 | $193 |
| SERA | SERANOVA | $2.38 | $2.56 | -7% | $12.25 | $1.78 | $41 |
| SMDI | STANFORD MICRODEVICES | $31.50 | $29.88 | 5% | $60.25 | $12.00 | $830 |
| STOR | STORAGE NETWORKS | $25.06 | $29.63 | -15% | $154.25 | $19.00 | $2,278 |
| SYNQ | SYNQUEST | $8.00 | $8.69 | -8% | $17.93 | $5.75 | $231 |
| TANN | TANNING TECHNOL | $3.56 | $4.00 | -11% | $71.12 | $3.56 | $75 |
| TGLO | THEGLOBE.COM | $0.19 | $0.22 | -14% | $12.00 | $0.15 | $6 |
| USIT | US INTERACTIVE | $0.38 | $0.38 | 0% | $92.00 | $0.25 | $10 |
| LNUX | VA LINUX SYSTEMS | $9.44 | $10.63 | -11% | $320.00 | $6.62 | $501 |
| VERT | VERTICALNET INC | $5.38 | $6.19 | -13% | $148.37 | $6.18 | $470 |
| VIAN | VIANT CORP | $3.81 | $3.94 | -3% | $63.56 | $3.68 | $185 |
| WEBM | WEBMETHODS | $79.50 | $80.25 | -1% | $336.25 | $35.00 | $3,751 |
| XPDR | XPEDIOR | $0.41 | $0.38 | 8% | $34.75 | $0.25 | $21 |
| Index | 0.00 | 0.00 | 0.00 |
ASP's
| Ticker | Company | 12/19/00 Close | 12/18/00 Close | Pct. Change | 52Week High | 52Week Low | Market Cap (MIL) |
| BWAY | BREAKAWAY SOLUT | $1.16 | $1.25 | -8% | $85.50 | $1.12 | $53 |
| CRIO | CORIO | $2.50 | $2.56 | -2% | $21.75 | $2.25 | $124 |
| FTRL | FUTURELINK CORP | $0.94 | $0.94 | 0% | $38.50 | $0.62 | $64 |
| INIT | INTERLIANT INC | $3.63 | $4.56 | -21% | $55.50 | $4.00 | $175 |
| USIX | USINTERNETWORKING | $3.97 | $4.03 | -2% | $71.66 | $2.25 | $389 |
| Index | 0.00 | 0.00 | 0.00 |
Infrastructure
| Ticker | Company | 12/19/00 Close | 12/18/00 Close | Pct. Change | 52Week High | 52Week Low | Market Cap (MIL) |
| COMS | 3COM CORP | $8.00 | $9.13 | -12% | $119.75 | $8.81 | $2,801 |
| AMD | ADVANCED MICRO DEV | $15.38 | $15.25 | 1% | $48.50 | $13.25 | $4,819 |
| APCC | AMER POWER CONVERSION | $10.44 | $10.44 | 0% | $48.84 | $9.93 | $2,033 |
| AOL | AMERICA ONLINE | $40.76 | $42.24 | -4% | $95.81 | $37.00 | $95,214 |
| AOLA | AMERICA ONLINE LATIN AMERICA | $3.06 | $4.13 | -26% | $9.93 | $3.50 | $804 |
| T | AT&T CORP | $20.56 | $20.31 | 1% | $60.81 | $18.25 | $77,179 |
| BOCI | BOCA RESEARCH | $2.00 | $2.00 | 0% | $9.75 | $1.63 | $23 |
| CS | CABLETRON SYSTEMS | $13.88 | $14.25 | -3% | $52.75 | $14.06 | $2,557 |
| CSCO | CISCO SYSTEMS | $41.69 | $42.94 | -3% | $82.00 | $42.31 | $293,356 |
| EMC | EMC CORP | $63.00 | $65.81 | -4% | $104.93 | $41.65 | $137,784 |
| GENU | GENUITY | $4.81 | $5.00 | -4% | $11.25 | $3.87 | $925 |
| HAND | HANDSPRING | $45.88 | $44.75 | 3% | $99.31 | $10.00 | $5,818 |
| INRG | INRANGE TECHNOLOGIES | $16.00 | $19.06 | -16% | $65.62 | $11.25 | $123 |
| INTC | INTEL CORP | $33.44 | $33.25 | 1% | $75.81 | $31.25 | $225,503 |
| IOM | IOMEGA CORP | $3.80 | $3.85 | -1% | $7.00 | $3.00 | $1,028 |
| LXK | LEXMARK INTL | $40.19 | $39.75 | 1% | $135.87 | $28.75 | $5,109 |
| LU | LUCENT TECHNOLOGI | $17.38 | $17.56 | -1% | $84.18 | $14.31 | $55,382 |
| MXTR | MAXTOR CORP | $5.91 | $6.06 | -3% | $14.81 | $5.00 | $686 |
| WCOM | MCI WORLDCOM | $16.31 | $16.50 | -1% | $56.08 | $14.25 | $46,965 |
| MOT | MOTOROLA INC | $19.44 | $19.25 | 1% | $61.54 | $15.81 | $42,459 |
| NT | NORTEL NETWORKS | $33.38 | $36.31 | -8% | $86.00 | $31.43 | $100,035 |
| PALM | PALM | $43.63 | $46.06 | -5% | $165.00 | $19.87 | $24,687 |
| PCOR | PCORDER.COM INC | $6.38 | $6.25 | 2% | $74.75 | $3.06 | $38 |
| DSS | QUANTUM CORP | $13.31 | $14.19 | -6% | $16.62 | $8.00 | $1,983 |
| TEK | TEKTRONIX INC | $31.75 | $29.06 | 9% | $43.65 | $16.56 | $3,004 |
| WDC | WESTERN DIGITAL | $2.44 | $2.63 | -7% | $8.81 | $2.25 | $418 |
| XRX | XEROX CORP | $6.63 | $6.38 | 4% | $29.31 | $3.75 | $4,422 |
| YHOO | YAHOO INC | $28.00 | $32.00 | -13% | $250.06 | $30.25 | $15,636 |
| Index | 0.00 | 0.00 | 0.00 |
Software
| Ticker | Company | 12/19/00 Close | 12/18/00 Close | Pct. Change | 52Week High | 52Week Low | Market Cap (MIL) |
| ACTU | ACTUATE | $21.16 | $24.19 | -13% | $37.37 | $9.46 | $1,208 |
| ADBE | ADOBE SYSTEMS | $64.00 | $63.56 | 1% | $87.31 | $26.71 | $15,382 |
| ALLR | ALLAIRE CORP | $5.81 | $5.47 | 6% | $94.12 | $4.75 | $159 |
| ADSK | AUTODESK INC | $26.63 | $27.63 | -4% | $56.06 | $19.43 | $1,534 |
| AVGO | AVANTGO | $6.56 | $7.25 | -9% | $27.75 | $5.06 | $226 |
| BLUE | BLUE MARTINI | $10.88 | $13.25 | -18% | $77.62 | $12.50 | $750 |
| BVSN | BROADVISION INC | $14.38 | $17.00 | -15% | $93.29 | $15.50 | $3,869 |
| CORL | COREL CORP | $2.34 | $2.50 | -6% | $44.50 | $2.37 | $154 |
| CWLD | CROSSWORLDS SOFTWARE | $4.31 | $4.44 | -3% | $27.87 | $3.87 | $113 |
| DIGX | DIGEX INC | $30.31 | $32.56 | -7% | $184.00 | $21.00 | $349 |
| DRIV | DIGITAL RIVER | $3.69 | $3.81 | -3% | $43.62 | $3.25 | $84 |
| EXDS | EXODUS COMMUNIC | $27.75 | $30.56 | -9% | $89.81 | $19.43 | $11,855 |
| FEP | FRANKLIN ELECTRONIC PBLS. | $5.38 | $5.56 | -3% | $12.37 | $4.37 | $43 |
| IFMX | INFORMIX CORP | $3.34 | $3.28 | 2% | $21.25 | $2.62 | $935 |
| IVTA | INFOVISTA | $21.63 | $20.25 | 7% | $49.06 | $12.23 | $409 |
| INTW | INTERWORLD | $0.56 | $0.63 | -10% | $93.50 | $0.56 | $17 |
| INTU | INTUIT INC | $42.63 | $46.00 | -7% | $90.00 | $25.75 | $8,708 |
| MONE | MATRIXONE | $17.25 | $18.13 | -5% | $85.00 | $10.25 | $740 |
| MCDT | MCDATA | $56.50 | $63.50 | -11% | $141.37 | $28.00 | $6,017 |
| MSFT | MICROSOFT CORP | $44.75 | $47.81 | -6% | $119.93 | $47.00 | $238,862 |
| NOVL | NOVELL INC | $6.06 | $6.31 | -4% | $44.56 | $5.25 | $1,990 |
| NUAN | NUANCE | $47.56 | $59.06 | -19% | $182.00 | $17.00 | $1,520 |
| OMKT | OPEN MARKET | $1.47 | $1.50 | -2% | $65.50 | $1.25 | $69 |
| RDVW | RADVIEW SOFTWARE | $3.00 | $2.94 | 2% | $10.25 | $2.12 | $49 |
| RHAT | RED HAT INC | $6.97 | $8.03 | -13% | $151.31 | $5.00 | $1,120 |
| SQSW | SEQUOIA SOFTWARE | $3.19 | $3.38 | -6% | $21.75 | $1.75 | $98 |
| SONS | SONUS NETWORKS | $27.50 | $30.75 | -11% | $93.66 | $7.66 | $5,041 |
| SYBS | SYBASE INC | $20.63 | $21.94 | -6% | $31.00 | $15.06 | $1,808 |
| SYMC | SYMANTEC CORP | $33.06 | $35.63 | -7% | $81.62 | $31.43 | $2,021 |
| VIGN | VIGNETTE CORP | $19.13 | $20.06 | -5% | $100.66 | $14.56 | $4,508 |
| Index | 0.00 | 0.00 | 0.00 |
Enterprise
| Ticker | Company | 12/19/00 Close | 12/18/00 Close | Pct. Change | 52Week High | 52Week Low | Market Cap (MIL) |
| AAPL | APPLE COMPUTER INC | $14.00 | $14.25 | -2% | $75.18 | $13.93 | $4,550 |
| CATP | CAMBRIDGE TECHNOLOGY PTNRS | $1.94 | $2.03 | -5% | $27.00 | $1.37 | $122 |
| CPQ | COMPAQ COMPUTER | $17.00 | $16.40 | 4% | $34.87 | $16.40 | $28,900 |
| CA | COMPUTER ASSOC INTL | $22.00 | $23.25 | -5% | $79.43 | $23.25 | $12,773 |
| CSC | COMPUTER SCIENCES | $69.69 | $70.31 | -1% | $99.87 | $60.37 | $11,734 |
| DELL | DELL COMPUTER CORP | $18.25 | $19.50 | -6% | $59.68 | $17.25 | $47,211 |
| EDS | ELECTRONIC DATA | $54.00 | $57.88 | -7% | $76.68 | $38.37 | $25,252 |
| EEEE | EMACHINES | $0.41 | $0.50 | -19% | $10.00 | $0.50 | $59 |
| FISV | FISERV INC | $47.56 | $49.13 | -3% | $64.12 | $24.31 | $5,884 |
| GTW | GATEWAY INC | $17.70 | $17.40 | 2% | $77.31 | $16.50 | $5,723 |
| HWP | HEWLETT-PACKARD | $31.31 | $31.13 | 1% | $77.75 | $30.50 | $61,917 |
| IBM | INTL BUSINESS MACHINES | $90.13 | $90.50 | -0% | $134.93 | $86.93 | $158,811 |
| KEA | KEANE INC | $10.20 | $10.87 | -6% | $35.00 | $10.45 | $730 |
| MRCH | MARCHFIRST | $1.53 | $1.75 | -13% | $81.12 | $1.00 | $238 |
| ORCL | ORACLE CORP | $30.63 | $32.00 | -4% | $46.46 | $16.87 | $171,142 |
| PSFT | PEOPLESOFT INC | $37.81 | $42.38 | -11% | $50.00 | $12.00 | $10,794 |
| PER | PEROT SYSTEMS | $10.31 | $10.69 | -4% | $27.93 | $7.81 | $1,009 |
| SAP | SAP AKTIENGESELLSCHAFT | $34.19 | $34.63 | -1% | $85.93 | $32.12 | $1,489 |
| SUNW | SUN MICROSYSTEMS | $26.94 | $28.56 | -6% | $64.65 | $27.50 | $42,734 |
| UIS | UNISYS CORP | $15.06 | $15.44 | -2% | $36.06 | $9.12 | $4,715 |
| Index | 0.00 | 0.00 | 0.00 |
Integrated Distribution
| Ticker | Company | 12/19/00 Close | 12/18/00 Close | Pct. Change | 52Week High | 52Week Low | Market Cap (MIL) |
| ARW | ARROW ELECTRONICS | $25.38 | $24.63 | 3% | $46.00 | $19.75 | $2,492 |
| AVNT | AVANT CORP | $17.81 | $18.06 | -1% | $20.62 | $8.90 | $685 |
| AZTC | AZTEC TECHNOLOGY PARTNERS | $0.22 | $0.22 | 0% | $10.75 | $0.15 | $5 |
| BI | BELL INDUSTRIES | $2.56 | $2.63 | -2% | $9.12 | $1.50 | $22 |
| BELM | BELL MICROPRODUCTS | $15.63 | $16.50 | -5% | $34.00 | $4.29 | $244 |
| CDWC | CDW COMPUTER CENTERS | $25.00 | $25.63 | -2% | $86.12 | $24.56 | $2,181 |
| CLS | CELESTICA | $52.75 | $53.50 | -1% | $87.00 | $34.37 | $9,780 |
| CMPC | COMPUCOM SYSTEM | $1.03 | $1.13 | -8% | $7.62 | $0.93 | $50 |
| ENPT | EN POINTE TECH | $5.13 | $4.28 | 20% | $55.00 | $3.06 | $33 |
| IM | INGRAM MICRO | $11.75 | $11.94 | -2% | $21.12 | $10.50 | $831 |
| MANC | MANCHESTER EQUIPMENT | $2.06 | $2.38 | -13% | $9.12 | $2.03 | $17 |
| MSEL | MERISEL INC | $0.19 | $0.19 | 0% | $3.68 | $0.18 | $15 |
| MTMC | MICROS TO MAINFRAMES | $1.28 | $1.38 | -7% | $19.81 | $1.37 | $7 |
| PIOS | PIONEER STD ELECTR | $9.94 | $10.06 | -1% | $18.75 | $9.37 | $274 |
| PMRY | POMEROY COMPUTER | $13.88 | $14.25 | -3% | $30.12 | $9.56 | $175 |
| SECX | SED INTL HOLDINGS | $0.88 | $1.00 | -13% | $5.00 | $0.75 | $6 |
| TECD | TECH DATA CORP | $28.50 | $28.06 | 2% | $55.87 | $20.00 | $1,530 |
| Index | 0.00 | 0.00 | 0.00 |
Market Capitalization Leaders (Mil)
| CISCO SYSTEMS | $293,563 |
| MICROSOFT CORP | $238,622 |
| INTEL CORP | $225,034 |
| ORACLE CORP | $171,422 |
| INTL BUSINESS MACHINES | $158,113 |
| EMC CORP | $137,845 |
| NORTEL NETWORKS | $100,358 |
| AMERICA ONLINE | $95,214 |
| AT&T CORP | $77,179 |
| HEWLETT-PACKARD | $61,917 |
| LUCENT TECHNOLOGI | $55,382 |
| DELL COMPUTER CORP | $47,211 |
| MCI WORLDCOM | $46,965 |
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