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---------------------- Forwarded by Sara Shackleton/HOU/ECT on 03/09/2000
05:50 PM --------------------------- "SmartPortfolio.Com" <admin_update@smartportfolio.com< on 03/09/2000 07:10:20 PM Please respond to "SmartPortfolio.Com" <admin_update@smartportfolio.com< To: Sara Shackleton/HOU/ECT@ECT cc: Subject: SmartPortfolio.Com Update: Nasdaq Sails Beyond 5000 The following is a FREE service brought to you by SmartPortfolio.Com, located on the Web at http://www.smartportfolio.com <A HREF="http://www.smartportfolio.com"<AOL users click here</A< Update March 9, 2000 Thursday's Market Update: Nasdaq Sails Beyond 5000 1. Thursday's Market Action 2. Internet and Tech Stocks 3. Notable Earnings Announcements 4. Notable Upgrades and Downgrades 5. Stock Splits 6. IPO Commentary 7. IPOs Trading Thursday 8. IPO Calendar ********************* Advertisement ************************* REDBACK NETWORKS JUMPS NEARLY 10% AFTER ANNOUNCING STOCK SPLIT! Smart!Splits Readers Knew About it Beforehand! Did you? Didn't know that Redback Networks (Nasdaq:RBAK) was going to announce a stock split yesterday? Subscribers to the Smart!Splits Report were informed of this possibility in last week's report! To find out about the next stock split that can enhance your portfolio, visit: http://www.smartportfolio.com/freetrials <A HREF="http://www.smartportfolio.com/freetrials"<AOL users click here</A< ************************************************************* Need this report sooner? Please remember that you can always read the update on our web site at http://www.smartportfolio.com/update The update is posted at approximately 6:00 PM EST every day. 1. Thursday's Market Action $ Change % Change Close Dow Industrials +154.20 +1.56% 10010.73 S&P 500 +34.99 +2.56% 1401.69 Nasdaq +149.60 +3.05% 5046.86 Internet Stock Index +42.29 +3.95% 1111.96 The Dow recovered in Thursday afternoon's trading session, making big gains before closing up sharply, while Internet and technology stocks propelled the Nasdaq to its fifth biggest single-day point gain ever to close above 5000 for the first time in history. Thursday's early market action had all major U.S. indexes performing lower following the Labor Department's report that the number of Americans applying for jobless benefits increased for the second consecutive week to 280,000 from 275,000 in the previous week. At the same time, however, a more accurate longer-term measure showed that the closely watched four-week moving average fell for the second straight week to 277,250, which represented the lowest figure in 26 years. Economists view the four-week moving average as a more dependable indicator of job market trends since it accounts for weekly fluctuations. Notwithstanding the Labor Department's report, financial stocks, which typically are sensitive to news related to potential interest rate hikes, performed well, with American Express (NYSE:AXP) edging up 1/8 (+0.10%) to 122 7/8, JP Morgan (NYSE:JPM) gaining 5/16 (+0.29%) to 107 11/16, Chase Manhattan Bank (NYSE:CMB) closing up 2 1/8 (+2.69%) to 81 1/8, Goldman Sachs (NYSE:GS) finishing up 5 7/16 (+5.34%) to 107 3/4, and General Electric (NYSE:GE), which has a substantial financial services component, rising 1 1/16 (+0.82%) to 131 3/8. In other financial stock news, Deutsche Bank AG, Europe's largest bank, and competitor Dresdner Bank AG, the third biggest German bank, jointly announced on Thursday that Deutsche Bank would commence a $30 billion takeover of Dresdner in a transaction that would create the world's largest bank with $1.2 trillion in assets. Under the deal, the combined company would close approximately 800 branch offices and reduce payroll levels dramatically. It is estimated that these cuts would result in annual cost savings of over $2.75 billion. Following the announcement, Wall Street began speculating about whether this deal would put increasing consolidation pressure on U.S. banks, including financial giant Citigroup (NYSE:C), which edged lower by 7/16 (-0.87%) to 50 1/16. One of the strongest performing sectors on Thursday was the pharmaceutical idustry, with Bristol-Myers Squibb (NYSE:BMY) jumping 12.04% (up 5 3/4) to 53 1/2, Merck (NYSE:MRK) gaining 6.93% (up 3 15/16) to 60 3/4 and Eli Lilly (NYSE:LLY) closing up 8.11% (up 4 1/2) to 60. Insurance powerhouse Metropolitan Life Insurance announced on Thursday that it would acquire the remaining interest in insurance asset manager and research firm Conning Corp. (Nasdaq:CNNG) in a deal valued at approximately $68 million. MetLife already has a 61% stake in Conning that was captured through MetLife's January acquisition of Conning's indirect majority owner, General America Corp. MetLife, which is scheduled to trade its shares on the New York Stock Exchange by the end of March, increased its offer from $10.50 per share of Conning to $12.50 per share. Shares of Conning gained 15.98% (up 1 11/16) to 12 1/4, while shares of other companies in the insurance space performed well, with Chubb (NYSE:CB) rising 3/4 (+1.68%) to 45 1/2, Aetna (NYSE:AET) closing up 3 1/8 (+5.77%) to 57 1/4, and Hartford Financial Services (NYSE:HIG) gaining 15/16 (+3.19%) to 30 5/16. Investors reacted on Thursday to the request by the Federal Communications Commission (FCC) for more information relating to the proposed $135 billion merger of America Online (NYSE:AOL), the #1 Internet service provider, and Time Warner (NYSE:TWX), the media and cable giant, after the initial filing by these companies was deemed insufficient. While a second request for information by the Justice Department or Federal Trade Commission frequently is viewed as a sign of potential delays in approving a merger, analysts expect that the FCC request will not delay significantly the agency's evaluation of the proposed deal. Shares of AOL rose 6 (+10.93%) to 60 7/8, while shares of Time Warner gained 7 7/16 (+9.38%) to 86 3/4. Among the big Dow movers on Thursday were: << Boeing (NYSE:BA), which closed up 3/8 (+1.12%) to 33 3/4 following the aerospace giant's announcement that an ongoing strike could hurt the company's earnings and cause longer delays of jet deliveries. << AT&T Corp. (NYSE:T), which dropped 3/8 (-0.71%) to 52 5/8 following news that Dan Hesse, president of the company's wireless business that will be sold in what could be the largest U.S. IPO ever, is leaving AT&T to take the helm at an Internet start-up company. << Hewlett-Packard (NYSE:HWP), which rose 11 (+7.81%) to 151 7/8 and was a driving force behind Thursday afternoon's recovery on the Dow. 2. Internet and Tech Stocks For a FREE trial to SmartPortfolio.Com's in-depth analysis of selected Internet stocks, please visit: http://www.smartportfolio.com/freetrial <A HREF="http://www.smartportfolio.com/freetrial"<AOL users click here</A< Internet and technology stocks continued to drive the Nasdaq higher, with several companies hitting new all-time highs during Thursday's trading session. Among the several high-flyers reaching new records were Redback Networks (Nasdaq:RBAK), which jumped 32 3/16 (+9.82%) to 359 7/8, Nextel Communications (Nasdaq:NXTL), which rose 15 15/16 (+11.63%) to 152 15/16, Cisco Systems (Nasdaq:CSCO), which closed up 6 15/16 (+ 5.24%) to 139 5/16, and Phone.com (Nasdaq:PHCM), which gained 24 1/2 (+16.90%) to 169 1/2. GoTo.com (Nasdaq:GOTO) announced on Thursday that it would acquire AuctionRover.com, a resource for online auctions, in a deal valued at approximately $170 million. AuctionRover's proprietary technology permits buyers to search for products and services that are being auctioned in cyberspace. Online search engine GoTo.com operates an Internet marketplace that introduces Web users to advertisers. Shares of GoTo.com, which analysts believe will benefit tremendously from its e-auction acquistion, fell 2 5/8 (-5.20%) to 47 7/8, while shares of online auction companies finished mixed for the day, with eBay (Nasdaq:EBAY) dropping 1 1/2 (-0.82%) to 182 1/2, Yahoo (Nasdaq:YHOO), which operates Yahoo! Auctions, gaining 6 1/4 (+3.53%) to 183 1/4, and Amazon.com (Nasdaq:AMZN), which runs Amazon Auctions, closing up 5 3/16 (+8.15%) to 68 13/16. In the wake of International Business Machines' (NYSE:IBM) launch of a large-scale Internet campaign, the company announced on Thursday that it has signed agreements under which local U.S. telephone providers Bell Atlantic (NYSE:BEL) and SBC Communications (NYSE:SBC) will test IBM's new Internet access devices. While IBM did not disclose the number of devices that would be tested in the trials, analysts predicted that the testing by Bell Atlantic and SBC Communications would be a major step in IBM's efforts to shift its focus to the development of products designed specifically for Internet access. Shares of IBM gained 1 3/8 (+1.29%) to 107 5/8, shares of Bell Atlantic closed up 2 1/8 (+3.76%) to 58 5/8 and shares of SBC fell 1/16 (-0.15%) to 41 9/16. Old economy fast-food titan McDonald's Corp. (NYSE:MCD) officially has entered the age of the Internet. The world's largest fast food chain announced on Thursday that it has made a significant investment Food.com, which provides online food takeout and delivery services. McDonald's also is exploring various online opportunities for some of its smaller restaurant brands, including Donatos Pizza, Boston Market and Chipotle Mexican Grill. Shares of McDonald's rose 7/8 (+2.85%) to 31 5/8. Other big movers in the Internet and technology sectors included: << Smith Micro Software (Nasdaq:SMSI), which skyrocketed 101.80% (up 10 5/8) to 21 1/16 following the company's announcement that it has developed a new wireless Internet access solution. << Globalstar Telecommunications (Nasdaq:GSTRF), which fell 12.99% (-2 11/16) to 18 and was one among the most active stocks on the Nasdaq on Thursday following the downgrade of the company by CIBC World Markets. << Copper Mountain (Nasdaq:CMTN), which rose 9.19% (up 8 13/16) to 104 11/16 and rode the wave of a strong overall Nasdaq performance. Leading Internet and tech stocks performed as follows: Company $ Change % Change Close Amazon (Nasdaq:AMZN) +5 3/16 +8.15% 68 13/16 America Online (NYSE:AOL) +6 1/16 +11.05% 60 15/16 Commerce One (Nasdaq:CMRC) +8 1/8 +3.09% 271 1/4 Cisco (Nasdaq:CSCO) +6 15/16 +5.24% 139 5/16 CMGI (Nasdaq:CMGI) +6 7/8 +4.96% 145 3/8 Dell (Nasdaq:DELL) +3 1/2 +7.46% 50 7/16 Ebay (Nasdaq:EBAY) -1 1/2 -0.82% 182 1/2 ExciteAtHome (Nasdaq:ATHM) -3/8 -1.22% 30 3/8 Exodus (Nasdaq:EXDS) -2 1/16 -1.28% 158 9/16 Intel (Nasdaq:INTC) +3 7/16 +2.99% 118 3/8 Juniper (Nasdaq:JNPR) +1 3/8 +0.50% 276 Lucent (NYSE:LU) +7/8 +1.29% 68 7/8 Microsoft (Nasdaq:MSFT) +4 7/16 +4.64% 100 Oracle (Nasdaq:ORCL) +7/8 +1.05% 84 Schwab (NYSE:SCH) +1 15/16 +4.31% 46 15/16 Sun Micro (Nasdaq:SUNW) +1 +1.04% 97 1/4 Qualcomm (Nasdasq:QCOM) -2 1/8 -1.65% 127 Qwest (NYSE:Q) +3 1/16 +5.69% 56 7/8 Yahoo (Nasdaq:YHOO) +6 1/4 +3.53% 183 1/4 *********************** Advertisement ************************ Make the most of your money by visiting Quicken.com today. Evaluate companies step-by-step the way the experts do. Track your favorite stocks, receive personalized financial news and all these features and more for free! Click: http://quicken.precision-email.com/go/L90_quicken721_email1/direct/01 ************************************************************** 3. Notable Earnings Announcements For a calendar of recent and upcoming earnings announcements, please visit: http://www.smartportfolio.com/earnings.asp <A HREF="http://www.smartportfolio.com/earnings.asp"<AOL users click here</A< H.J. Heinz Co. (NYSE:HNZ) announced on Thursday that its fiscal third quarter profits increased 3.5% year-over-year as acquisitions helped boost sales growth. Earnings for the maker of StarKist canned tuna, Ore-Ida frozen potatoes and 9-Lives cat food came in at 63 cents per share, which beat First Call consensus estimates of 62 cents a share. Shares of the giant food company best known for its ketchup gained 1/4 (+0.73%) to 34 1/2. Kroger Co. (NYSE:KR) reported on Thursday higher-than-expected quarterly profits, as a partial result of greater sales of private-label products. Income came in at 39 cents a share, from 32 cents a share in the year-earlier period, and exceeded First Call consensus estimates of 38 cents a share. Shares of the #1 U.S. grocery chain closed down 5/8 (-4.07%)to 14 3/4. Lands' End (NYSE:LE) announced on Thursday a 17% decline in quarterly sales and posted income of 92 cents a share, missing First Call consensus estimates of $1.09 a share. Shares of the Internet and catalog retailer rose 4 9/16 (+14.78%) to 35 7/16. National Semiconductor (NYSE:NSM) reported on Thursday strong quarterly profits based largely on increased orders and sales in its analog chip business. Earnings came in at 51 cents a share, beating First Call consensus estimates of 45 cents a share. Shares of the giant maker of chips for cellular phones and wireless devices dropped 3 1/2 (-4.24%) to 79. 4. Notable Upgrades and Downgrades For full coverage of today's upgrades, downgrades and coverage initiations, please click on the appropriate links below: -- Upgrades - http://www.smartportfolio.com/upgrades.asp <A HREF="http://www.smartportfolio.com/upgrades.asp"<AOL users click here</A< Canon (Nasdaq:CANNY) was upgraded by Merrill Lynch from near- term accumulate to near-term buy. Shares rose 7/16 (+1.10%) to 40 5/16. Eli Lilly (NYSE:LLY) was upgraded by SG Cowen from neutral to buy. Shares gained 4 1/2 (+8.11%) to 60. Georgia-Pacific (NYSE:TGP) was upgraded by Credit Suisse First Boston (CSFB) from hold to buy. Shares closed up closed down 3/16 (-0.87%) to 21 1/4. -- Downgrades - http://www.smartportfolio.com/downgrades.asp <A HREF="http://www.smartportfolio.com/downgrades.asp"<AOL users click here</A< American Tower (NYSE:AMT) was downgraded by Morgan Stanley Dean Witter (MSDW) from stong buy to outperform. Shares fell 7/16 (- 0.81%) to 53 1/2. Consolidated Papers (NYSE:CDP) was downgraded by CSFB fro buy to hold. Shares dropped 3/4 (-2.19%) to 33 1/2. Globalstar Telecommunications (Nasdaq:GSTRF) was downgraded by CIBC World Markets from buy to hold. Shares closed down 2 11/16 (-12.99%) to 18. Quintiles Transnational (Nasdaq:QTRN) was downgraded by Merrill Lynch from near-term accumulate/long-term buy to near-term neutral/long-term accumulate. Shares fell 4 1/8 (-17.51%) to 19 7/16. Triton PCS (Nasdaq:TPCS) was downgraded by Lehman Brothers from buy to neutral. Shares fell 3 7/8 (-5.76%) to 63 3/8. -- Coverage Initiations http://www.smartportfolio.com <A HREF="http://www.smartportfolio.com/initiated.asp"<AOL users click here</A< Several retail clothing stores were initiated by Deutsche Banc Alex. Brown (Deutsche Banc) with a market perform rating, including Ann Taylor Stores (NYSE:ANN), which fell 1/16 (-0.26%) to 23 15/16, and Bebe Stores (Nasdaq:BEBE), which dropped 3/8 (- 3.06%) to 11 7/8. CompuCredit Corp. (Nasdaq:CCRT) was initiated by JP Morgan with a buy rating. Shares gained 1 1/2 (+4.71%) to 33 3/8. Coventry Health Care (Nasdaq:CVTY) was initiated by Goldman Sachs with a market perform rating. Shares closed down 1/32 (- 0.39%) to 8. Globix (Nasdaq:GBIX) was initiated by Merrill Lynch with a near- term buy/long-term buy rating. Shares closed up 4 3/8 (+8.00%) to 59 1/16. Honeywell (NYSE:HON) was initiated by Warburg Dillon Read with a strong buy rating. Shares rose 1 7/16 (+3.37%) to 44 1/8. Radio One (Nasdaq:ROIA) was initiated by Morgan Stanley with a strong buy rating. Shares rose 2 15/16 (+5.15%) to 60. World Access (Nasdaq:WAXS) was initiated by Morgan Stanley with a strong buy rating. Shares jumped 26.50% (up 5 1/4) to 25 1/16. 5. Stock Splits To obtain the latest information on stock splits, please visit: http://www.smartportfolio.com/splits <A HREF="http://www.smartportfolio.com/splits"<AOL users click here</A< This chart shows the companies that will split their shares during the next 4 business days. The "Pay" column shows the payable date. The "Ex" column refers to the ex-date, the date on which the stock begins to trade at its split-adjusted price. The ratio refers to the number of split shares stockholders will receive (a 2:1 ratio means that stockholders will receive one additional share for each share they already hold). Pay Ex Ann. Split Date Date Company Sym. Date Ratio Mar 10 Mar 13 JDS Uniphase JDSU Jan 03 2-1 Mar 10 Mar 13 Network Solutions NSOL Dec 22 2-1 Mar 10 Mar 13 Aspect Development ASDV Feb 15 2-1 Mar 13 Mar 14 SDL Inc SDLI Dec 20 2-1 Mar 13 Mar 14 Advanced Digital ADIC Feb 17 2-1 Mar 13 Mar 14 Advent Software ADVS Feb 17 2-1 Mar 13 Mar 14 NetVoice NTVTE Feb 15 2-1 Mar 13 Mar 14 BroadVision BVSN Feb 09 3-1 Mar 14 Mar 15 Brocade Communications BRCD Feb 17 2-1 6. IPO Commentary - http://www.smartportfolio.com/ipo <A HREF="http://www.smartportfolio.com/ipo"<AOL users click here.</A< Two IPOs made their public debuts on Thursday amid a very healthy, broad-market rally. Shares of OraPharma, Inc. (NASDAQ:OPHM), a developer of pharmaceutical products for the treatment of oral diseases and disorders, bolted 73.61% to close at 31 1/4, while shares of Riverdeep (Nasdaq:RVDPV), a provider of technology based educational solutions, soared 243.30% to close at 66 55/64. In a show of strength, OTG Software, Inc. (NASDAQ:OTGS), a provider of online data storage management and data access solutions, sharply increased its pricing terms: OTG's underwriter increased the number of shares from 4 million to 5 million and increased the pricing range from $12-$14 to $16-$18. In addition, Selectica, Inc. (NASDAQ:SLTC), a provider of Internet selling system software and services, increased its pricing range from $9-$11 to $23-$25. It seemed impossible for investors to become any more excited about technology/Internet stocks, but apparently they have. To find out more about OTG Software and Selectica and to learn of more upcoming IPOs that are in strong demand, please go to http://www.smartportfolio.com/freetrial <A HREF="http://www.smartportfolio.com/freetrial"<AOL users click here.</A< 7. IPOs Trading Thursday OraPharma Inc (NASDAQ:OPHM) - Developer of pharmaceutical products for the treatment of oral diseases and disorders. Price: 18 Open: 24 High: 36 7/8 Close: 31 1/4 Change: +13 1/4 (+73.61%) Riverdeep (Nasdaq:RVDPV) - Provider of technology based educational solutions, specializing in creating educational software for the K-12 market, delivered over the Internet. Price: 20 Open: 58 1/8 High: 72 1/2 Close: 66 55/64 Change: +46 55/64 (+243.30%) 8. IPO Calendar - http://www.smartportfolio.com/ipo <A HREF="http://www.smartportfolio.com/ipo"<AOL users click here.</A< *Indicates an Internet related issue. 3/9 - New China Homes Ltd (NASDAQ:-TBA-) - Builds homes in planned residential communities for middle-class Chinese families. *3/10 - OTG Software Inc (NASDAQ:OTGS) - Provider of online data storage management and data access solutions. *3/10 - Gt Group Telecom (Nasdaq:GTTL) - Operator of a national broadband network, providing Internet, high-speed data and voice services to businesses in Canada. *3/10 - HomeGrocer.com Inc (NASDAQ:HOMG) - An Internet retailer of grocery and other consumer products. *3/10 - Selectica Inc (NASDAQ:SLTC) - Provider of Internet selling system software and services that enable companies to efficiently sell complex products and services over intranets, extranets and the Internet. 3/10 - Stratus Services Group Inc (NASDAQ:SERV) - Provider of temporary staffing and engineering services. 3/10 - Bio Aqua Systems Inc (AMEX:SEA) - Holding company for Tepual, S.A., a Chilean corporation that sells various branded products for animal nutrition, including fish meal, feather meal and krill meal. *3/10 - SUNDAY Communication (NASDAQ:SDAY) - Provider of wireless communication and Internet services in Hong Kong. ********************* Advertisement ************************* REDBACK NETWORKS JUMPS NEARLY 10% AFTER ANNOUNCING STOCK SPLIT! Smart!Splits Readers Knew About it Beforehand! Did you? Didn't know that Redback Networks (Nasdaq:RBAK) was going to announce a stock split yesterday? Subscribers to the Smart!Splits Report were informed of this possibility in last week's report! To find out about the next stock split that can enhance your portfolio, visit: http://www.smartportfolio.com/freetrials <A HREF="http://www.smartportfolio.com/freetrials"<AOL users click here</A< ************************************************************* ************************************************************** ALL NEW USER COMMENTS SECTION ON OUR WEB PAGE The SmartPortfolio.Com team has received hundreds of positive e- mails from our subscribers and, as a result, we are compiling a testimonial section on our Web site for everyone's benefit. 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