- internet.com's -
M A R K E T  C L O S E

By Paul Shread (mailto:pshread@internet.com)
http://www.isdex.com

http://www.internetstockreport.com/close/article/0,1785,1701_775911,00.html


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Sun Sets On Stocks

May 30, 2001 - Stocks plunged Wednesday on an earnings warning from Sun
Microsystems and downgrades to optical stocks.

The ISDEX http://www.wsrn.com/apps/ISDEX/ cratered 18 to 245, and the
Nasdaq plunged 91 to 2084. The S&P 500 dropped 19 to 1248, and the Dow
fell 166 to 10,872, back below the important 11,000 level. Volume surged
to 1.35 billion shares on the NYSE, and 1.95 billion on the Nasdaq.
Decliners led 19 to 10 on the NYSE, and 27 to 10 on the Nasdaq. For
earnings reports, visit our earnings calendar at
http://www.wsrn.com/apps/earnings/internet.xpl and reported earnings at
http://www.wsrn.com/apps/earnings/ireported.xpl. For after hours quotes
and news, visit our after hours trading site at
http://www.afterhourstrading.com.

Sun (NASDAQ:SUNW), off 2.42 to 16.25, set the tone after warning that
earnings will be 2-4 cents a share, less than analysts' estimates of 6
cents. The company declined to provide forward guidance, and blamed the
shortfall on unexpected weakness in Europe.

A day after calling off its proposed merger with Lucent (NYSE:LU), Alcatel
(NYSE:ALA) fell 2.12 to 25.29 on an earnings warning. Redback
(NASDAQ:RBAK) rose .30 to 14 on speculation that it could become Alcatel's
next takeover target.

A day after breaking 50 support, Juniper (NASDAQ:JNPR) plunged 6.31 to
40.08 after CIBC WorldMarkets cut estimates and said the company probably
won't introduce a new router until the fall.

Optical stocks were hit hard by downgrades from Morgan Stanley, based on
reduced carrier spending plans and pricing pressure. Nortel (NYSE:NT) fell
1.27 to 13.35, JDS Uniphase (NASDAQ:JDSU) dropped 2.24 to 16.93, Sycamore
(NASDAQ:SCMR) lost 1.19 to 9.04, and Tellabs (NASDAQ:TLAB) lost 3.53 to
33.85, breaking 36 support. 31-32 is the stock's recent low.

Oracle (NASDAQ:ORCL) fell 1.12 to 14.49 on speculation by Goldman Sachs
that the company could warn as soon as Friday or Monday.

Extended Systems (NASDAQ:XTND) dropped .63 to 7.77 after announcing it
will hold a conference call tomorrow after the close to discuss its
business outlook.

RealNetworks (NASDAQ:RNWK) added .36 to 10.98 on an alliance with Intel
(NASDAQ:INTC).

Openwave (NASDAQ:OPWV), off 5.88 to 35.85, crashed through 40 support.

eBay (NASDAQ:EBAY) rose .15 to 59.90 on positive analyst comments.

Some technical comments on the market: Note: We include charts in the
technical market commentary. If you can't get the charts via the e-mail
newsletter version, try this link:
http://www.afterhourstrading.com/column.html

Nothing good to report today. The indexes all broke important support
today, and the S&P 500 and the Nasdaq closed 4% from critical support at
1200 and 2000, respectively; below those levels, a retest of the lows
becomes likely. The Dow (first chart) fell back below 11,000 support, and
the failure to reclaim its main downtrend line looks pretty unattractive
when plotted on a weekly chart. The index has support about every 100
points from here, and would trade with a negative bias below 10,600. The
S&P 500 (second chart) is back below important 1265 support, the neckline
of a potential inverted head-and-shoulders bottom. The index could find
support in the 1220-1240 range, and 1254-1265 is now resistance. The
Nasdaq (third chart) is back below its September downtrend line, which
appears to be at about 2100. 2060 is the next support below 2080. The
Nasdaq 100 (fourth chart) is sitting right above important support at
1775. The only good news is that the indexes are short-term oversold and
are entering a period with a positive bias, the end of one month and the
first couple of days of a new month.




Special report: For a free introduction to technical chart patterns and an
overview of last year's action in the stock market, visit
http://www.internetstockreport.com/guest/article/0,1785,2571_500051,00.html.



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