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- 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_775071,00.html


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Lucent Merger Called Off, Sun Warns

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May 29, 2001 - A tough day for technology and Internet stocks got even
more interesting after the close, as the Lucent-Alcatel merger was called
off and Sun Microsystems warned.

The ISDEX http://www.wsrn.com/apps/ISDEX/ plunged 18 to 263, and the
Nasdaq fell 75 to 2175. The S&P 500 dropped 9 to 1267, but the Dow climbed
33 to 11,039, once again holding the important 11,000 level. Volume rose
to 1.18 billion shares on the NYSE, and 1.6 billion on the Nasdaq.
Decliners led 16 to 13 on the NYSE, and 24 to 13 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.

Lucent (NYSE:LU) fell 1.08 to 8.32 during the day on word that the
company's merger with Alcatel (NYSE:ALA) would be for less than expected
(see this morning's Morning Report at
http://www.internetstockreport.com/column/article/0,1785,1661_774061,00.html).
Both Lucent and Alcatel rose after the bell after the companies announced
that the merger talks had been terminated, reportedly over issues of
equality and autonomy for troubled Lucent.

Also after the close, Sun (NASDAQ:SUNW) warned that earnings will be 2-4
cents a share, less than analysts' estimates of 6 cents. The company
declined to provide forward guidance. Goldman Sachs had downgraded the
stock during the day ahead of the company's mid-quarter update after the
close.

During the day, stocks fell across the telecom equipment sector on concern
about what the proposed Lucent deal meant for both valuations and
competition in the sector. Juniper (NASDAQ:JNPR) dropped 6.16 to 46,
slicing through 50 support, Ciena (NASDAQ:CIEN) lost 3.67 to 56.67,
Redback (NASDAQ:RBAK) dropped 2.16 to 13.55, Cisco (NASDAQ:CSCO) lost 1.88
to 20.17, and Tellabs (NASDAQ:TLAB) declined 1.30 to 37.38, but held 36
support.

Storage stocks were weak after Goldman Sachs downgraded EMC (NYSE:EMC),
which also announced layoffs. EMC lost 2.60 to 34.50, Network Appliance
(NASDAQ:NTAP) fell 3.64 to 22.08, Netegrity (NASDAQ:NETE) dropped 3.83 to
35.17, and Brocade (NASDAQ:BRCD) plunged 5.31 to 41.16.

RealNetworks (NASDAQ:RNWK) dropped 2.47 to 10.62 on reports that AOL
(NYSE:AOL) may include Microsoft's (NASDAQ:MSFT) Windows Media Player in
its access software.

iBasis (NASDAQ:IBAS) tacked on .23 to 3.99 on a deal with Openwave
(NASDAQ:OPWV). Akamai (NASDAQ:AKAM) rose .18 to 11.13 on several federal
contract wins.

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

Today wasn't all negative, but it was certainly mixed at best. The Dow
(first chart) held important 11,000 support, but it ended the day right at
its main downtrend line. A clean break of 11,000 or 11,050 should
determine near-term direction on the index. The S&P 500 (second chart) is
back below its September downtrend line, but it held important 1265
support, the neckline of an inverted head-and-shoulders bottom. Levels to
watch are 1254 to the downside and 1293 to the upside. The Nasdaq (third
chart) is back below its January bottom at the important 2252 level, but
is holding above its September downtrend line, which should be around 2150
o so tomorrow. 2200 is now first resistance. The bad news for techs is the
weakness in the generals, the Nasdaq 100 (fourth chart), which never took
out its January bottom (2087) and is well below its September downtrend
line. Today was a potential cycle turn date, so we'll see if the market
can turn up tomorrow.




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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