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Subject: SmartPortfolio.Com Update: Markets Rally, Dow Hits Record High



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Update January 7, 2000

Friday's Market Update: Markets Rally, Dow Hits Record High

 1. Friday's Market Action
 2. Internet and Tech Stocks
 3. Notable Earnings Announcements
 4. Notable Upgrades and Downgrades
 5. Stock Splits
 6. IPO Commentary
 7. IPO Calendar

************************Advertisement****************************

JDS Uniphase (Nasdaq:JDSU) Up 30 3/16 to 179 15/16 Today!

JDS Uniphase soars over 20% -- a recent issue of the Smart!Splits
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it traded in the 160s.  Even after a volatile week this stock
continues to power ahead.  To learn more about possible upcoming
stock splits and how you can profit in today's market, subscribe
to a FREE 2-week trial to the Smart!Splits Report by visiting:
http://www.smartportfolio.com/freetrials
<A HREF="http://www.smartportfolio.com/freetrials">AOL users click
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1.  Friday's Market Action

                        $ Change   % Change      Close
Dow Jones Industrials     +269.30     +2.39%   11522.56
S&P 500                    +32.43     +2.31%    1435.88
Nasdaq                    +155.39     +4.17%    3882.52
Internet Stock Index       +52.41     +6.76%     827.88

The Dow climbed to another record high while the Nasdaq racked up its
biggest point gain ever to rebound at the end of a week characterized
by extreme volatility.

Lucent Technologies (NYSE:LU) sparked today's Nasdaq rally and
simultaneously made history, becoming the most heavily traded stock in
a single session ever on the NYSE.  Shares of Lucent gained 1 3/4
(+3.37%) from Thursday's after-hours plunge following the warning
issued by the company after Thursday's markets closed that profits for
the world's largest telecommunications equipment maker would not meet
analyst expectations.  The announcement by Lucent, which was considered
a company-specific issue, propelled the stocks of its rivals in the
competitive telecommunications equipment market.  Shares of Nortel
Networks (NYSE:NT), a leading global supplier of telephone network
services, jumped 26.30% (up 20 1/4) to 97 1/4, while shares of
networking leader Cisco Systems (Nasdaq:CSCO) closed up 5 7/8 (+5.88%)
to 105 7/8.  Other telecom equipment stocks also advanced, with JDS
Uniphase (Nasdaq:JDSU) jumping 20.16% (up 30 1/16) to 179 15/16 , Ciena
Corp. (Nasdaq:CIEN) closing up 25.89% (up 11 7/8) to 57 3/4, and
Tellabs (Nasdaq:TLAB) rising 2 1/4 (+3.53%) to 66 1/16.

Today's market rebounds were bolstered by positive economic news, as
the Labor Department reported that the December jobless rate held firm
at 4.1% and that December's growth of U.S. jobs outside the farm sector
was the largest in five months.  While the announcement was a sign of
the continued strong economy, it also set the stage for increased fear
among investors that the Fed will raise interest rates when it meets in
early February.  The Fed has indicated that it is closely monitoring
the job market as it considers whether to raise interest rates in an
effort to cool the booming economy.

Contributing to today's market gains was a resurgent drug sector, with
Dow component Merck (NYSE:MRK) up 6 9/16 (+9.60%) to 74 15/16, Eli
Lilly (NYSE:LLY) gaining 4 13/16 (+7.27%) to 71, Schering Plough
(NYSE:SGP) moving up 5 1/16 (+11.79%) to 48, and Pharmacia & Upjohn
(NYSE:PNU) rising 2 11/16 (+5.69%) to 49 15/16.

Biotechs also performed well today with Amgen (Nasdaq:AMGN) gaining 6
7/8 (+11.25%) to 68, Biogen (Nasdaq:BGEN) rising 1 7/16 (+1.92%) to 76
3/8, Genentech (NYSE:DNA) up 8 7/8 (+6.93%) to 136 7/8, Immunex
(Nasdaq:IMNX) rising 9 7/16 (+10.42%) to 100.

Wal-Mart Stores (NYSE:WMT), the world's largest retailer, announced
that it will team up with Silicon Valley venture-capital firm Accel
Partners to form an Internet company, to be called Wal-Mart.com, which
is expected to enhance the giant retailer's Web site and bring more of
its shoppers online.  The partnership is also seen as a larger sign of
the move by leading retailers worldwide to become major players in the
competitive e-tail (online retail) market.  Investors reacted favorably
to the news, anticipating a major IPO of Wal-Mart.com in the future,
which sent shares of the Dow component rose 4 13/16 (+7.56%) to 68 1/2.
Meanwhile, shares of e-tailers performed well, with Amazon.com
(Nasdaq:AMZN) rising 4 (+6.10%) to 69 9/16, barnesandnoble.com
(Nasdaq:BNBN) gaining 1 9/16 (+10.55%) to 16 3/8, and CDnow
(Nasdaq:CDNW) edging up 9/16 (+5.81%) to 10 1/4, although E-toys
(Nasdaq:ETYS) dropped 1 15/16 (-8.24%) to 21 9/16.

Other big movers on the Dow helped drive the markets upward, with
Proctor & Gamble (NYSE:PG) rising 8 5/8 (+8.00%) to 116 1/2, General
Electric (NYSE:GE) closing up 5 21/64 (+3.66%) to 151, Johnson &
Johnson (NYSE:JNJ) gaining 3 3/16 (+3.44%) to 95 3/4, Coca-Cola
(NYSE:KO) rising 3 3/4 (+6.58%) to 60 3/4, and Honeywell (NYSE:HON)
closing up 3 (+5.36%) to 59.

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>

While telecom stocks helped drive the Nasdaq higher, telecom investors
were buzzing over the threat by Federal Communications Commission
Chairman William Kennard that regulatory action would be forthcoming if
the cable television industry and consumer electronics manufacturers
fail to resolve a standards dispute that is holding up the availability
of digital TV sets.  The parties have yet to reach an agreement over an
interface that would allow cable shows to appear on sets while
protecting the programs from being illegally copied.  Telecom stocks
came in with mixed results, as #1 U.S. long-distance carrier AT&T
(NYSE:T) rose 1 (+2.08%) to 49, Sprint Group (NYSE:FON) gained 9/16
(+0.89%) to 63 15/16, Winstar Communications (Nasdaq:WCII) closed up 1
1/2 (+2.21%) to 69 1/4, while Covad Communications (Nasdaq:COVD) fell 1
21/32 (-2.75%) to 58 1/2, Sprint PCS (Nasdaq:PCS) dropped 2 5/8 (-
2.78%) to 91 13/16.

In other telecom news, McLeodUSA (Nasdaq:MCLD), a leading provider of
local and long-distance telephone services, announced its intent to buy
Splitrock Services (Nasdaq:SPLT), the operator of a nationwide, high-
speed data network carrying over 2 billion minutes per month of
Internet traffic, for approximately $1.75 billion in stock in its
effort to expand its menu of offerings beyond voice telephone services.
Shares of McLeodUSA edged up 11/16 (+1.31%) to 53 1/4, while shares of
Splitrock jumped 21.75% (up 4 13/16) to 26 15/16.

Today's tech stock action also saw RealNetworks (Nasdaq:RNWK)
announcing its creation of an alliance with Universal Music Group, the
world's biggest recording company, which will allow consumers to use
RealNetwork's software to listen to music from Universal's wide array
of artists.  Under the agreement, Universal, a unit of Seagram Company
(NYSE:VO), will distribute RealJukebox, the digital music player
software developed by RealNetworks that lets users record and organize
songs on a computer.  Shares of RealNetworks rose 18 7/8 (+16.68%) to
132 1/16, while shares of Seagram edged lower 1/16 (-0.13%) to 48 5/8.

MicroStrategy (Nasdaq:MSTR) closed up 10 1/8 (+5.06%) to 210 3/8,
continuing its upward momentum gained from its 2-for-1 stock split
announcement on January 4.  The record date for the split is January 20
and the new shares will be issued on January 26, 1999.  The most recent
issue of the Smart!Splits Report forecasted the MicroStrategy split.
To find out how to subscribe to a FREE 2-week trial to the Smart!Splits
Report and learn about other potential stock splits, please visit:
http://www.smartportfolio.com/freetrials
<A HREF="http://www.smartportfolio.com/freetrials">AOL users click
here</A>

Other big movers in the tech sector included: America Online
(NYSE:AOL), which gained 4 1/4 (+6.18%) to 73 following news of its
upcoming alliance with General Motors (NYSE:GM) to establish a link on
the Internet portal that would provide product information to vehicle
owners and prospective buyers; wireless communications giant Qualcomm
(Nasdaq:QCOM), which gained 9 15/16 (+7.10%) to 150; Chipmaker Intel
(Nasdaq:INTC), which rose 3 1/4 (+4.13%) to 82; Dell Computer
(Nasdaq:DELL), which closed down 1 13/16 (-3.78%) to 46 3/16; MCI
Worldcom (Nasdaq:WCOM), which remained unchanged at 47 3/16; and Sun
Microsystems (Nasdaq:SUNW), which rose 3 7/8 (+5.70%) to 71 7/8.

Leading Internet and tech stocks performed as follows:

Company                      $ Change   % Change      Close
Amazon (Nasdaq:AMZN)          +3 15/16     +6.01%     69 1/2
America Online (NYSE:AOL)      +4 5/16     +6.27%    73 1/16
Commerce One (Nasdaq:CMRC)        -3/8     -0.20%        188
Cisco (Nasdaq:CSCO)            +5 3/16     +5.19%   105 3/16
CMGI (Nasdaq:CMGI)             +23 3/4     +9.49%        274
Dell (Nasdaq:DELL)              -1 7/8     -3.91%     46 1/8
Ebay (Nasdaq:EBAY)                  -1     -0.74%    133 7/8
ExciteAtHome (Nasdaq:ATHM)        +5/8     +1.63%         39
Exodus (Nasdaq:EXDS)              +1/2     +0.58%     86 7/8
Intel (Nasdaq:INTC)           +2 15/16     +3.73%   81 11/16
Juniper (Nasdaq:JNPR)              +13     +4.17%        325
Lucent (NYSE:LU)                  +5/8     +1.20%     52 5/8
Microsoft (Nasdaq:MSFT)         +63/64     +0.89%  110 63/64
Oracle (Nasdaq:ORCL)            +5 3/4     +5.99%    101 3/4
Schwab (NYSE:SCH)               +1 1/2     +4.08%     38 1/4
Qualcomm (Nasdasq:QCOM)       +9 13/16     +7.01%    149 7/8
Qwest (NYSE:Q)                  +1 3/4     +4.73%     38 3/4
Yahoo (Nasdaq:YHOO)           +39 1/16    +10.61%    407 1/4

3. Notable Earnings Announcements

There were no notable earnings announcements today.  For a calendar of
recent and upcoming earnings announcements, visit:
http://www.smartportfolio.com/earnings.asp
<A HREF="http://www.smartportfolio.com/earnings.asp">AOL users click
here</A>

4. Notable Upgrades and Downgrades

-- Upgrades - http://www.smartportfolio.com/upgrades.asp
<A HREF="http://www.smartportfolio.com/upgrades.asp">AOL users click
here</A>

Nortel Networks (NYSE:NT) was upgraded by Lehman Brothers to buy from
outperform and by SG Cowen to strong buy from buy.  Shares of the
communications equipment maker bolted 26.30% (up 20 1/4) to 97 1/4.

DuPont (NYSE:DD) was upgraded by ING Barings to hold from sell.  Shares
of the chemical and bio sciences company edged up 1/8 (+0.17%) to 71
5/8.

United HealthCare (NYSE:UNH) was upgraded by Bear Stearns to buy from
attractive.  Shares of the health care management company jumped 11.73%
(up 6 7/16) to 61 5/16.

Staples (NYSE:SPLS) was upgraded by Bear Stearns to buy from neutral.
Shares of the office supply retailer rose 1 3/8 (+5.74%) to 25 5/16.

SAP AG (NYSE:SAP) was upgraded by Morgan Stanley Dean Witter to
outperform from neutral.  Shares of the business application software
maker surged 30.64% (up 13 3/4) to 58 5/8.

McGraw-Hill (NYSE:MHP) was upgraded by Wasserstein Perella to strong
buy from buy.  Shares of the publishing company edged higher by 1/2
(+0.93%) to 54.

Tiffany & Co. (NYSE:TIF) was upgraded by PaineWebber to attractive from
neutral.  Shares of the jewelry retailer gained 5 7/16 (+7.06%) to 82
7/16.

-- Downgrades - http://www.smartportfolio.com/downgrades.asp
<A HREF="http://www.smartportfolio.com/downgrades.asp">AOL users
click here</A>

Lucent Technologies (NYSE:LU) was downgraded by numerous brokerage
firms, including, among others, Merrill Lynch (NYSE:MER) to near term
neutral from near term accumulate, Salomon Smith Barney to neutral from
buy, Lehman Brothers to neutral from buy.  See related story above.

Toys R Us (NYSE:TOY) was downgraded by Legg Mason to market perform
from outperform.  Shares of the toy retailer slipped 3/16 (-1.55%) to
11 15/16.

-- Coverage Initiation http://www.smartportfolio.com/initiated.asp   <A
HREF="http://www.smartportfolio.com/initiated.asp">AOL users
click here</A>

Dain Rauscher Wessels started coverage of the two major U.S.
automakers, Ford Motor Co. (NYSE:F) with a strong buy rating anf
General Motors (NYSE:GM) with a neutral rating.  Ford shares climbed 3
3/4 (+7.37%) to 54 5/8 and General Motors shares rose 3 1/4 (+4.54%) to
74 13/16.

Mortgage.com (Nasdaq:MDCM) was initiated by Bear Stearns with a neutral
rating, as was E-LOAN (Nasdaq:EELN).  Mortgage.com shares fell 1/32 (-
0.56%) to 5 9/16 and E-LOAN shares gave up 5/16 (-1.94%) to 15 13/16.

Deutsche Banc Alex. Brown started coverage of a number of Internet
health companies including PlanetRX.com (Nasdaq:PLRX) with a strong buy
rating and Healtheon/WebMD (Nasdaq:HLTH) and Drugstore.com
(Nasdaq:DSCM) with buy ratings.  PlanetRX.com was up 3/4 (+4.72%) to 16
5/8, Healtheon/WebMD was up 4 3/16 (+12.34%) to 38 1/8, and
Drugstore.com was up 3 1/8 (+10.25%) to 33 5/8.

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 5 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).

Company                                         Pay    Ex     Ratio

ColorMax Tech (Nasdaq:USEE)                    1/7    1/10    2:1
Daktronics, Inc. (Nasdaq:DAKT)                 1/7    1/10    2:1
Foundry Networks (Nasdaq:FDRY)                 1/7    1/10    2:1
InterNAP Network Services (Nasdaq:INAP)        1/7    1/10    2:1
Pegasus Systems (Nasdaq:PEGS)                  1/7    1/10    3:2
Red Hat (Nasdaq:RHAT)                          1/7    1/10    2:1
Satyam Infoway (Nasdaq:SIFY)                   1/7    1/10    4:1
Xcelera.com (AMEX:XLA)                         1/7    1/10    2:1
AVT Corp. (Nasdaq:AVTC)                       1/10    1/11    2:1
DoubleClick (Nasdaq:DCLK)                     1/10    1/11    2:1
MapInfo (Nasdaq:MAPS)                         1/10    1/11    3:2
TranSwitch (Nasdaq:TXCC)                      1/10    1/11    3:2
CMGI (Nasdaq:CMGI)                            1/11    1/12    2:1
Costco Wholesale Corp. (Nasdaq:COST)          1/13    1/14    2:1
Dynacq International (Nasdaq:DYII)            1/13    1/14    2:1
InterTAN, Inc. (NYSE:ITN)                     1/13    1/14    3:2

6. IPO Commentary

While the IPO market will kick into high gear in the coming weeks, it
is currently still in hibernation as only a handful of IPOs are
expected to come to market.  Insurance and investment services giant
John Hancock Financial Services (NYSE:JHF), one such upcoming IPO,
announced that is has lowered the expected price range for its proposed
IPO to $16 to $18 per share, from its $15 to $25 per share range that
the company set in mid-December.  The company expects that the IPO,
which will be underwritten by Morgan Stanley Dean Witter & Co.
(NYSE:MWD), will net $1.65 billion and, based on an initial price of
$17 per share, John Hancock's initial market capitalization would total
about $5.64 billion.  Shares of other leading insurance and investment
services companies performed well, with American International Group
(NYSE:AIG) up 7 5/8 (+7.48%) to 109 1/2, Chubb (NYSE:CB) rising 3 1/4
(+6.07%) to 56 13/16, Aetna (NYSE:AET) gaining 3 9/16 (+6.56%) to 57
7/8, and Hartford Financial Services (NYSE:HIG) closing up 2 (+4.67%)
to 44 13/16.

For further information on IPOs expected to outperform in the next
millenium, please go to http://www.smartportfolio.com/freetrial
<A HREF="http://www.smartportfolio.com/freetrial">AOL users click
here.</A>

7.  IPO Calendar

For a calendar of upcoming IPOs and extensive information concerning
the IPO market, please visit: http://www.smartportfolio.com/ipo
<A HREF="http://www.smartportfolio.com/ipo">AOL users click here.</A>

************************Advertisement****************************

JDS Uniphase (Nasdaq:JDSU) Up 30 3/16 to 179 15/16 Today!

JDS Uniphase soars over 20% -- a recent issue of the Smart!Splits
Report identified this stock as a good post-split performer when
it traded in the 160s.  Even after a volatile week this stock
continues to power ahead.  To learn more about possible upcoming
stock splits and how you can profit in today's market, subscribe
to a FREE 2-week trial to the Smart!Splits Report by visiting:
http://www.smartportfolio.com/freetrials
<A HREF="http://www.smartportfolio.com/freetrials">AOL users click
here</A>

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