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"SmartPortfolio.Com" <admin_update@smartportfolio.com> on 12/20/99 05:05:58 PM
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Subject: SmartPortfolio.Com Update: Nasdaq Strong, Dow Weak Before Fed Meets



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Update December 20, 1999

Monday's Market Update: Nasdaq Strong, Dow Weak Before Fed Meets

 1. Monday'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

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1. Monday's Market Action

                             $ Change   % Change      Close
Dow Industrials               -113.16     -1.01%   11144.27
S&P 500                         -2.94     -0.21%    1418.09
Nasdaq                         +30.81     +0.82%    3783.87
Internet Stock Index            +8.44     +1.03%     828.66

The Nasdaq surged to another record high while the Dow pulled back from
early gains in moderate trading volume.

Investor focus shifted to Tuesday's meeting of the Federal Open Market
Committee, which is the Fed's interest rate policy-making body.
Although few market watchers expect the Fed to raise rates at the
meeting given uneasiness over the Year 2000 issue, speculation has
grown that the Fed may change its "bias" or predisposition towards
future interest rate hikes.

General Electric (NYSE:GE) shares rose 1 13/16 (+1.19%) to 153 11/16 on
continuing momentum from the company's announcement on Friday of a 3-
for-1 stock split, a 17% increase in its quarterly dividend to 41 cents
per share, and an expansion of its share repurchase program,

In addition to the GE stock split announced on Friday, several
prominent companies announced splits last week and today, including
Oracle Corp. (Nasdaq:ORCL) 2-for-1, Red Hat (Nasdaq:RHAT) 2-for-1,
Morgan Stanley Dean Witter & Co. (NYSE:MWD) 2-for-1, Check Point
Software (Nasdaq:CHKP) 2-for-1, Novellus Systems (Nasdaq:NVLS) 3-for-1,
and CMGI (Nasdaq:CMGI).  Novellus Systems shareholders were excited
today--the stock closed up 33.36% (up 28 18/32) to 113 9/16!
Our Smart!Splits Report forecasted the GE, Oracle, and CMGI splits.
Each week this Report analyzes potential and announced stock splits.
To subscribe to a FREE 2-week trial to the Smart!Splits Report, please
visit:  http://www.smartportfolio.com/freetrial
<A HREF="http://www.smartportfolio.com/freetrial">AOL users click
here</A>

Merger mania hit the drug sector again today with news that drug giant
Pharmacia & Upjohn (NYSE:PNU) and life sciences company Monsanto
(NYSE:MTC) will combine in a "merger of equals" transaction.  Investors
in both companies reacted negatively to the news, as shares of Monsanto
closed down 5 1/8 (-12.28%) to 36 5/8 and shares of Pharmacia & Upjohn
closed down 3 1/8 (-6.22%) at 47 1/8.  Monsanto shareholders were
particularly disappointed because they have been pushing for an
acquisition involving Monsanto, or at least its agribusiness division,
for some time, but given the merger of equals nature of this
transaction, they will not receive a significant premium for their
shares.  Other drug stocks ended mixed, with Merck (NYSE:MRK) edging up
3/16 (+0.28%) to 66 3/4, Pfizer (NYSE:PFE) down 7/16 (-1.32%) to 32
13/16, and Johnson & Johnson (NYSE:JNJ) down 3 (-3.16%) to 91 7/8.

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>

As further evidence that the Internet has revolutionized not only the
business world but also society in general, Time magazine named Jeff
Bezos, the founder, CEO and Chairman of Amazon.com (Nasdaq:AMZN), as
its Man of the Year for 1999.  Shares of the leading Internet "e-
tailer" closed up 2 15/16 (+3.12%) to 97 on the news.

Cisco Systems (Nasdaq:CSCO) shares rose 3 9/16 (+3.57%) to 103 1/4 on
news the leading networking company formed a fiber optics strategic
alliance with Italy's tire and cable maker Pirelli.  The deal calls on
Cisco to make investments in several Pirelli divisions.

Shares of TheStreet.com (Nasdaq:TSCM) surged 13.94% (up 2 3/16) to 17
7/8 on news the online financial news and commentary provider reached a
2-year marketing agreement with America Online (NYSE:AOL) that will
provide financial news and live events from TheStreet.com to AOL sites.
AOL shares closed up 1 5/8 (+1.91%) to 86 5/8.

EarthWeb (Nasdaq:EWBX) shares jumped 10.98% (up 4 1/2) to 45 1/2 on
news its dice.com site, a leading nationwide job site for Information
Technology (IT) professionals, landed a series of partnerships to
bolster its online IT position listings.  The partners include
Amazon.com (Nasdaq:AMZN), ExciteAthome (Nasdaq:ATHM), MCI Worldcom
(Nasdaq:WCOM), PeopleSoft (Nasdaq:PSFT), Staples (Nasdaq:SPLS), and
Yahoo! (Nasdaq:YHOO).

Other big movers in the tech sector included VeriSign (Nasdaq:VRSN), up
14.65% (up 19 3/16) to 150 1/8 after announcing two strategic
acquisitions; business-to-business (B2B) company Ariba (Nasdaq:ARBA),
which traded on a post-split basis for the first time today and closed
up 5 5/16 (+4.15%) to 133 3/8; B2B firm Commerce One (Nasdaq:CMRC),
bouncing back 17 3/4 (+4.38%) to 423 today; B2B incubator Internet
Capital Group (Nasdaq:ICGE), up 18.09% (up 22) to 143 5/8 on heavy
volume; Internet start-up incubator CMGI (Nasdaq:CMGI), up 10 3/8
(+4.90%) to 222 3/16; and Webstakes.com (Nasdaq:IWIN), an Internet
promotion solutions company, up 39.46% (up 7 1/4) to 25 5/8.

Leading Internet and tech stocks performed as follows:

Company                      $ Change   % Change      Close

Amazon (Nasdaq:AMZN)         +2 15/16     +3.12%         97
America Online (NYSE:AOL)          +2     +2.35%         87
Cisco (Nasdaq:CSCO)           +3 9/16     +3.57%    103 1/4
CMGI (Nasdaq:CMGI)            +10 3/8     +4.90%   222 3/16
Commerce One (Nasdaq:CMRC)    +17 3/4     +4.38%        423
Dell (Nasdaq:DELL)             +2 1/8     +4.66%   47 11/16
Ebay (Nasdaq:EBAY)            -1 5/16     -0.87%   149 1/16
Exodus (Nasdaq:EXDS)          -4 9/16     -5.49%     78 1/2
Excite@Home (Nasdaq:ATHM)      -1 5/8     -3.39%     46 1/4
ETRADE (Nasdaq:EGRP)           -1 1/8     -3.74%   28 15/16
Intel (Nasdaq:INTC)                -1     -1.22%    81 1/16
Lucent (NYSE:LU)           +1 207/256     +2.25%  82 79/256
Microsoft (Nasdaq:MSFT)        -2 1/2     -2.17%    112 3/4
Oracle (Nasdaq:ORCL)           +5 5/8     +6.20%    96 5/16
Qualcomm (Nasdaq:QCOM)      +11 13/16     +2.60%  466 13/16
Qwest (Nasdaq:QWST)                -1     -2.40%   40 11/16
Yahoo (Nasdaq:YHOO)           +19 1/2     +5.57%    369 1/2

3. Notable Earnings Announcements

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>

Morgan Stanley Dean Witter & Co. (NYSE:MWD) announced fourth quarter
earnings of $2.84 per share, far exceeding First Call consensus
estimates of $1.96 per share.  In addition to the earnings
announcement, the firm announced a 2-for-1 stock split for shareholders
of record on January 12, 2000 and increased its dividend to 40 cents
per share from 24 cents.  Shares of the #2 U.S. brokerage firm ended
higher by 1 7/16 (+1.12%) to 129 1/2.

Another brokerage firm, A.G. Edwards (NYSE:AGE), reported third quarter
earnings of 86 cents per share, which is significantly higher than
First Call consensus estimates of 81 cents.  A.G. Edwards shares closed
up 3/4 (+2.71%) to 28 3/8.

Other leading brokerage firms ended higher, with Goldman Sachs
(NYSE:GS) up 1 11/16 (+2.10%) to 81 7/8 ahead of its scheduled earnings
announcement on Tuesday, Lehman Brothers (NYSE:LEH) up 2 1/8 (+2.62%)
to 83 3/16, and Merrill Lynch (NYSE:MER) up 5/16 (+0.40%) to 77 15/16.

Red Hat (Nasdaq:RHAT) shares jumped 15 1/16 (+5.96%) to 267 15/16
despite its announcement of a larger than expected loss in its fiscal
third quarter.  Red Hat's loss of 5 cents per share was one cent lower
than First Call consensus estimates.  In addition, the developer and
distributor of Linux, an open-source operating system that competes
with Microsoft Windows, announced a 2-for-1 stock split for
shareholders of record as of December 27, 1999.

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>

Dell Computer (Nasdaq:DELL) was upgraded by J.P. Morgan to buy from
market perform.  Dell shares jumped 2 1/8 (+4.66%) to 47 11/16.

Morgan Stanley Dean Witter & Co. (Nasdaq:MSDW) raised its rating on LTX
Corp. (Nasdaq:LTXX) to outperform from strong buy.  Shares of the red
hot semiconductor-equipment maker shot up 2 1/8 (+11.81%) to 20 1/8.
Among other chip equipment makers Monday, Lam Research Corp.
(Nasdaq:LRCX) rallied 16 15/16 (+18.91%) to 106, Applied Materials
(Nasdaq:AMAT) rose 5 9/16 (+ 5.02%) to 116 5/16 and Novellus Systems
(Nasdaq:NVLS) jumped 28 25/26 (+33.33%) to 113 9/16 after announcing a
3-for-1 stock split.

Bear Stearns raised its ratings on several aluminum companies,
including Alcan Aluminum (NYSE:AL), which was upgraded to attractive
from neutral, and Century Aluminum (Nasdaq:CENX), which was upgraded to
buy from neutral.  Shares of Alcan fell 3/4 (-1.95%) to 37 11/16, while
shares of Century fell 1/4 (-1.96%) to 12 1/2.

Paine Webber upped its ratings on several department stores on
speculation that the department store sector could see a wave of
mergers.  Saks, Inc. (NYSE:SKS) was upgraded to attractive from neutral
and May (NYSE:MAY) was upgraded to buy from neutral.  Shares of Saks
jumped 1/4 (+1.61%) to 15 13/16 and shares of May slipped 1/2 (-1.63%)
to 30 1/4.

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

Aetna (NYSE:AET) was downgraded by Merrill Lynch to near-term neutral
from near-term accumulate.  Shares of the insurer slipped 1 3/4 (-
3.40%) to 49 3/4.

Monsanto (NYSE:MTC) was downgraded by Donaldson, Lufkin and Jenrette to
market perform from buy on news of the planned merger of the chemicals
and pharmaceuticals firm with the American-Swedish drug group Pharmacia
& Upjohn Inc. (NYSE:PNU) -- see related story above.

Merrill Lynch cut its near-term rating on Lason (Nasdaq:LSON) to
neutral from buy.  Shares of the provider of information management
services took a beating in today's trading after the company warned
analysts that its fourth quarter results will be weaker than expected.
Shares closed down 11 7/8 (-50.94%) to 11 7/16.

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

Donaldson, Lufkin and Jenrette initiated coverage of Digital Impact
(Nasdaq:DIGI) with a buy rating.  Shares of the Internet direct
marketer closed up 7 (+15.64%) at 51 3/4.

ABN AMRO initiated coverage on United Parcel Service, Inc. (NYSE:UPS)
with a hold rating saying that the current stock price for the world's
largest package delivery company offers modest upside potential in the
next six to nine months.  Shares of UPS jumped 1 5/16 (+1.97%) to 67
15/16.

Coverage of GetThere.com (Nasdaq:GTHR) was initiated by Bear Stearns
(with an attractive rating) and DLJ (with a buy rating).  Shares of the
leading provider of Internet-based solutions for business-to-business
travel procurement and travel suppliers closed down 4 (-11.35%) to 31
1/4 on its report of strong financial results for the third fiscal
quarter.

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
Burr-Brown (Nasdaq:BBRC)                       12/20  12/21    3:2
First Midwest Banc (Nasdaq:FMBI)               12/20  12/21    3:2
IDEC Pharm (Nasdaq:IDPH)                       12/20  12/21    2:1
Mercury Computer (Nasdaq:MRCY)                 12/20  12/21    2:1
Network Appliance (Nasdaq:NTAP)                12/20  12/21    2:1
viaLink (Nasdaq:IQIQ)                          12/20  12/21    2:1
Celestica (NYSE:CLS)                           12/21  12/22    2:1
Maxim Integrated (Nasdaq:MXIM)                 12/21  12/22    2:1
Unify Corp. (Nasdaq:UNFY)                      12/21  12/22    2:1
Commerce One (Nasdaq:CMRC)                     12/23  12/27    3:1

6. IPO Commentary

The IPO market will take a break until the end of the year as only a
handful of IPOs are expected to come to market.  Once the New Year
begins, expect to see the IPO market light up again, likely in the
second and third weeks of January.

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>

8.  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>


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