C.E. UNTERBERG, TOWBIN  	
			 Trader Talk November 9, 2001  	
			 The market soared on the wings of Icarus today? 	
			 Market Summary  	
			 The market soared on the wings of Icarus today? the European Central Banks cut their interest rates after we cut ours earlier this week. Weekly initial jobless claims were down 46,000, and retail sales were up 2.3%. The Dow was up 167, the NASDAQ up 51, and the S&P up 20?The market flew to high to fast and burnt its wing on the sun?The minutes were released from the FOMC showing the 50 point basis cut was a unanimous decision and laying the Fed's uncertainty bare. Profit-takers swooped in and the market fell back to earth with the Nasdaq down 9.76 points or 0.53% at 1827.77, the Dow closing up 33.08 points or 0.35% at 9587.45, and the S&P up 2.73 points or 0.25% at 1118.53. Tech's winners today were AOL (AOL Time Warner) up 5.7%; SUNW (Sun Micro) up 5.4%; MU (Micron) up 3.9%, otherwise it was all no change or red change: Semi Capital: AMAT* (Applied Materials) down 2.4%; KLAC (KLA-Tencor) down 3.5%; NVLS* (Novellus) down 1.8%; IBM and DELL didn't go very far but HWP (Hewlett Packard) down 4.3%; AAPL (Apple) down 4.5%; GTW (Gateway) down 3.0%?Outside tech: Autos: GM (General Motors) up 2.4%; F (Ford) up 3.0%; DCX (Daimler-Chrysler) up 1.4%?Energy: DUK (Duke Energy) up 4.9%; ETR (Entergy) up 3.7%; ED (ConEd) up 1.1%?In the red: BioTech: AMGN (Amgen) down 3.9%; GENZ (Genzyme) down 2.0%; BGEN (Biogen) down 2.3%     -John DeMaio     The CEUT Universe     In Semiconductors: GNSS* down 14.1%; SIMG* up 28.5%; MTLK* up 13.7%?In Optical Networking: GLW down 11.5%     In IPOLand     VCA Antech, an animal health care service network, has applied for WOOF to be its ticker symbol for its planned $196 million IPO     Earnings     Friday: DRTN; TTIL 0.29  Monday: ABN; CWCI; GILTF -11.31; TSN 0.20   A Year Ago - 11/7/00     40 Years ago today Kennedy narrowly beat Nixon.... while I write the current Gore/Bush outcome is still not certain... it all comes down to Florida - home of Disney World and "Old Sparky" (the nick-name for the state's electric chair which recently set one prisoners head on fire during his execution) - culturally this state is a potpourri - the Northern section is Southern (among it cultural contributions - the rock group Lynard Skynard) and the Sourthern section probable has more New Yorkers than Albany and as many Cubans as Havanna.... W's brother is the Governor but remember he lost the first time around.  Yesterday I quipped that a Gore victory by the electoral college but not the popular vote would be bad for Wall Street and Main Street.  My focus was the disparity between the outcomes.  If Bush wins in the same fashion (not the popular mandate) - it will also be problem.  This hasn't happened since the 19 century when notions of popular sovereignty were different - a vast majority of today's citizens would have been legally excluded. A vote for the President is the only one shared by all Americans. It is a personal matter - explanations of victory based on understanding the 18 century origins of the electoral college, won't wash.   A candidate who wins the election with a minority of votes seems antithetical to someone regarded by many people as "the leader of the free world".       The Nasdaq and the S&P 500 closed where they opened.... was this a political statement? To quote Lou Reed: "I guess I just don't know and I guess I just don't know".  Some big names took a breather today (moving less than 1%): WMT (Walmart) HD (Home Depot) SUNW (Sun) PEP (Pepsi) KO (Coke) INTC (Intel) C (Citigroup) MMM (Minnesota Mining and Mineral) DIS (Disney) JNJ (Johnson & Johnson) and UPS. The Dow mimicked the sentiment by going up nearly 20 and down over 50 before ending off 25.... In IPOland - Transmeta - TMTA - was pure TNT - up 115% - haven't seen those kinda #s since dot.com days of yore - they make a special chip that uses less power.      -Bram Towbin       	
 Market Making List * 	 Financing History + 	 Board Seats = 	 Advisory Assignments  	
			 News Highlights  	
			 Terrorist camps in Iraq train hijackers, bioterrorists, according to defectors (NYT)  Saudi-binladin-group.com domain name purchased by 30-yr old web designer from L.A..  First registered 9/11/2000, with a preset expiration of 09/11/01.  Was expiration date a signal to attackers?  (Wired News)  FBI believes anthrax mailer is male, nonmuslim, born in U.S., based on evaluation of letters (CBS)  Japan forecasts economy will shrink 0.9% this fiscal year, worst performance since 1980  Consumer sentiment numbers due out today at 10 a.m. for October, likely to go down 4-5 points in 9/11 aftermath, to 78.4 versus 82.7 previous  PPI due out today 8:30 a.m., consensus -0.4%, on lower energy and car/truck, cap goods prices.    Argenbright Security, largest U.S. airport security firm, has employee turnover of as much as 400% a year in some airports (NYT)  Mortgage rates on 30- and 15- year mortgages hit lowest rates on record this week, at 6.45% for 30-yr and 5.94 for 1`5-year, according to Freddie Mac  FCC votes to gradually phase out spectrum caps, limits on how much of airwaves mobile telephone companies can hold in single market.  Lifts spectrum cap in urban markets to 55 mhz immediately, eliminate it completely on 1/1/03, and eliminates 55 mhz limit in rural areas.  Move could spark consolidation in industry; Western Wireless (WWCA), Dobson (DCEL), Leap (LWIN) mentioned as targets (Reuters).    Salomon Smith Barney to eliminate 10% of investment bankers (Reuters)  NYC legal firms suffering from lower wall street deal volume, with 4,200 jobs cut from June to Sept. in NYC, largest decline in 25 years, and many more coming post 9/11  Soundview receives bid for 40% owned Wit Capital Japan from Antfactory Japan, joint venture of Nikko Cordial and British internet incubator  AMD says it will return to profitability by 2Q02, gives 4Q guidance of flat to high single-digit revenue growth  ICAAN, non profit organization charged by govt to oversee Internet addresses, to discuss Internet Security at quarterly meeting next week, in response to 9/11 concerns  IBM introduces security software for online B2B transactions, using digital certificates.  Analysts say could be big boost for B2B commerce online (Reuters)  Palm CEO quits, company announces it will split into two businesses: software/hardware  Charter Communications stuck in #4 slot among cable players, says Street Wise Columnist in Business Week Online  BusinessWeek Investing Q&A column online "The Hot Spots in Software Stocks," features S&P analyst recommending  Symantec, Checkpoint , EDS, MSFT, ORCL, ACAD, PAYX, ADP, Electronic Arts; Veritas, BEA Systems (BEAS), Peoplesoft PSFT as hold because of valuation concerns, ITWO as avoid, J.D. Edwards JDEC as sell  Dynegy plan to buy Enron on hold pending credit review by Moody's.  MMO2 PLC, British Telecom's mobile phone unit spun off to shareholders valued at $9.43 billion on first trading day, half of forecasts estimated two months ago.  C.E. Unterberg, Towbin's Semiconductor Capital Equipment Silicon Valley Bus Tour  November 8 & 9: http://unterberg.com/conferences/bustoursignup.asp   Birthdays - Lou Ferrigno, the Incredible Hulk (1952); Mary Travers (Peter, Paul & Mary-1936); Carl Sagan (1934); Hugh Hefner (1926); Spiro Agnew (1918)  Futures Up       	
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