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"SmartPortfolio.Com" <admin_update@smartportfolio.com> on 02/09/2000 07:36:07 
PM
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Subject: SmartPortfolio.Com Update: Tech Stocks Lead Market Sell Off



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Update February 9, 2000

Wednesday's Market Update: Tech Stocks Lead Market Sell Off

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

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Cisco Systems Hits All-Time High After Announcing Stock Split!

The world's leading networking equipment maker, Cisco Systems
(Nasdaq:CSCO), announced a 2-for-1 stock split after reporting
better than expected earnings yesterday.  The news propelled
Cisco shares to an all-time high today.

Readers of the Smart!Splits Report were told that Cisco might
announce a stock split in conjunction with earnings.  To get
your free trial of the Smart!Splits Report and to learn about
upcoming splits BEFORE they are announced, visit:
http://www.smartportfolio.com/freetrials <A
REF="http://www.smartportfolio.com/freetrials"> AOL users click
here</A>
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Need this report sooner?  Please remember that you can always read the
update on our web site at http://www.smartportfolio.com/update
The update is posted at approximately 6:00 PM EST every day.

1.  Wednesday's Market Action

                             $ Change   % Change      Close
Dow Jones Industrials         -258.44     -2.36%   10699.16
S&P 500                        -30.03     -2.08%    1411.69
Nasdaq                         -64.26     -1.45%    4363.24
Internet Stock Index            -2.00     -0.22%     922.33

The Dow sold off this afternoon while the Nasdaq reversed strong gains
from earlier in the day, as investors chose to take a portion of their
profits and run amid increasing investor concern surrounding Internet
security (see "Tech and Internet Stocks" below for more information).

The bond markets reacted strongly to comments from U.S. Treasury
Secretary Lawrence Summers, who said the U.S. government would buy
back securities on all parts of the yield curve (both short-term and
long-term), not just the 30-year bond, to pay down government debt.
The statements caused long bond rates to jump considerably, which
contributed to a sell off in stocks.  The financial sector was
particularly weak, with American Express (NYSE:AXP) off 6 7/16 (-
3.95%) to 156 9/16, Citigroup (NYSE:C) down 1 13/16 (-3.24%) to 54
3/16, JP Morgan (NYSE:JPM) lower by 2 15/16 (-2.46%) to 116 9/16,
Morgan Stanley Dean Witter (NYSE:MWD) declining 5/8 (-0.92%) to 67
3/16.

Shares of Cisco Systems (Nasdaq:CSCO) bolted early in the day but then
gave up some of its gains, closing up 3 (+2.38%) to 128 13/16.  The
networking equipment giant announced fourth quarter earnings of 25
cents per share late yesterday, beating First Call consensus estimates
of 24 cents per share.  The company also set a 2-for-1 stock split,
its ninth split since Cisco first became a public company in February
1990.  The jump in Cisco's stock price catapulted the company to the
second-largest market capitalization position, ahead of General
Electric (NYSE:GE) and behind only Microsoft Corp. (Nasdaq:MSFT).
Credit Suisse First Boston analyst Paul Weinstein speculated that
Cisco could become the first trillion-dollar company.

The most recent issue of the Smart!Splits Report forecasted the Cisco
stock split.  To read about anticipated and announced stock splits for
a host of companies every week, investors are invited to try a 2-week
free trial of the Smart!Splits Report by visiting:
http://www.smartportfolio.com/freetrial <A
REF="http://www.smartportfolio.com/freetrials"> AOL users click
here</A>

In leading Dow action, Boeing (NYSE:BA) shares fell 1 13/16 (-4.44%)
to 39 after thousands of the aerospace giant's engineers and technical
workers struck on Wednesday, IBM (NYSE:IBM) shares gave in to tech
sector profit taking, falling 1 7/16 (-1.21%) to 117 3/8; and
International Paper (NYSE:IP) shares sank 1 7/8 (-4.17%) to 43 1/8.
On the positive side, Philip Morris (NYSE:MO) shares bounced back 1/8
(+0.64%) to 19 5/8 today and SBC Communications (NYSE:SBC) shares
edged up 3/4 (+1.78%) to 42 13/16.

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>

The tech sector succumbed to profit taking, with Intel Corp.
(Nasdaq:INTC) down 4 3/16 (-3.85%) to 104 5/8, Motorola (NYSE:MOT) off
6 7/8 (-4.30%) to 153, Hewlett-Packard (NYSE:HWP) edging lower by 3/16
(-0.15%) to 124, and Lucent Technologies (NYSE:LU) down 1 3/8 (-2.54%)
to 52 13/16.  However, several big tech names bucked the downward
trend.  One notable exception was Cisco Systems (discussed above), but
another strong performer was Sun Microsystems (Nasdaq:SUNW), whose
shares climbed 4 9/16 (+5.24%) to 91 9/16 after the company's Chief
Financial Officer told an analyst meeting that Sun is looking to
bolster is revenues substantially.

The Internet world was rattled again today by continued attacks from
hackers on leading Web sites.  In recent days, the Web sites of Yahoo!
(Nasdaq:YHOO), Amazon.com (Nasdaq:AMZN), and eBay (Nasdaq:EBAY) were
disrupted by hackers, who were apparently also the culprits for the
embarrassing outage on Buy.com's (Nasdaq:BUYX) site on the day of its
initial public offering.  Today, online brokers were the targets, as
the sites of Etrade (Nasdaq:EGRP), the #2 U.S. online broker, and
Datek Online, the #4 U.S. online broker, were impacted for a period of
time.  The companies involved were victims of "denial of service
attacks", whereby their sites became overwhelmed by traffic.  Yahoo's
site, for instance, was flooded when it received one gigabit, or one
million bits of information, per second.  The Federal Bureau of
Investigation, along with U.S. Attorney General Janet Reno, held a
press conference to calm the public and announce a criminal
investigation.

Investors did not react well to news of continued hacker activity,
with Amazon.com shares falling 2 7/8 (-3.46%) to 80 1/4, Yahoo! shares
losing 10 13/16 (-2.90%) to 362 5/16, eBay shares off 5 3/4 (-3.39%)
to 164, and Etrade shares losing 1 1/8 (-4.89%) to 21 7/8.  Meanwhile,
stocks of companies that provide Internet security services benefited
from the news, as Check Point Software Technologies (Nasdaq:CHKP) rose
7 15/16 (+5.67%) to 148, ISS Group (Nasdaq:ISSX) gained 7 7/8
(+10.66%) to 81 3/4, Watchguard Technologies (Nasdaq:WGRD) surged
46.10% (up 15 1/2) to 49 1/8, AXENT Technologies (Nasdaq:AXNT) bolted
21.51% (up 5) to 28 1/4, and Sonic WALL (Nasdaq:SNWL) jumped 16.87%
(up 10 1/2) to 72 3/4.

Shares of SoftNet Systems (Nasdaq:SOFN) fell 2 5/16 (-5.20%) to 42
3/16 despite the company's announcement of a major alliance with
several leading Internet companies.  SoftNet, which is a leading
broadband services provider, said it has joined forces with CMGI
(Nasdaq:CMGI), Compaq Computer (NYSE:CPQ), Nokia (NYSE:NOK) and Cisco
Systems to create SoftNet Zone, which is aimed at providing fast, easy
and secure mobile computing and Internet services to business
travelers.

Other big movers in the tech sector included AT&T (NYSE:T), down 1
9/16 (-3.10%) to 48 13/16, Informix Corp. (Nasdaq:IFMX), up 8.62% (up
1 1/4) to 15 3/4, Juniper Networks (Nasdaq:JNPR), up 10.83% (up 18
3/8) to 188, and Nortel Networks (NYSE:NT), up 3/4 (+0.62%) to 121 3/4
on heavy volume.

Leading Internet and tech stocks performed as follows:

Company                      $ Change   % Change      Close
Amazon (Nasdaq:AMZN)           -2 7/8     -3.46%     80 1/4
America Online (NYSE:AOL)     -1 1/16     -1.80%         58
Commerce One (Nasdaq:CMRC)     -9 3/4     -5.90%    155 3/8
Cisco (Nasdaq:CSCO)                +3     +2.38%  128 13/16
CMGI (Nasdaq:CMGI)             -5 1/8     -4.09%    120 1/4
Dell (Nasdaq:DELL)             -1 1/2     -4.05%    35 9/16
Ebay (Nasdaq:EBAY)             -5 3/4     -3.39%        164
ExciteAtHome (Nasdaq:ATHM)     -1 1/4     -3.42%     35 1/4
Exodus (Nasdaq:EXDS)         -5 15/16     -4.68%        121
Intel (Nasdaq:INTC)           -4 3/16     -3.85%    104 5/8
Juniper (Nasdaq:JNPR)        +16 5/16     +9.62%  185 15/16
Lucent (NYSE:LU)              -1 7/16     -2.65%     52 3/4
Microsoft (Nasdaq:MSFT)      -5 15/16     -5.40%        104
Oracle (Nasdaq:ORCL)             +3/8     +0.63%   59 15/16
Schwab (NYSE:SCH)              -1 3/4     -4.43%     37 3/4
Sun Micro. (Nasdaq:SUNW)      +4 9/16     +5.24%    91 9/16
Qualcomm (Nasdasq:QCOM)        -5 3/4     -4.13%   133 5/16
Qwest (NYSE:Q)                   +1/4     +0.56%     45 1/4
Yahoo (Nasdaq:YHOO)         -10 13/16     -2.90%   362 5/16

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3. Notable Earnings Announcements

For a calendar of recent and upcoming earnings announcements, please
visit:  http://www.smartportfolio.com/earnings.asp
<A HREF="http://www.smartportfolio.com/earnings.asp">AOL users click
here</A>

PepsiCo (NYSE:PEP) announced that its fourth quarter earnings rose 28%
to 33 cents per share, beating First Call consensus estimates of 31
cents.  Shares of the owner of popular snack food and soft drink
brands, such as Lay's, Ruffles Frito's, Pepsi and Mountain Dew, closed
up 11/16 (+2.06%) to 34.

Allstate Corp. (NYSE:ALL) posted an 18% decline in fourth quarter
profits to 66 cents per share, but the results were ahead of First
Call consensus estimates of 64 cents.  Shares of the #2 U.S. property-
casualty insurer lost 2 1/8 (-9.66%) to 19 7/8.

Goodyear Tire & Rubber Co. (NYSE:GT) reported that its fourth quarter
earnings dropped substantially to 30 cents per share, although the
results were 2 cents better than First Call consensus estimates of 28
cents.  Shares of the world's biggest tire maker gained 11/16 (+3.12%)
to 22 3/4.

Humana Inc. (NYSE:HUM) announced that its fourth quarter earnings came
in at 15 cents per share, which was ahead of First Call consensus
estimates of 13 cents.  Shares of the managed health care company lost
5/8 (-7.63%) to 7 9/16.

MarketWatch.com (Nasdaq:MKTW) reported a quarterly loss of 64 cents
per share, beating Wall Street estimates of a greater loss of 66 cents
per share.  Revenues increased by 300% compared to the year ago period
and page views also rose sharply.  Shares of the online financial
information provider dropped 8.61% (down 3 7/8) to 41 1/8.

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>

Adolph Coors (NYSE:RKY) was upgraded by DLJ from buy to Top Pick.
Shares of the beer maker were up 7/8 (up 1.87%) to 47 11/16.

American International (NYSE:AIG) was upgraded by Salomon Smith Barney
from outperform to buy.  Shares were up 1 3/8 (up 1.43%) to 97 5/16.

Nike (NYSE:NKE) was upgraded by FS Van Kasper from buy to strong buy.
Shares were off 3 3/4 (down 10.14%) to 33 1/4.

Qwest Communications (NYSE:Q) was upgraded by PaineWebber from neutral
to buy.  Shares were up 1/4 (up .56%) to 45 1/4.

Barnesandnoble.com (Nasdaq:BNBN) was upgraded by Prudential from hold
to accumulate.  Shares were off 9/16 (down 5.06%) to 10 9/16.

-- 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 Prudential from strong buy to hold.
Shares of the insurance company slipped 3 1/2 (down 7.61%) to 42 1/2
amid concerns over international operations and profit margins.

Allstate (NYSE:ALL) was downgraded by Salomon Smith Barney from buy to
neutral.  Shares were off 2 1/8 (down 9.66%) to 19 7/8.

Boston Scientific (NYSE:BSX) was downgraded by First Union Securities
from buy to hold and by Prudential from strong buy to hold.  Shares
were up 9.09% (up 1 3/4) to 21 amid speculation that the company may
have an announcement regarding operations on Thursday.

Nike (NYSE:NKE) was downgraded by Morgan Stanley Dean Witter from
strong buy to outperform and by Thomas Weisel from strong buy to market
perform.  Shares were off 8.11% (down 3) to 34.  Nike closed at a 52-
week low.

Venator Corp. (NYSE:Z) was downgraded by Merrill Lynch from near-term
buy to near-term neutral.  Shares of the retailer were off 3/8 (down
6.19%) to 5 11/16.

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

ACTV (Nasdasq:IATV) was started by CS First Boston and Salomon Smith
Barney as a buy; Lehman Brothers started ACTV as an outperform.  Shares
of ACTV were off 2 (5.37%) to 35 1/4.

Applied Mico was started by Deutsche Banc Alex.Brown with a buy rating.
Shares were up 4 3/4 (up 2.19%) to 222 1/8.

Ariba (Nasdaq:ARBA) had coverage initiated by Salomon Smith Barney with
a buy rating.  Shares were off 1/2 (up .27%) to 188 3/4.

Be Free (Nasdaq:BFRE) was started with a buy rating from Robertson
Stephens.  Shares were up 1 1/4 (up 1.14%) 111.

Broadcom (Nasdaq:BRCM) was initiated by Deutsche Banc Alex Brown with a
strong buy rating. Shares of the chipmaker were up 1 15/16 (up .58%) to
336 15/16.

Chemdex Corp. (Nasdaq:CMDX) was started by First Union Securities with
a buy rating.  Shares of the b-2-b company that focuses on the chemical
industry were up 1 5/8 (up 1.51%) to 109.

Commerce One (Nasdaq:CMRC) was started with an outperform rating by
Salomon Smith Barney.  Shares of the leading b-2-b company were off 9
3/4 (down 5.90%) to 155 3/8.

Fogdod (Nasdaq:FOGD) was started by Thomas Weisel with a buy rating.
Shares were off 3/16 (down 1.57%) to 11 3/4.

PMC Sierra (Nasdaq:PMCS) was started by Deutsche Banc Alex.Brown with a
strong buy rating.  Shares were up 18 1/4 (up 6.75%) to 288 5/8.

Vitesse Semiconductor (Nasdaq:VTSS) was started with a buy rating.
Shares of the company were up 5 13/16 (up 11.63%) to 55 13/16.

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

Magic Software (Nasdaq:MGIC)                    2/10  2/11    3:1
Broadcom (Nasdaq:BRCM)                          2/11  2/14    2:1
Mercury Interactive (Nasdaq:MERQ)               2/11  2/14    2:1
PMC-Sierra (Nasdaq:PMCS)                        2/11  2/14    2:1
PSINet (Nasdaq:PSIX)                            2/11  2/14    2:1
Real Networks (Nasdaq:RNWK)                     2/11  2/14    2:1
Sycamore (Nasdaq:SCMR)                          2/11  2/14    3:1
Yahoo! (Nasdaq:YHOO)                            2/11  2/14    2:1
Infosys Technologies (Nasdaq:INFY)              2/14  2/15    2:1
Shaw Communications (NYSE:SJR)                  2/14  2/15    2:1
Yellowave Corporation (Nasdaq:YWAV)             2/14  2/15    2:1
ADC Telecom (Nasdaq:ADCT)                       2/15  2/16    2:1
Exar Corp. (Nasdaq:EXAR)                        2/15  2/16    3:2
Hormel Foods (NYSE:HRL)                         2/15  2/16    2:1

6. IPO Commentary

The IPO market was off to the races again on Wednesday, as all 3 new
issues trading ended significantly higher on the day.  Delano
Technology Corp (NASDAQ:DTEC), an email communications software
provider, lead the way closing up 180.56% to 64, while Vicinity Corp
(NASDAQ:VCNT), a provider of Internet-based marketing infrastructure
services, soared 186.76% to 48 3/4.

The IPO schedule for the rest of the week remains jam-packed with
another 18 issues expected to begin trading.  To find out which of the
issues are expected to outperform, please subscribe to a free trial of
the Smart!IPO Report at http://www.smartportfolio.com/freetrial
<A HREF="http://www.smartportfolio.com/freetrial">AOL users click
here.</A>

7. IPOs Trading Wednesday

Delano Technology Corp (NASDAQ:DTEC) - Provides communications
software that enables companies to use e-mail and the Internet to
automate business processes and to personalize and manage interactions
with their existing and prospective customers, partners, suppliers and
employees.
Price: 18 Open: 48 High: 64
Close: 50 1/2 Change: +32 1/2 (+180.56%)

Landacorp Inc  (NASDAQ:LCOR) - Offers business-to-business e-medical
management solutions to healthcare payers and providers.
Price: 10 Open: 16 High: 21 3/4
Close: 15 15/16 Change: +5 15/16 (+59.38%)

Vicinity Corp (NASDAQ:VCNT) - Provider of Internet-based marketing
infrastructure services.
Price: 17 Open: 42 High: 53
Close: 48 3/4 Change: +31 3/4 (+186.76%)

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>

*Indicates an Internet related issue.

*2/9 - Lightspan Partnership Inc (NASDAQ:LSPN) - Provider of
curriculum-based educational software and Internet products and
services used both in school and at home.

*2/10 - b2bstores.com Inc (NASDAQ:BTBC) - A branded Internet web site
specifically designed to assist business customers in the operation
and development of their businesses.

2/10 - Beasley Broadcast Group Inc (NASDAQ:BBGI) - The 16th largest
radio broadcasting company in the United States based on 1998 gross
revenues.

*2/10 - Cypress Communications Inc (NASDAQ:CYCO) - A building-centric
integrated communications provider serving small and medium-sized
businesses in major metropolitan markets throughout the United States.

2/10 - Jeremy's Microbatch Ice Creams Inc (TBA)- Develops, markets and
sells super-premium ice cream.

*2/10 - Organic Inc (NASDAQ:OGNC) - An Internet professional services
firm focused on the customer-to-business market.

2/10 - Precis Smart Card Systems Inc (NASDAQ:PSPS) - Develops and
markets commercial software products used with a technology commonly
referred to as "smart cards."

*2/10 - Witness Systems Inc (NASDAQ:WITS) - Provider of recording and
analysis software that enables companies to enhance their customer
interactions across multiple communications media.

*2/10 - XCare.net Inc (NASDAQ:XCAR) - Provider of Internet-based,
business-to-business connectivity, information exchange and electronic
commerce solutions for health care.

*2/11 - Chordiant Software Inc (NASDAQ:CHOR) - Provider of e-business
infrastructure software.

 2/11 - Diversa Corp  (NASDAQ:DVSA) - Discovers and develops novel
enzymes and other biologically active compounds.

2/11 - FARGO Electronics Inc (NASDAQ:FRGO) - Developer,
manufacturerand supplier of desktop systems and associated consumable
supplies for the plastic card personalization and data encoding
industry.

*2/11 - FLAG Telecom Holdings Ltd (NASDAQ:FTHL) - A global carriers'
carrier that develops and offers a broad range of innovative
telecommunications products and services to licensed international
carriers, Internet service providers and other telecommunications
companies.

*2/11 - Lante Corp (NASDAQ:LNTE) - An Internet services company that
develops sophisticated technology-based solutions that enable emerging
electronic markets.

*2/11 - Pets.com Inc (NASDAQ:IPET) - An online retailer of pet
products, integrating product sales with expert information on pets
and their care.

2/10 - VantageMed Corp (NASDAQ:VMDC) - Provider of healthcare
information systems and services distributed to over 10,000 customer
sites through a national network of 15 regional offices.

*2/11 - VarsityBooks.com (NASDAQ:VSTY) - Online retailer of new
college textbooks and have established a platform for marketing
products and services to the nation's 15 million college students.

*2/11 - VIA NET.WORKS Inc (NASDAQ:VNWI) - An international provider of
Internet access and services focused on small and mid- sized
businesses in Europe and Latin America.

*2/11 - WebMethods Inc (NASDAQ:WEBM) - Provider of infrastructure
software and services that allow companies to achieve business-to-
business integration.

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

Cisco Systems Hits All-Time High After Announcing Stock Split!

The world's leading networking equipment maker, Cisco Systems
(Nasdaq:CSCO), announced a 2-for-1 stock split after reporting
better than expected earnings yesterday.  The news propelled
Cisco shares to an all-time high today.

Readers of the Smart!Splits Report knew that Cisco might
announce a stock split in conjunction with earnings - why didn't
you?  To get your free trial of the Smart!Splits Report
and to learn about upcoming splits BEFORE they are announced,
visit:  http://www.smartportfolio.com/freetrials <A
REF="http://www.smartportfolio.com/freetrials"> AOL users click
here</A>
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