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Message subject : Market Preview For Friday (USA)
This message was posted by Gail on May 18, 2000 :
Market Preview For Friday
Ciena [CIEN] after Thursday's close reported second-quarter earnings of
$0.12 per share, compared with a loss of $0.01 during the same period last
year. Analysts polled by First Call expected $0.10 a share. Ciena was
higher in after-hours trading. The company also announced that its third
and fourth quarter earnings should surpass estimates.
ADC Telecommunications [ADCT] late Thursday reported second-quarter
earnings of $0.29 per share, compared with $0.15 during the same quarter
last year. Analysts expected $0.26 a share. The company also announced that
its CEO would resign in the next year.
Other Factors Affecting Stocks
After Thursday's close, casino operator Mandalay Resort Group [MBG]
reported first-quarter earnings that beat Wall Street estimates by $0.18
Standard & Poor's late Thursday announced CommScope [CTV] will replace
Cordant Technologies [CDD] in the S&P MidCap 400 Index and ESS Technology
[ESST] will replace CommScope in the S&P SmallCap 600 Index.
Hanover Compressor [HC], a leader in outsourced compression services for
the natural gas industry, after Thursday's close announced a 2-for-1 stock
Late Thursday, Playtex Products [PYX] warned that higher interest rates
would hurt its profit for 2000.
Aventis [AVE] holds a company-sponsored analyst meeting on Friday.
Comerica [CMA], JC Penney [JCP] and Federated Dept Stores [FD] are among
companies holding annual shareholder meetings on Friday.
Shares of Alcatel [ALA] are expected to split 5-for-1, Cox Radio [CXR]
3-for-1 and Ruby Tuesday [RI] 2-for-1 based on Friday's closing price.
Word On The Street
"I think the March correction has really wiped out a large number of
traders, day traders, short-term players in this market," says Gary
Kaminsky of Neuberger Berman. "I don't think they'll ever come back. But in
terms of asset allocation models, when we get to a point where people can
forecast the decline in rates, as opposed to the rise in rates, you'll see
asset allocation going to move back into equities."
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