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Message subject : Word On The Street (USA)
This message was posted by . on June 27, 2000 :
Market Preview For Wednesday
The Federal Open Market Committee concludes its meeting on Wednesday and
the consensus is for interest rates to remain unchanged. This could lead to
a market rally, although investors will be watching for clues in the Fed
announcement as to whether more rate hikes will be needed in 2000.
CSX [CSX] shares could move higher Wednesday following an announcement
after Tuesday's close that financier Carl Icahn aims to acquire a 15% stake
in the air, truck and rail transport company.
Other Factors Affecting Stocks
Phelps Dodge [PD] late Tuesday announced that it will report
lower-than-expected earnings for the second quarter and full-year 2000 as a
result of operational issues in its mining and manufacturing units and
related restructuring charges.
After Tuesday's close, Silicon Laboratories [SLAB] announced that Analog
Devices [ADI] has voluntarily dismissed its lawsuit alleging patent
infringement by Silicon Labs.
Tenneco Automotive [TEN] late Tuesday said its second-quarter results would
be lower than expected due to weak sales.
Unicom [UCM], Winstar Communications [WCII] and E-Tek Dynamics [ETEK] are
among companies holding annual shareholders meetings on Wednesday.
Shares of Barr Laboratories [BRL] are expected to split 3-for-2 based on
Wednesday's closing price.
Word On The Street
Warning: at times comments aimed at manipulating other investors may appear on these
"The Dow Jones is trying to recover from an excessive sell-off in old
economy stocks," says Rao Chalasani of First Union Securities. "If the
economy is slowing down, obviously, earnings are going to be slower, but
that doesn't mean we're going into recession."
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