Overheard On The Street
Here’s what they’re saying at mid-day:
Phil Roth, Chief Technical Market
Analyst, Morgan Stanley Dean Witter: "I think that the crack in the last
couple of weeks in the technology sector renders a lot of the leading technology
stocks questionable in the medium term. They’re oversold short-term and in a
position for a temporary rebound. Yesterday was the first day they tried to
bounce, and it wasn’t very impressive. Today they’re backing off again. I think
if this sector doesn’t make it, and if this sector weakens again, it’s going to
be a big drag on the rest of the market. For the short run, I give some bounce
the benefit of the doubt."
Adam Weisman, Managing Director, Wit
Soundview: "There’s a little bit of a selloff in the Composite after
yesterday. I’m not sure if yesterday was, quite honestly, bargain hunting or
end-of-quarter type of buying. There’s some weakness. It’s not particularly
busy. The Motorola
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PowerRating) analyst meeting seems to be going okay, and the
stock is bid up 1 3/4. I’m seeing selective buying in certain names, but I’ll
tell you, there’s just general easiness across the board in technology names
with nothing too drastic. The market feels okay. I think people are just waiting
on the host of economic numbers due out later this week."
Andy Madoff, Director of Nasdaq Trading,
Madoff Securities: "I would say it’s pretty mixed across the board . As I
look across my list, I’m seeing almost an exact 50-50 split between advances and
declines with very few noticeable movers on either side. Ciena
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PowerRating) is
really strong today, and I’m seeing some good interest in that one. But overall,
it’s a pretty lackluster day. I have my entire firm’s market making list on a
single screen and it’s half red and half green. It’s just not that
exciting."