Reason For Waiting Out Confessional Season
Stocks fell broadly Monday, weighed down by
confessional season warnings in the chip-gear industry, downgrades and selling
in biotechs.
The Nasdaq Composite declined 2.0%,
the S&P 500 0.8%, the Dow 0.5%. Volume increased on the New York Stock
Exchange but diminished slightly on the Nasdaq.
DuPont Photomasks
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11.6% after the chip gear maker said its fiscal Q4 would fall below Wall Street
expectations. The company said it will eliminate 6% of its work force. DuPont
Photomasks now expects revenue in the June 30 quarter of between $91 million to
$98 million range vs. $93.4 million a year earlier. The company said profits
could range from breakeven to 19 cents a share vs. 49 cents a year ago and
analyst estimates averaging 52 cents per share, according to Thomson
Financial/First Call.
Varian Semiconductor Equipment
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retreated 7.6% after warning that fiscal Q3 sales would fall short of
expectations because of continued weakness in the chip industry.Â
Juniper Networks
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7.1%. Credit Suisse First Boston and Robertson Stephens cut earnings estimates
for the company. Last week, the network gear maker warned Q2 would fall below
expectations.
Affymetrix
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Reuters reported drug maker GlaxoSmithKline Plc cut its stake in the maker of
gene chips, according to a U.S. regulatory filing on Monday, to 13.4% from 14.5%.
The stock action showed up clearly in
the tech sectors. The AMEX Biotech Index
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Philadelphia Semiconductor Index
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Internet Index
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The Philadelphia Gold and Silver Index
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$XAU.X |
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weakened as well. The AMEX Securities Broker/Dealer Index
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On the upside, the AMEX Oil Index
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eked out a negligible gain of 0.2%.
Remedy
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after rival software maker Peregrine Systems
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the company for $1.08 billion in stock and cash.
Energy Partners
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after CS First Boston raised the stock to a “strong buy” from a
“buy.” The company is an independent oil and natural gas explorer and
producer engaged in the Gulf of Mexico Shelf.
Theragenics
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into new high ground on massive volume. The company manufactures TheraSeed, a
rice-sized device used primarily in treating localized prostate cancer.
Express Scripts
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2.6%.