End To Stock’s Slide In Sight

July 10, 2001
Greg Che

Greg Che is on vacation this week and will return
on Monday, July 16. In his absence this column will be written by TradersWire’s
Duke Heberlein.

U.S. equities took it on the chin Tuesday, as former darling Corning
(
GLW |
Quote |
Chart |
News |
PowerRating)
reiterated its profit warning for the second half of 2001, triggering fears
that earnings will be unable to rebound until 2002. The stock was fire sold for
a 9% drop, losing 1.07 to 14.03. Analyst expectations for overall corporate
earnings have been dropping for the last two months, from an estimate of around
12.5% back in April to an average of 5.5%-6% as of the beginning of the month of
July.

The Dow was hammered for a 125 point loss, ending at 10173.48, while the
Nasdaq suffered a loss of 63.95 to end at 1962.76, dropping it below the
important psychological 2000 level for the first time since the middle of June.
The S&P index slid 17.34 points to 1181.44.

Protein Design Labs
(
PDLI |
Quote |
Chart |
News |
PowerRating) was distributed amid rumors the FDA
was requesting more information regarding the monoclonal antibody used in its
treatments currently in design. The stock was hit for a loss of 11.06, closing
at 63.19. PDLI has lost nearly 14 points in the past seven trading sessions.

End To Stock’s Slide In Sight

BUY THE FEAR, SELL THE GREED

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