Riding The Tide Back From Turmoil

• June 29, 2001
• Greg Che

Stocks opened up mixed Friday only to end
the day the same way the day began…mixed.

Traders were faced with trading system
failures on the Nasdaq for the second day in a row. The SOES system and
Selectnet were down, leaving Instinet and other ECNs the only systems
functioning. (This occurring on the day the Russell 2000 is scheduled to be
rebalanced AND at the end of the second quarter.) 

With the technical difficulties
experienced during the trading session, Nasdaq officials decided to extend
trading hours to 5:00 PM ET, helping to alleviate some of the anxiety traders were experiencing from the turmoil they faced this afternoon.

The Dow Jones Industrials traded lower
0.5% and the Nasdaq Composite ended higher 2.0% for the
last trading day of the quarter.

Stocks moving higher in Friday’s
action were Keithley Instruments
(
KEI |
Quote |
Chart |
News |
PowerRating) which edged up 17.7%

Also trading up with the tide was
Overseas Shipholding Group
(
OSG |
Quote |
Chart |
News |
PowerRating) which surged 11.9%.

Pharmaceuticals Resources Inc.
(
PRX |
Quote |
Chart |
News |
PowerRating)
tacked on 13.7%

Internet company GOTO Com Inc
(
GOTO |
Quote |
Chart |
News |
PowerRating)
gained a hefty 16.4% after the company announced the price of the public
offering of 7.5 million shares of its common stock at $16.50 per share.

Oak Technology
(
OAKT |
Quote |
Chart |
News |
PowerRating) moved up
14.9%

Sectors gaining were lead by the
Semiconductor Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) which rose 2.8% with the help of PMC Sierra
(
PMCS |
Quote |
Chart |
News |
PowerRating) which gained 7.1%.

The Interactive Weekly Internet Index
(
$IIX.X |
Quote |
Chart |
News |
PowerRating) notched higher 2.6%. 

The Transportation Index
(
$TRX.X |
Quote |
Chart |
News |
PowerRating)
gained 2.8%

The beaten-down Oil Index 
(
$XOI.X |
Quote |
Chart |
News |
PowerRating)
bounced up 2.3%  

Sliding in the session was Honeywell
International
(
HON |
Quote |
Chart |
News |
PowerRating) after General Electric Co.
(
GE |
Quote |
Chart |
News |
PowerRating) rejected the last
minute bid by Honeywell. Honeywell traded lower by 8.3%.

Ingersoll-Rand Co.
(
IR |
Quote |
Chart |
News |
PowerRating) lost 5.3%
after the company warned it expected Q2 earnings to fall below analysts’ estimates
of 77 cents by 25 to 30%.

Adolor Corporation
(
ADLR |
Quote |
Chart |
News |
PowerRating) slid
11.7%.

Sectors which lost in the session were
the Healthcare Index
(
$HCX.X |
Quote |
Chart |
News |
PowerRating) as it closed lower by 2.4%, followed by the
Pharmaceutical Index
(
$DRG.X |
Quote |
Chart |
News |
PowerRating) which closed lower by 2.4%.

 

Please note that
the percentages for Nasdaq traded stocks and the Nasdaq Composite may change as
Nasdaq has extended trading hours until 5:00 PM ET for Friday June 29, 2001.