Subject: [NEXTEL-1] DJ. US Stocks Down -Salomon Smith Barney cuts Nextel

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Date: Tue, 10 Dec 2002 15:10:35 -0500

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DJ. US Stocks Down As Two-Month Rally Vetted With Suspicion

NEW YORK, Dec 09, 2002 (ODJ Select via COMTEX) -- By Nick Baker Of DOW JONES NEWSWIRES

Source:

FWN Financial News

Date:

12/09/2002 14:33

Price:

Free

Document Size:

Very Short (447 words)

Document ID:

FE20021209230000168

Subject(s):

Fws; Bankruptcy; Bush; Business; Communications; Computer; Dow Jones; Flood; Index; Industrial; Market; Money; Semiconductors; Technology; Treasury; Wireless

DJ. US Stocks Down As Two-Month Rally Vetted With Suspicion

Story Filed: Monday, December 09, 2002 2:33 PM EST

NEW YORK, Dec 09, 2002 (ODJ Select via COMTEX) -- By Nick Baker

Of DOW JONES NEWSWIRES

(Dow Jones)--U.S. stocks are falling Monday, running against the hope that
buttressed the markets Friday: that a new U.S. Treasury secretary would polish
the Bush administration's economic message, soothing investors' wary nerves.

Following Bush's naming CSX Chairman and Chief Executive John W. Snow to the
post vacated by Paul H. O'Neill's departure, however, stocks are broadly off,
with 80 of 86 sectors tracked by Dow Jones losing ground.

Semiconductors are losing the most ground, perhaps prompted by Banc of America's
downgrade of International Business Machines to market performer from buy. The
investment firm argued that IBM has weathered the industry downturn better than
its peers, but nonetheless the shares will offer less upside when the economy
recovers.

Intel, the largest computer-chip maker, is the leading decliner among companies
in the Dow Jones Industrial Average, losing 72 cents, or 3.8%, to 17.99.

In general, there is a broad skepticism of the two-month stock rally, which was
fueled by technology-based firms, said John Zimmerman, managing director of
growth strategies at Banc of America Capital Management.

"The rally had a significant low-quality tilt," with traders buying "low-priced
stocks that were volatile to grab performance," he said.

It was a technical bounce, therefore, not backed by a meaningful business
improvement, said Zimmerman, who doubts whether much additional money will flood
into the markets to propel tech stocks higher in the near term.

The Dow Jones Industrial Average was recently down 91 points to 8553, the Nasdaq
Composite Index is off 35 to 1386 and the Standard & Poor's 500-stock index has
shed 10 to 901.

Following the firm's bankruptcy filing, United Airlines parent UAL is up 22
cents, or 23.7%, to 1.15.

Operators of mobile-phone networks are falling, led by Sprint PCS Group, which
is falling 58 cents, or 10.5%, to 4.97 with Nextel Communications following
close behind, shedding 1.16, or 9%, to 11.74. Salomon Smith Barney cut Nextel to
inline from outperform. Even AT&T Wireless, which Salomon boosted to outperform
from inline, is off 30 cents, or 4.2%, to 6.78.

(For more stock movers, look under the code n/mmm.)

Volume on the New York Stock Exchange is 814 million shares, with down volume
outpacing up, 643 million to 166 million. Decliners are ahead of advancers,
2,171 to 1,053.

Volume on the Nasdaq is 852 million shares, with down volume ahead of up, 770
million to 73 million. Decliners are ahead of advancers, 2,321 to 981.

-Nick Baker, Dow Jones Newswires; 201-938-4047; [email-masked]

(C) Copyright 2002 ODJ

KEYWORD: NEW YORK
SUBJECT CODE: COMMENTS
FINANCIAL
STOCKS

Copyright © 2002, FWN Financial News, all rights reserved.

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