Wall Street Logs Biggest Rally in 7 Months

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Wall Street Logs Biggest Rally in 7 Months Dr.UdoBroemme

Wall Street Logs Biggest Rally in 7 Months

16.04.02 23:11
``It's a beautiful world,''

Wall Street Logs Biggest Rally in 7 Months

By Haitham Haddadin

NEW YORK (Reuters) - Wall Street logged its biggest gain in nearly seven months on
Tuesday as muted inflation data and upbeat financial forecasts from chip company Texas
Instruments Inc. .(NYSE:TXN - news) and automaker General Motors Corp.
(NYSE:GM - news) lit a fire under stocks.

                               ``It's a beautiful world,'' said Ned
                               Riley, chief investment strategist with
                               State Street Global Advisors.
                               ``People were extremely downbeat
                               coming into earnings season, but ...
                               tech earns have been coming in
                               better than expected and even the
                               old-line companies, such as GM,
                               have been better.``

                               This week and the next mark the busiest period for reporting first-quarter
                               results. Scorecards from long-distance telephone company Sprint Corp.
                               (NYSE:PCS - news; NYSE:FON - news) and Novellus Systems Inc.
                               (NasdaqNM:NVLS - news), the chip equipment maker, helped fuel hefty
gains in semiconductor stocks and an explosive rally in telecommunications shares.

Intel Corp. (NasdaqNM:INTC - news), the No. 1 computer chip maker, after the close Tuesday reported first-quarter
earnings down slightly from a year ago, suggesting that its profit declines are nearing an end. The stock, which raced up $1.40
to $29.51 in regular trading, extended its gains to $30.70 after hours.

The Dow Jones industrial average (^DJI - news) surged 207.65 points, or 2.06 percent, to 10,301.32, according to the latest
available data. The technology-laced Nasdaq Composite Index (^IXIC - news) jumped 63.01 points, or 3.59 percent, to
1,816.79. The broader Standard & Poor's 500 Index (^SPX - news) shot up 25.82 points, or 2.34 percent, to 1,128.37, its
biggest percentage gain since late September.

Investors got a wide array of mostly upbeat economic news from government reports. Construction of U.S. homes fell last
month, but the beleaguered factory sector had its best showing in two years. March retail inflation data, as measured by the
Consumer Price Index, showed costs rose less than economists forecast.

``I felt the data was fabulous,'' said Phil Orlando, chief investment officer of Value Line's Asset Management division. ``There is
no inflation in the economy so the Fed is absolutely not raising (interest) rates at the May or June meetings ... and that means
the market can rally.'' Lower rates cut corporate borrowing costs and can ultimately boost companies' results.

The Fed lowered rates 11 times last year to boost the economy, but recent signs of growth have spurred Wall Street to wonder
when the U.S. central bank will reverse course and raise the borrowing cost to head off any inflationary pressures.

GM, a proxy for economically sensitive companies, leaped $2.95 to $64.05. The world's largest automaker posted earnings,
before one-time items, that shot off the charts on the back of strong gains from North American truck sales. GM also raised its
U.S. sales outlook and its earnings estimates for the full year.

Texas Instruments rose $1.66 to $33.79. The world's No. 1 maker of semiconductors for mobile phones posted a slight loss
that was within the range of analysts' forecasts. It said sales and profits this quarter would outpace expectations, as customers
restock on microchips.

FleetBoston Financial Corp. (NYSE:FBF - news) rose $2.70, or 8 percent, to $36.18. The firm reported a higher profit and
said it plans to sell its Robertson Stephens investment bank and stop investing in its troubled Latin American operation to focus
on low-risk businesses like lending.

Telecommunications stocks rallied after Sprint posted better-than-expected first-quarter results and gave the depressed sector
its first speck of positive news in months. Sprint PCS shares rose $2.58 to $12.60. Sprint Fon Group (NYSE:FON - news)
stock jumped $2.79, or 20.7 percent, to $16.26.

``That increases the confidence that perhaps we've maybe seen a bottoming in the fundamentals, and therefore in the stocks,''
said Tim Ghriskey, a portfolio manager at Ghriskey Capital Partners LLC, referring to Sprint's numbers.

The North American Telecommunications Index (^XTC - news) soared more than 10 percent, far outpacing the broader S&P

WorldCom Inc. (NasdaqNM:WCOM - news), Nasdaq's most active issue, jumped $1.16 to $6.23, or nearly 23 percent,
while AirGate PCS Inc. (NasdaqNM:PCSA - news), which sells wireless service under the Sprint PCS brand name, surged
$3.63, or 27 percent, to $16.99.

Dow stock General Electric Co. (NYSE:GE - news) climbed $1.25 to $33.10 and was the most active stock on the New
York Stock Exchange. The company, dogged by disappointing results and doubts about future performance, rose after the
conglomerate's chief executive Jeffrey Immelt told GE-owned business television news channel CNBC on Monday the firm's
outlook was strong.

Shares of home builders fell after the downbeat housing data. Lennar Corp. (NYSE:LEN - news) was down 96 cents at
$53.68 and Centex Corp. (NYSE:CTX - news) lost 49 cents at $52.38.

Novellus forecast hefty order growth for the second quarter, even as it recorded a first-quarter sales drop of 63 percent.
Shares surged $3.06, 6 percent, to $53.46.

The Philadelphia semiconductor index (^SOXX - news) raked in a hefty gain of 5.6 percent.

Coca-Cola (NYSE:KO - news), boosted by strong sales in its key North American market, reported a profit before special
items that beat the consensus forecast. That news sent shares of the Dow component up $1.49 to $53.88.

Dow issue Caterpillar Inc. (NYSE:CAT - news) lost $1.34 to $56.65 after the construction equipment maker said profits fell
50 percent because of weak demand for mining and other equipment.

Also on a downbeat note, Handspring Inc. (NasdaqNM:HAND - news) plunged 19 percent, or 72 cents, to $3. The handheld
computer maker reported a quarterly loss as revenues fell by more than half.

Stocks blasted through resistance levels -- or points where sellers often emerge. For Nasdaq, getting through the 1,800 point
level is significant, said Richard Dickson, a technical analyst at Hilliard Lyons in Louisville, Kentucky. A close above that level
could help fuel a big rally, he said.

Support -- where buyers swoop in -- is at 1,120 for the S&P 500, 10,150 for the Dow and 1,770 for the Nasdaq, according
to research firm Schaeffersresearch.com

Wall Street Logs Biggest Rally in 7 Months 638334Wall Street Logs Biggest Rally in 7 Months 638334Wall Street Logs Biggest Rally in 7 Months 638334Wall Street Logs Biggest Rally in 7 Months 638334Wall Street Logs Biggest Rally in 7 Months 638334Wall Street Logs Biggest Rally in 7 Months 638334Wall Street Logs Biggest Rally in 7 Months 638334
Wall Street Logs Biggest Rally in 7 Months Dr.UdoBroemme

Und Veritas warnt!

Zieht auch einige andere Werte nachbörslich mit runter...

                MOUNTAIN VIEW, Calif. (CBS.MW) -- Shares of Veritas Software sank as
                much as 17 percent in after-hours trading Tuesday after the company
                issued a second-quarter profit and sales warning, even though it beat
                Wall Street's first-quarter targets.

                The maker of storage software turned its profit picture positive compared with
                last year, due mostly to a $221 million asset-related write-off in the prior first

                Veritas reported net income
                for the first quarter, ended
                March, of $44 million, or 11
                cents a share. A year ago,
                the company had a loss of
                $156 million, or 40 cents a

                Pro forma earnings, which
                remove all amortization
                write-offs and costs for

                developed technology, were
                $66 million, or 16 cents a
                share, down from last year's
                $87 million, or 21 cents.
                Analysts had been
                expecting earnings of 13
                cents a share, according to
                a survey conducted by
                Thomson Financial/First

                "We are very pleased with
                our performance, given the
                erosion in the high tech
                industry as the quarter
                progressed," said Gary
                Bloom, Veritas' chief
                executive, in a conference

                Veritas' revenue was $370.4
                million, down 4 percent from
                last year, meeting Wall
                Street expectations. The
                company's license fees
                sank 16 percent to $259.7
                million, down from $309
                million last year. Services
                revenue increased 41
                percent to $110.7 million.

                The company said strength in storage, disaster recovery and high- availability
                computing software sales insulated Veritas from a spending slowdown that
                crippled some software sectors.

                But management said market weakness could hit the company in the second
                quarter. Veritas anticipates earnings in a range of 12 cents to 15 cents a share.
                Revenue will be in a range of $340 million to $370 million. Analysts had expected
                earnings of 15 cents and sales of $369 million, according to Thomson
                Financial/First Call.

                Bloom said the company couldn't give profit and sales targets for the remainder
                of 2002.

                Shares of Veritas (VRTS: news, chart, profile) rose 35 cents to close at $36.86
                in regular trading on the Nasdaq.

Wall Street Logs Biggest Rally in 7 Months 638361Wall Street Logs Biggest Rally in 7 Months 638361Wall Street Logs Biggest Rally in 7 Months 638361Wall Street Logs Biggest Rally in 7 Months 638361Wall Street Logs Biggest Rally in 7 Months 638361Wall Street Logs Biggest Rally in 7 Months 638361Wall Street Logs Biggest Rally in 7 Months 638361

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