Word: nasdaq
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...people don't track what Windows 2000 pulled in on its first day of sales or how many Toyota Camrys were driven off the lot that first week. But movies, as our proudest and most exciting cultural export, are monitored by Americans the way they used to watch the NASDAQ. There's a kind of pride that we can blow $115 million in one weekend on a comic-book movie; Spider-Man was our May Day. And if $115 million of fun was going on in one weekend, people want to be at the party...
...Despite the rally last Wednesday, the S&P 500 is down 8% for the year, the NASDAQ has fallen 18%, and the Dow is down 1%. None of the major averages have dropped to their September low, though the NASDAQ 100 (made up of the biggest stocks on that market, including Microsoft and Intel) is close. And already 1 in 8 stocks in the S&P 500 is below those September thresholds, including AOL Time Warner (which publishes TIME), Corning, EDS, Halliburton, IBM, Lilly, Merck and Verizon, reports Salomon Smith Barney...
...everyone is so gloomy. Barton Biggs, chief global strategist and longtime bear at Morgan Stanley, says the "lows should hold, but it will be scary." Richard Bernstein, market analyst at Merrill Lynch, expects the NASDAQ to drop to new lows. He sees the broader market avoiding that fate yet delivering subpar returns for the next few years. He and others are concerned that many stocks remain expensive relative to earnings. The S&P 500 trades at 28 times last year's earnings. A multiple of 18 to 20 would be normal coming out of a recession. Investors normally focus...
...oracle. For weeks, Wall Street has been a chastened bettor, placing few bets and admitting its ignorance. Then Cisco announced after the bell Tuesday that the year in tech looked pretty good - and Wednesday the casino was jumping again with a furious rally that added 122 points to the NASDAQ and 305 points to the Dow, the biggest daily gains of 2002. Nobody even complained about Cisco's obvious conflict of interest as a company that stands to profit from a tech rebirth...
...Merrill Lynch reported that a survey of Wall Street strategists found that 69 percent say this is a good time to buy stocks - and told clients to sell, since with that much optimism there was sure to be further disappointment. And by the closing bell, they were already right - NASDAQ (down 35) had plunged through the 1600 level, the Dow (down 190) had erased all of last week's gains, and blue-chips everywhere were hitting new lows...