Basically, all of the companies that have been doing the best this year, in terms of the major leaders, the large caps, really saw a big pull-back today.
More Quotes from Kate Warne:
I think the market is a little nervous because Greenspan talks tomorrow and everybody is expecting him to give an indication of how much of an increase we'll see next week.Kate Warne
It's not so much that bigger is better. I think what you're looking at is a company that's suddenly head and shoulders above most of the other companies. And two very efficient competitors that have already cut a lot of their own costs and are now looking at better ways of going after their current business.
Kate Warne
I expected today was going to be pretty choppy, ... We were again seeing a real conflict within the tech sector between people who believe values are low enough to buy and people still concerned about (possible) announcements of slowing growth, that the economy was coming in for a hard landing and nothing but bad news would be coming out.
Kate Warne
If there's a daily barrage of additional bad news then nobody is going to be comfortable feeling that the values are good or that we're near the bottom.
Kate Warne
Basically what we're seeing is stocks that reported expected or better than expected first-quarter earnings have moved up, while any company that has really disappointed has gotten slammed. The market is looking for direction.
Kate Warne
It's a good day led by Nortel surprise, surprise. I had expected that (Canada) would be down today because of the inflation report.
Kate Warne
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