Stock Watch
Posted: 05/2001
Stock Watch
Markets Plunge on Earnings Fears
The stock market caved at the end of our trading session, the Dow dropped
below 10,000, and techs sustained heavy blows due to earnings warnings by major
hitters and a generally dreary outlook on the U.S. economy. European and Asian
markets added to economic worries as investors eyed dismal results there.
"Anyway you put it, this is bad," said First Union Securities Inc.
(www.firstunionsec.com) analyst Gary
Kaltbalm. "You are in the vicious cycle now."
The PHONE+ Stock Index also was hammered, and lost 652.40 points, or 21.64
percent, to end the trading period month at 2,360.01. Declining issues
overshadowed advancing issues by a 14-to-1 margin.
Despite posting a larger fourth-quarter loss than in the previous year,
shares of Intermedia Communications Inc. (www.intermedia.com)
rose 1.56 points, or 10.20 percent, to end the session at $16.88. Intermedia
cited its Digex Inc. (www.digex.com) Internet
hosting division and costs to build out its network. The company reported a net
loss of $205.6 million, or $4.34 per share, compared to a loss of $185.2
million, or $4.05 in the year-ago quarter. Intermedia was our top dollar and
percentage gainer.
Level 3 Communcations Inc. (www.level3.com)
tumbled this session, losing 16.31 points, or 48.15 percent. However, Level 3
said it will meet or surpass its first-quarter and full-year sales expectations.
Communications revenues will range from $360 million to $370 million for the
first quarter and $1.7 billion for 2001. Level 3 ended at $17.56, and was our
top dollar loser.
Nextel Communications Inc. (www.nextel.com)
called off an IPO of its subsidiary, Nextel International, citing the faltering
stock market. The IPO was expected to raise about $660 million, with pricing in
the $10 to $12 per share range.
|
PHONE+ Service Provider Index |
||||
| 2/15/01 Close ($) |
3/15/01 Close ($) |
Net Change ($) |
Percent Change (%) |
|
| Top 10 Percentage Gainers | ||||
| Intermedia Communications Inc. | 15.31 | 16.88 | 1.56 | 10.20 |
| WorldCom Inc. | 16.19 | 17.56 | 1.38 | 8.49 |
| AT&T Corp. | 22.14 | 23.35 | 1.21 | 5.47 |
| ALLTEL Corp. | 53.29 | 53.69 | 0.40 | 0.75 |
| Citizens Utilities Co. | 14.47 | 14.40 | -0.07 | -0.48 |
| General Communication Inc. | 8.19 | 8.13 | -0.06 | -0.76 |
| Comcast Corp. | 42.25 | 41.81 | -0.44 | -1.04 |
| IDT Corp. | 22.31 | 22.05 | -0.26 | -1.18 |
| US LEC Corp. | 8.50 | 8.28 | -0.22 | -2.57 |
| BellSouth Corp. | 42.05 | 40.50 | -1.55 | -3.69 |
| Top 10 Percentage Losers | ||||
| Metrocall Inc. | 0.78 | 0.22 | -0.56 | -72.00 |
| e.spire Communications Inc. | 1.31 | 0.53 | -0.78 | -59.52 |
| Nextel Communications Inc. | 29.56 | 13.75 | -15.81 | -53.49 |
| Advanced Radio Telecom Corp. | 2.16 | 1.03 | -1.13 | -52.17 |
| Level 3 Communications Inc. | 33.88 | 17.56 | -16.31 | -48.15 |
| Winstar Communications Inc. | 13.88 | 7.63 | -6.25 | -45.05 |
| Cable & Wireless Communications plc | 36.00 | 20.68 | -15.32 | -42.56 |
| Motient Corp. | 4.81 | 2.84 | -1.97 | -40.91 |
| Metromedia Fiber Network Inc. | 12.19 | 7.22 | -4.97 | -40.77 |
| Electric Lightwave Inc. | 5.13 | 3.13 | -2.00 | -39.02 |
| Indices | ||||
| 2/15/01 Close |
3/15/01 Close |
Net Change |
Percent Change |
|
| PHONE+ Stock Index | 3,367.68 | 3,014.41 | -353.27 | -10.49 |
| Service Provider Index | 2,355.26 | 2,120.12 | -235.14 | -9.98 |
| Dow Jones Industrial Average | 10,652.66 | 10,891.02 | 238.36 | 2.24 |
| S&P 500 Stock Index | 13,26.65 | 1,326.61 | -0.04 | 0.00 |
| Nasdaq Composite Index | 26,18.55 | 2,552.86 | -65.69 | -2.51 |
| NYSE Composite Index | 650.18 | 654.44 | 4.26 | 0.66 |
| Market Diary: Advances: 8 Declines: 112 Unchanged: 2 |
Source: CNET Investor (investor.cnet.com) Boulder, Colorado. This information is based on sources believed to be reliable, and while extensive efforts are made to ensure its accuracy, no guarantees can be made. CNET Investor assumes no liability for any inaccuracies. |
