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Friday, February 26, 1999

Dow seen mixed 

Reuters  
London, Feb 25: Wall Street looked set for a mixed opening, amid extreme caution following yet another volatile session and 1.5 per cent closing losses for the Dow and the Nasdaq. Globex S&P futures traded 2.5 points ahead at 1,255.8, against fair value of 1,356.05. ``It's a tough call today. There's nothing obvious to go on,'' said one dealer. ``What we saw yesterday was a reaction to sharp moves in bonds and a good excuse for profit taking -- it wasn't really a stock story. Up until then, there was a fair deal of decoupling between stock and bonds,'' said a dealer. Corporate features included a lift for car companies, after news that Brazil is cutting car taxes by as much as 10 percentage points to boost sagging sales.

Ford and General Motors -- both of which have a strong presence in Latin America -- were indicated higher. Ford looked $1/4 higher at $59-7/8 and GM $3/8 at $85-3/8, dealers said. Intel nosed up $5/8 to $131, after the company unveiled technology dubbed `Geyserville', that enables alaptop to work as fast as most desktops, signalling a narrowing of the gap between the two. ATT suffered a $1/4 loss to $84-1/4, amid talk of more defections, after the group lost another key executive -- Bob Annunziata, the head of its lucrative business services unit. ``He's seen a major loss,'' said a second dealer. Talk of a report that Pfizer was on the verge of getting approval for its anti-impotence drug Viagra in Japan helped the stock $1/2 higher to $132-7/8, dealers said.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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