Saddam Hussein denounced the "Great Satan" as bombs rained down around him, President Clinton was branded a liar during impeachment debate, and stocks were up in mid-afternoon trading Friday.
At least investors have their priorities straight. War? Political turmoil? Big deal. Just look at those rosy projections for tech and Internet companies.
The Wired Index was up 10.13 points at 497.19, and the Dow Jones Industrial Average was 9.27 higher at 8885.09. The Nasdaq Composite Index gained 30.01 to 2073.89, and the S&P 500 was up 1.93 at 1181.91.
Net stocks took off like a cruise missile as Forrester Research predicted that total online business trade in the United States would increase from US$43 billion this year to a whopping $1.3 trillion by 2003. By that time, the leading industries for online transactions will be aerospace and defense, petrochemicals, utilities, and vehicles, Forrester said.
One sign in particular that the Net is coming of age is the arrival of a new online shopping service called Millionaire.com (MLRE), dedicated to sales of such mundane consumer goods as luxury yachts and top-drawer jewelry. The company's stock jumped $4.88, or 89 percent, to $10.38.
Similarly, real-world retailer CD Warehouse (CDWI) advanced $2.63 to $21 after opening an online outlet. Not to be outdone, Amazon.com (AMZN) rose $9.19 to $285.94, and eBay (EBAY) was up $20.69 at $259.
In tech, Intel (INTC) led a rally in computer-related shares after Morgan Stanley Dean Witter and Prudential Securities each boosted their earnings outlook for the company. Strong demand and low inventories are expected to result in higher than expected sales for the chipmeister. Intel rose $3.13 to $120.
Accordingly, Dell Computer (DELL) gained $1.69 to $67.50, and Compaq Computer (CPQ) was $2.25 higher at $42.31. International Business Machines (IBM) climbed $3.31 to $169.38, and Applied Materials (AMAT) was up $3.78 at $44.91.
Globalstar Telecommunications (GSTRF) surged $1.88, or 11 percent, to $18.81 as Salomon Smith Barney upgraded the company's stock to "buy" from "neutral." The space-based telephony provider has rebounded from a rocket mishap several months back that resulted in a bunch of its satellites going up in flames.
Investors were less sure of Lucent Technologies (LU) after it sold off its computer telephony unit to Brooktrout Technology (BRKT) for $29.4 million. Lucent slipped 13 cents to $98.63, while Brooktrout advanced $1.06 to $15.06.
FDX (FDX) seems to have finally come to terms with its FedEx pilots, who have been pressing for higher wages and improved benefits. A new labor agreement soon will be presented to the pilots' union for ratification. FDX gained $4.56 to $80.88.
Finally, Nike (NKE) just beat analysts' estimates with quarterly profit of 24 cents a share, but the sneaker maker's stock slid $1.75 to $39.75 as traders pondered future sales in the United States and Asia, especially with all those pro basketball players skipping work and instead staying home to check out Millionaire.com.
