Market Download - Industry Trend or Event - Statistical Data Included

Industry Standard, The, April 16, 2001 by Kevin Kelleher

BEARS WIN AGAIN

Investors say the volatile stock market is a tug-of-war between die-hard bulls who are sure the market is near its bottom and seasoned veterans who feel it has further to fall. For most of last week, the bears had more pull. The Nasdaq fell to its lowest level since October 1998. On Wednesday more than 1,000 Nasdaq companies hit their 52-week lows. And unlike previous sell-offs, the Dow wasn't able to sidestep the carnage, falling as low as 9303.

The slide was triggered by a rash of new warnings from companies that their earnings would come in below what had been bleak expectations. And it wasn't just the dot-coms. Lucent spent the week fighting off rumors it was headed toward bankruptcy, and American Express warned of a weak quarter because of junk-bond losses.

A brief reprieve came Thursday when Dell offered good news announcing earnings this quarter wouldn't fall below its previously lowered expectations - a tiny matchstick that ignited the Nasdaq's third-biggest percentage gain ever.

By Friday, the selling returned after the Labor Department said the economy lost 85,000 nonfarm jobs in March, a far cry from the gain of 58,000 forecasted by economists. That was the biggest one-month job loss since November 1991. Increasingly, job cuts are coming not only from new-economy startups but also from old-economy stalwarts like Citicorp. Their effect on consumer spending could keep stocks weak for months.

The Nasdaq ended the week down 6.5 percent to 1720. The Dow Jones Industrial Average fell 0.9 percent to 9791.

                        THE INDUSTRY STANDARD
                      POWERED BY EPOCH PARTNERS
RELATIVE                THE INDUSTRY      NASDAQ
PERFORMANCE             STANDARD 100  COMPOSITE INDEX
Closing level (Apr. 6)      306            1720
Year-to-date change        -46%            -30%
3-month change             -43%            -29%
52-week change             -86%            -60%
SOURCE: BLOOMBERG
Note: Table made from line graph
                               BIG MOVERS
                       LARGEST NET STOCK GAINERS
                             AND LOSERS [*]
GAINERS                 PERCENT  LOSERS                 PERCENT
Pec Solutions (PECS)     34.2%   Art Technology (ARTG)  -60.2%
Freeserve (FREE)         22.2%   Inktomi (INKT)         -55.0%
Travelocity.com (TVLY)   20.3%   FLAG Telecom (FTHL)    -48.8%
IDX Systems (IDXC)       20.0%   BroadVision (BVSN)     -46.8%
Agile Software (AGIL)    19.1%   Entrust Tech. (ENTU)   -43.6%
McAfee.com_(MCAF)        16.0%   Exodus Comm. (EXDS)    -42.4%
(*.)BASED ON CHANGE FROM CLOSING PRICE ON MARCH 30.
                          MUTUAL FUND MONITOR
                     BEST PERFORMERS (MARCH 2001)
FUND NAME                           TOP THREE HOLDINGS
INTERNET
Kinetics Internet New Paradigm      Nextlink, Meredith, MS Health
Kinetics Internet Infrastructure    Commonwealth Tel., Millicom,
                                    Winstar
Monument Digital Technology         Sun Microsystems, Intel, Nortel
Kinetics Internet Emerging Growth   Nucentrix, Tredegar, Winstar
Kinetics Internet                   IMS Health, Liberty, Commonwealth
                                    Tel.
Investors Capital Internet & Tech.  PMC-Sierra, Cisco, Integrated
                                    Device Tech.
OTHER TECH
Evergreen Technology                L-3 Comm., IBM, Microsoft
Icon Information Technology         Tellabs, Concord EFS, Harman
                                    International
Monument Telecommunications         ADC Telecom, SBC Comm., Nortel
Seligman Comm. & Information        Novellus, Clear Channel, Analog
                                    Devices
Fidelity Select Electronics         Micron, Intel, Texas Instruments
Alleghany/Veredus SciTech           Cadence Design, Steris, Cytyc
DOMESTIC EQUITY
CGM Focus                           Timberland, NVR, Philip Morris
Prudent Bear                        NexMed, Univision, Neurobiological
                                    Tech.
AXA Rosenberg Value Mkt Neutral     BJ's Wholesale, Mallinckrodt,
Instl.                              Symantec
AXA Rosenberg Set Sect Mkt Neutral  Cisco, AT&T, Citigroup
Instl.
State Street Research Global Res.   Western Gas, Ocean Energy, Plains
                                    Res.
Boston Partners Long/Short Equity   NS Grp., Pioneer Nat. Res.,
Instl.                              Chesapeake Energy
                                      NET ASSET       NET ASSET
FUND NAME                           VALUE, FEB. 28  VALUE, MAR. 31
INTERNET
Kinetics Internet New Paradigm          10.53           10.20
Kinetics Internet Infrastructure         5.28            4.94
Monument Digital Technology              5.93            5.51
Kinetics Internet Emerging Growth        4.06            3.74
Kinetics Internet                       24.44           22.40
Investors Capital Internet & Tech.       3.44            3.05
OTHER TECH
Evergreen Technology                     7.23            6.87
Icon Information Technology             10.35            9.78
Monument Telecommunications              7.15            6.71
Seligman Comm. & Information            25.10           23.35
Fidelity Select Electronics             48.25           44.79
Alleghany/Veredus SciTech                8.02            7.40
DOMESTIC EQUITY
CGM Focus                               15.00           16.63
Prudent Bear                             4.82            5.31
AXA Rosenberg Value Mkt Neutral          7.63            8.11
Instl.
AXA Rosenberg Set Sect Mkt Neutral       9.11            9.61
Instl.
State Street Research Global Res.       19.77           20.84
Boston Partners Long/Short Equity       14.15           14.89
Instl.
                                    ONE-MONTH   2000
FUND NAME                            RETURN    RETURN
INTERNET
Kinetics Internet New Paradigm        -3.1%      3.9%
Kinetics Internet Infrastructure      -6.4%    -45.7%
Monument Digital Technology           -7.1%    -56.9%
Kinetics Internet Emerging Growth     -7.9%    -63.1%
Kinetics Internet                     -8.4%    -51.5%
Investors Capital Internet & Tech.   -11.3%    -56.2%
OTHER TECH
Evergreen Technology                  -5.0%    -24.0%
Icon Information Technology           -5.5%     14.1%
Monument Telecommunications           -6.2%    -36.7%
Seligman Comm. & Information          -7.0%    -37.5%
Fidelity Select Electronics           -7.2%    -17.7%
Alleghany/Veredus SciTech             -7.5%       N/A
DOMESTIC EQUITY
CGM Focus                             10.9%     53.9%
Prudent Bear                          10.2%     30.5%
AXA Rosenberg Value Mkt Neutral        6.3%     -3.6%
Instl.
AXA Rosenberg Set Sect Mkt Neutral     5.5%     -9.8%
Instl.
State Street Research Global Res.      5.4%     84.1%
Boston Partners Long/Short Equity      5.2%     60.2%
Instl.
SOURCE: MORNINGSTAR