The EBNIn a slow week of trading, both the EBN 100 Stock Index and the Nasdaq Composite Index made modest gains. Hopes for an economic recovery in 2002 helped to spur the market gains of the week.
After sliding 5.16% last week, to close at 1,314.53 on Dec. 20, the EBN
100 Stock Index posted steady gains, rising to 1,357.75 by 3 p.m. on Dec. 27.
Chipmakers gained on Dec. 27 after Merrill Lynch analyst Joe Osha narrowed his quarterly loss estimate for Advanced Micro Devices due to better-than-expected demand for its Athlon chip. In a research report, Osha said he was cutting the loss estimate to 15 cents per share from 23 cents per share. He expects AMD's revenue to increase 17% from the third quarter, due to stronger microprocessor revenues.
Belden, Belfuse, Methode, and Vishay helped boost the components sector. Belfuse shares jumped 8.8%, to $23.60, on Dec. 27, from $21.70 on Dec. 20. Methode shares increased 6.8%, to $7.69, on Dec. 27. Vishay's shares were boosted 6.4%, to $19.42 on Dec. 27. Belden's shares rose 6.1%, to close at $23.72 on Dec. 27, up from $22.35 on Dec. 20.
Pioneer-Standard and All American led the charge for the distribution sector. Pioneer's shares jumped 12.7%, to $13.05, on Dec. 27, from $11.58 on Dec. 20. All American posted modest gains of 8%, closing at $3.91 on Dec. 27.
Despite the negative news from ACT Manufacturing, which fell from a 52-week high of $30 on Feb. 1 to just 35 cents per share when trading was halted on Dec. 26, the EMS sector fared well for the week, posting modest gains. Nasdaq halted trading of ACT's stock until it receives "additional information from the company." Neither Nasdaq nor ACT would specify what the additional information was. ACT filed for bankruptcy protection on Dec. 21.