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TITLE SOME TECHNOLOGIES DOWN when ORACLE WANTS TO BUY PEOPLE-SOFT !!! 04 Feb 2004

U.S. stocks were mostly lower Wednesday, after Cisco Systems' cautious outlook and Ciena's warning of a revenue shortfall prompted broad weakness in the technology sector, but rallies in retailers, drugmakers and McDonald's helped lift blue chip stocks.

Better-than-expected readings on December factory orders and the non-manufacturing sector and a rally in PeopleSoft following Oracle's raised buyout bid also provided a cushion.

"Investors are rotating out of technology to more defensive consumer staples stocks," said Paul Nolte, director of investments at Hinsdale Associates.

"This is a churning type of market, with investors reluctant to take positions ahead of Friday's jobs data," he added.

A.G. Edwards chief market strategist Al Goldman said the market is just working off some of its excesses.

"My guess, going by market action, is a big pullback, in the order of like 10 percent, is not in the cards," Goldman said. "The market pulls back a little and sideline cash comes in, which says there are a lot of people who have missed the big rally and are taking advantage of even modest pullbacks to buy selectively.". Cisco (NasdaqNM:CSCO ) , among the Nasdaq's most heavily weighted components, was knocked 7.1 percent lower after the networking sector bellwether reported late Tuesday better-than-expected fiscal second-quarter results, but reined in high expectations by saying some business leaders remained "surprisingly cautious" toward capital spending and hiring.

Our sentiment is that people will try to buy good companies at low cost when they missed last weeks the rally.

Fellow networking heavyweight Ciena (NasdaqNM:CIEN) sank 17 percent after warning late-Tuesday that first-quarter revenue would fall short of expectations due to the timing of one order.

Meanwhile, PeopleSoft (NasdaqNM:PSFT) got a 4-percent lift after Oracle (NasdaqNM:ORCL ) raised its bid for the business processes software firm to $26 a share, or to about $9.4 billion from $7.3 billion. Oracle, however, slipped 3.5 percent.

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