Bloomberg.com : Stock Market Update -
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Published on: 10/28/2000
Last Visited: 10/28/2000
``People are worried'' about slowing profit growth, ``and fear's a much stronger emotion than greed, ' said Kenneth Sheinberg, head of listed trading at SG Cowen Securities Corp. ``If they do not think that six months down the road the growth potential is going to be better, they be going to sell.''.
In contrast, Microsoft Corp., International Business Machines Corp. and Intel were among lower-priced stocks that advanced.
Microsoft, which has lost 42 percent of its value this year and sells for 35 times profit, jumped $ 3.25 to $ 67.69, while IBM rose 94 cents to $ 93.69.IBM has dropped 13 percent this year.Intel, which has sunk 38 percent since the end of August, rallied $ 1.69 to $ 46.38.