- Published on Tuesday, 07 July 1998 20:23
- Written by Clyde Noel - Special to the Town Crier
For the time being, calm has returned to Wall Street bringing a cool summer rally to the stock market on hopes the worst of the year-old crisis in Asia may be over.
The Dow Jones industrial average has gained more than 450 points over the last three weeks as investors bet Japan will avert a new regional crisis after their election last Sunday.
Starting the second half of 1998, the Town Crier Stock Index introduces two new companies whose executives live in Los Altos or Los Altos Hills and the national headquarters are in Silicon Valley. They are:
Leasing Solutions Inc.(LSN): A full-service global leasing company that specializes in leasing information processing and communications equipment, principally to large, corporate customers. The company recently was added to the Russell 2000 and 3000, which list the 3,000 largest companies on the stock market.
NeoMagic Corp (NMGC): The company designs, develops and markets multimedia accelerators for sale to notebook computer manufacturers. The company has developed the first commercially available high performance silicon technology that integrates large DRAM memory with analog and logic circuitry.
On the down side for the week, Applied Materials Inc. (AMAT) said its third-quarter results will fall below current forecasts due to order delays, reduced spending by customers, weak personal computer sales and weak economies in Asia.
These are the same negative factors facing the majority of companies in the Silicon Valley.
For the week, the Dow was us 80.48 at 9105 and the Nasdaq composite index rose 49.04 at 1,943.04 a new high. The Town Crier Index rose 7 percent for the week, one of the most productive weeks this year.