Today's Issue

The NASDAQ stumbled to a 27 month low Friday, driven in party by a nasty earnings warning by chip maker Intel. The Nasdaq composite index dropped 115.88, or just over 5 percent, to  2,052.85 during Friday's session, it's lowest level since Dec. 17, 1998. The DOW was battered too, falling 213.63, or almost 2 percent, to 10,644.62 managing somehow to stay up 1.7 percent for the week.

CNNfn stated in an article published Friday, that  "analysts said investors do not need to run for the hills in a panic." despite the bloodbath in the tech sector quoting Seth Martin, an analyst with IDEAglobal.com as saying, "I think stocks really are near their lows at this point and I think investors are bargain-oriented right now. They believe in some sort of comeback by the end of this year so if you believe in that, you have to like stocks at these prices."

We'll see on Monday as earnings statements continue to be released.
 

Breaking News

At StockNight we prefer to publish news in our Breaking News section that truly is "Hot off the Press." When at all possible we try and work with news that has been released after the marker's close or late in the trading day. 

Today, at roughly 22 minutes after Friday's market close Saf-T-Hammer (otcbb: SAFH) issued a statement that many of our readers will undoubtedly find interesting given the tragic school shooting of this week.

Here is part of the release:

SCOTTSDALE, Ariz.--March 9, 2001--Saf-T-Hammer Corp. (OTCBB: SAFH - news), the Scottsdale-based firearm safety and security company today responded to the efforts of Wisconsin U.S. Sen. Herb Kohl's March 1 reintroduction of the Child Safety Lock legislation he authored. 

Sen. Kohl has also authored the Youth Handgun Safety Act of 1994 and the Gun-Free School Zone Act, which makes it a federal crime to knowingly bring a gun within 1,000 feet of a school or to fire a gun in these zones. 

``We are watching this legislation closely,'' said Robert Scott, president of Saf-T-Hammer. ``There is a continuing, growing awareness of the need for firearm safety solutions. The recent school shooting in San Diego tragically brought the issue to the nation's attention again.'' 

The ``Child Safety Lock Act of 2001'' reintroduced into the Senate last week under Senate Bill S 436, calls for safer keeping of firearms including the requirement of child handgun safety locks included in every sale and transfer of a handgun. 

``All firearm owners, most of whom act extremely responsibly, have an obligation to store and secure their firearms in a manner to prevent unauthorized access,'' said Scott. ``The gun safety locks manufactured by our company have proven to be effective, inexpensive and easy to use.'' 

The bill would be an amendment to chapter 44 of title 18, U.S. Code and is co-sponsored by Sen. Barbara Boxer, Sen. Jon Corzine, Sen. John F. Kerry, Sen. Charles E. Schumer, Sen. Lincoln D. Chafee, Sen. Richard J. Durbin and Sen. Jack Reed. 

Polls show that between 75 and 80 percent of the American public, including gun owners, favor the mandatory sale of child safety locks with guns. In addition, according to public reports from last year's campaign, President Bush indicated he supports the idea of mandatory child safety locks and would sign a bill that required the sale of a child safety lock with all new handguns. 

Attorney General Ashcroft confirmed the Bush administration supports the mandatory sale of child safety locks during his Senate confirmation hearings earlier this year. Each year, teenagers and children are involved in more than 10,000 accidental shootings in which close to 800 people die. In addition, every year 1,300 children usefirearms to commit suicide. ``The need is definite and real,'' said Scott. 

Please click here  to read the remainder of this release: http://biz.yahoo.com/bw/010309/0231.html

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