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Latest UpdatesAll times are Eastern Time
3:34PM WebEx (WEBX) 18.07 +1.87 (+11.5%): Announces the sale of 2 mln shares of unregistered common securities totaling $21.5 million. Company says funds will provide them with solid cash reserves and additional flexibility in pursuing potential new opportunities.

3:33PM Superconductor Stocks : An article on the future of superconductor cable in Sunday's Washington Post mentioned American Superconductor (AMSC 25.41 +0.17) and Conductus (CDTS 5.41 +0.33). The biggest gainer in the group, however, is Superconductor Technologies (SCON 7.95 +1.31), even though it wasn't mentioned in the article.

3:27PM Earnings Calendar : CRDS and SVVS are scheduled to report earnings after the close. Check the Short Stories page after hours for details... Retailers BJ, SPLS, TLB, TGT due to release before the open tomorrow.

3:16PM Sector Watch: Genomics : Momentum baton has passed from the alternative energy space to genomics stocks. Pacing the move are institutional favorites CRA (+15%), VRTX (+13%), AFFX (+7%), PDLI (+7%)... Traders are also digging through small-caps such as GENXY (+19%), Lynx Therapeutics (LYNX 18%), VICL (+13%).

2:49PM Momentum Hot List : DoubleClick (DCLK 15.38 +2.44)... QLogic (QLGC 60.47 +6.35)... Emulex (EMLX 48.55 +5.02)... Celera Genomics (CRA 47.27 +6.12)... Superconductor Technologies (SCON 7.79 +1.15)... Riverstone Networks (RSTN 21.84 +2.84)... Krispy Kreme (KKD 69.79 +5.94)... Orchid BioSciences (ORCH 8.20 +1.48).

2:28PM Sun Microsystems (SUNW) 22.10 +2.13: -- Update -- Hearing from sources that hardware analyst Laura Conigliaro just spoke on SUNW, and said that while she agrees that UltraSparc-3 yields are improving and inventories are coming down, she does not expect SUNW to be more optimistic at the May 29 mid-qtr update and the tone for SUNW is not necessarily better.

2:21PM (CLKS) 2.09 +0.56 (+40%): Pops on news that company has been selected by Microsoft Corp. provide and deploy the Click2learn commercial learning platform to provide e-Learning programs for Microsoft Office.

2:13PM Dell Computer (DELL) 25.30 +0.51 (+2.1%): Merrill Lynch hosted an investor lunch this afternoon with Pres/COO Kevin Rollins; company emphasized three growth drivers going forward: 1) shift to enterprise hardware, 2) geographic expansion, 3) push the Dell model... Company views Intel price cutting as advantageous; sees the current environment of very weak demand as the ideal period in which to accelerate its market share gains.

2:00PM Cabot Corp (CBT) 37.58 +0.45 (+1.2%): Speciality chemicals company announces resignation of CFO Robert L. Culver. In connection with his resignation, CBT will incur a special charge of approx. $4 mln, principally due to the accelerated vesting of shares granted under the company's equity incentive plan.

1:47PM Electric Fuel (EFCX) 3.50 +0.23 (+7%): -- Update -- Company unveils plan to form a dedicated Electric Vehicle company. The new wholly-owned subsidiary will focus on commercializing Electric Fuel's zero-emission Zinc-Air all-electric hybrid transportation system... Announcement comes just as alternative energy stocks begin to breakdown, following 2 1/2 days of positive momentum.

1:37PM Ford Motor (F) 26.01 -1.12 (-4.1%): -- Update -- Bridgestone/Firestone sends letter to Ford terminating its 100-yr relationship with the automaker; says its analysis suggests that there is a significant safety concern with a substantial segment of the Ford Explorers; believes Ford is attempting to divert scrutiny of their vehicle by casting doubt on the quality of Firestone tires.

1:28PM QUALCOMM (QCOM) 68.28 +2.91 (+4.4%): -- Technical -- Edging back off the high following the test of an important resistance at 69.3/70 (200 day simple ma, chart barrier). Will watch support near 67.45 for indication of health of the current leg of the advance. Short term concern here is that stock is now deeply overbought.

1:21PM (PPRO) 2.97 +0.39 (+15.1%): -- Update -- CSFB comments on CEO departure in intra-day comment; believes that executive team recognized that Johnson needed to retire in order for company to rebuild credibility; expects management to set the bar low when it updates guidance (management continues to say within next 2 wks)... Firm views its estimates as speculative at this pt; does not think that fundamentals warrant re-entry on this news and would stay on the sidelines.

1:04PM QLogic (QLGC) 60.20 +6.08 (+11.2%): -- Technical -- Races to a solid resistance barrier at 60 (Dec/Jan low, Mid-Feb high, bottom of sizeable Feb gap) amid stronger than average volume (upgraded by Robbie Stehpens to Buy prior to the open). Although overextended on a short term basis, momentum is strong with a breach of the above level pointing initially to resistance near 62/62.50.

12:39PM Procter & Gamble (PG) 64.86 -2.63 (-3.9%): -- Update -- Banc of America Sec. downgrades MKT PERFORM from Buy in afternoon note; feels that Clairol acquisition shows a lack of focus; concerned that price paid was too high; acquisition could result in employee morale issues.

12:19PM Tellabs (TLAB) 42.50 +3.95 (+10.2%): -- Update -- Technical -- Able to stage bull breakout today (highlighted in Morning Movers story) and is now working on resistance at 42.5 area (62% off March high). While volume is not exceptionally heavy thus far, momentum and patterns bode well. Chart congestion provides next resistance near 43.5 with a secondary ceiling at 45/46. Takes losses through support at 40 to inflict any damage.

12:12PM Tellium (TELM) 24.97 +3.17: Recent IPO surges to new all-time high. TELM shares came to market May 17 at $15 per share. Company is a designer of optical switches, competing in the same space as Ciena (CIEN).

11:55AM Sector Watch: Semiconductor : Another sector (SOX at 691) on the move today which is in position to retest its April recovery high. Next resistance on a breakout for the SOX index is in the 720/725 area. Leadership provided by NSM (+7.3%), MU (+6.8%), TER (+6.6%), LSCC (+5.5%) and LSI (+5.3%).

11:55AM BioSource Int'l (BIOI) 7.35 -2.91 (-28.3%): Plunges after life sciences company announces the resignation of its CEO and COO, both for personal reasons.

11:50AM Sun Microsystems (SUNW) 21.94 +1.97 (+9.9%): -- Update -- There had been some talk on trading floors that Merrill Lynch made positive comments on SUNW; Merrill says that it has not made any new incremental comments today. Merrill still believes that inventories, UltraSparc-3 availability, and demand will slightly improve, and maintains NT ACCUMULATE/LT BUY ratings.

11:27AM Retek (RETK) 40.87 +2.57 (+6.7%): Announced that Gap selected its end-to-end predictive planning solutions to help decrease supply chain costs and increase customer service across its various retail chains.

11:27AM Sector Watch: Telecom Equipment : General tone in telecom equipment space has been cautious over the past month as risk to earnings remains high. However, investors finally beginning to return to the sector, attracted to alluring valuation of Tellabs (TLAB 40.25 +1.7) and positive price momentum of Advanced Fibre (AFCI 22.95 +1.06), which has seen its multiple quickly balloon to 60. Now seeing ADC Telecommunications (ADCT 10.11 +0.20) begin to participate, with stock making new 2-month high today. While still pricey, its multiple of 31.5x forward estimates sits at about the midpoint of the TLAB and AFCI.

11:16AM Sector Watch: Software : Index in position for a run to a new recovery high with VRTS (+7.2%), ITWO (+6%), BEAS (+5.2%) and CHKP (+5%) pacing the way. Momentum favorite CHKP is again testing a key technical barrier near 60 (50 day moving average/late April lows) which stymied the bulls last week. Technicals are lined up for a break with such a development targeting resistance at 63.

10:52AM DoubleClick (DCLK) 13.90 +0.96 (+7.4%): After pushing shares of Internet notables PCLN, YHOO, AMZN, RNWK in recent weeks, investors/traders finally making their way to the Net advertising sector. Impressive run by DCLK this morning has stalled at $14 resistance. While positive momentum remains intact, will need push through this $14 level to generate enthusiasm; volume 562K; intraday range $12.95-$13.99.

10:39AM Playboy (PLA) 13.09 +1.28 (+10.8%): Ticks higher after receiving favorable mention in latest edition of Barron's; advance occurring on thin volume of 78,000 shares.

10:37AM Sun Microsystems (SUNW) 21.75 +1.78: Trading floors talking about Sun's strength today; no clear reason for the gains but several factors being mentioned: talk that inventory levels and UltraSparc-3 yields are getting better and optimism ahead of mid-quarter update on May 29.

10:15AM (PPRO) 3.11 +0.53 (+20.5%): Investors applauding news that CEO of controversial B2B company has resigned. In a press release distributed by PrimeZone, PPRO announced that CEO/founder Charles E. Johnson, Jr., has left the company and resigned his position on the board. Board member R. Todd Bradley will assume the CEO post.

10:15AM Nasdaq Composite : -- Technical -- Minimal pullback remains above short term key floor with index now poised for a new recovery high. Breakout suggest a run to resistance at 2250/2255 (100 day simple ma/Jan low/50% retracement off Jan high). Intraday support to watch is now at 2215.

10:15AM Philip Morris (MO) 51.99 -0.38: Traders note Dow Jones headlines which indicate that MO's IPO spin-off of Kraft might have run afoul of securities laws: headlines note that an IPO pre-marketing report was incorrectly released and that some IPO buyers could seek refunds and damages. The Kraft IPO had been expected in June.

10:12AM Immune Response (IMNR) 5.85 +0.80 (+15.8%): Reports that preliminary interim clinical results from an ongoing Phase II trial indicate that treatment with Remune appears to induce both allo and HIV specific cell mediated immune responses.

10:08AM Sector Watch: Biotech : Highlighted VRTX and HGSI in Morning Movers story in wake of upgrade. Gapped higher but failed at targeted resistances at 40 and 71.17, respectively. Intraday watching bottom of today's gap (36.67 VRTX, 68 HGSI) for support. Continued stabilization above leaves door open for another rally attempt later in the session.

9:56AM Nasdsaq Composite : -- Technical -- Two of the last three sessions index has failed near resistance at 2215. Intraday will watch support at 2195/2190 for indication of the health of the current push. A failure here allows for a run to the recent range bottom in the 2175/2170 area. Ability to hold above would set the stage for another breakout attempt with next resistance at the recovery high of 2132.

9:53AM Momentum Movers : Krispy Kreme (KKD 67.94 +4.09)... Netegrity (NETE 42.92 +2.97)... Cree Inc (CREE 35.80 +1.72)... Luminent (LMNE 6.36 +0.33)... MRV Communications (MRVC 13.10 +1.39).

9:42AM Sector Watch : Indices mixed but biotech, Internet and gold are on the move to the upside with semiconductor, oil, natural gas and software posting modest gains. On the defensive in early dealings are banking, chemical, healthcare, drug, telecom and paper.

9:37AM Apollo Group (APOL) 31.80 -3.70 (-10.4%): Shares under pressure after the Dept. of Education Office of Inspector General accused company of violating the statutory prohibition on the use of incentive payments for recruiting by paying a percentage of tuition revenue to its IPD subsidiary and its contract educational institutions.

9:24AM PMC-Sierra (PMCS) 38.62: Wit SoundView believes that customer demand continues to be weak as customers wrestle with excess inventory and weak carrier demand; firm maintains Strong Buy rating based on long-term growth prospects but expects next couple of quarters to be difficult.

9:20AM Plug Power (PLUG) 32.12: Friedman Billings Ramsey downgrades to ACCUMULATE from Buy based purely on price; continues to be optimistic on the future for Plug Power and recommends accumulating shares on weakness.

9:16AM Positive EMS Comments : Dain Rauscher recommends overweighting sector, cites hints of order stabilization from OEMs and likelihood of reduced inventories in Q2. Separately, Bear Stearns' Ripple Effect says that SCI Systems (SCI) can be added to the list of EMS players for whom this quarter's EPS estimates have become more achievable. Others that Bear has previously cited as having achievable estimates are: FLEX, CLS, and JBL.

9:12AM Procter & Gamble (PG) 67.48: -- Update -- Conference call to discuss Clairol acquisition: 10:00 ET, 800-406-5345 or 913-981-5571.

9:12AM Gapping Up : UBET +59% (Gemstar deal)... IBEM +36% (enters strategic relationship with DoubleClick)... DMED +26% (receives FDA clearance for new catheter)... ATHM +8% (AT&T news)... Momentum players showing interest in fuel cell stocks for the third consecutive session, bidding up BCON (+9%), EFCX (+9%), SATC (+3%) in pre-market... Stocks lifting on upgrades: NETA (+8%), PALM (+6%), VIGN (+6%).

9:01AM Akamai Tech (AKAM) 10.01: Company expands relationship with EDS (EDS); under agreement, EDS to offer Akamai's EdgeSuite service with EDS hosting services.

8:54AM JPM on Sectors : JP Morgan strategist Doug Cliggott likes cyclicals; upgrades Aluminum and Railroad sectors to overweight from market-weight, and adds Alcoa (AA) and Union Pacific (UNP) to Strategist 30 stock list.

8:49AM Agilent Tech (A) 36: Merrill Lynch lowers n/t rating to NEUTRAL from Accumulate following earnings warning last week; in light of the losses firm now expects through the end of 2001, thinks it may take a while before the shares attract investors with an intermediate time horizons.

8:45AM Machinery Downgraded : Legg Mason downgrades Caterpillar (CAT), Eaton (ETN), and Ingersoll-Rand (IR) to MKT PERFORM. Analyst says Spring rally will be difficult to maintain, cites seasonality of the group and advises investors to lighten machinery positions in the event of a short, sharp spike in the very near term.

8:43AM E*TRADE (ET) 9.20: Announces acquisition of Web Street (WEBS), parent of online broker Web Street Securities, for $45 mln in stock or roughly $1.74/share using Web Street's most recently reported share count. The deal is expected to add annual revenues of about $25 mln to ET results.

8:41AM AOL Time Warner (AOL) 54.43: SG Cowen raising estimates as confidence grows on heels of ad channel checks and recent marketing deals; FY01 rev. forecast goes to $10.7 bln from $10.3 bln and EBITDA to $39.8 bln from $38.7 bln; also raising implied CAGR to 22% from 20%... Lifts target price to $70 from $60.

8:38AM EMC Corp (EMC) 40.35: Hearing from sources at Wit SoundView that the firm is downgrading EMC to a HOLD from a Buy; reportedly cites field checks that indicate the quarter is unfolding poorly; reduces EPS estimate for the quarter to $0.18 from $0.19 and expects company to announces layoffs soon.

8:36AM Roxio (ROXI) 12.54: Morgan Stanley initiates coverage with a NEUTRAL rating, based mainly on valuation; shares are now at the high end of target P/E range of 10-15x.

8:33AM Opening Indications : S&P futures at 1296 trade two points over fair value, Nasdaq 100 pre-market indicator reads +2.8. It continues to be a quiet morning, with little in the way of market moving news or events to drive the futures.

8:32AM Pixar Animation (PIXR) 37.83: --Correction-- DreamWorks feature "Shrek" was the highest grossing film of the weekend, opening with $42.1 mln in box office receipts; places film number two behind "Toy Story 2" for the best opening for an animated feature for a Friday-to-Sunday period... Positive reception bodes well for Pixar animated feature "Monsters Inc," which is scheduled to open in Nov.

8:32AM Pfizer (PFE) 44.85: Reuters reports that an inhaled form of insulin developed by PFE was able to help control blood sugar levels in daibetics for two years without harming lung functions; the insulin is absorbed into the body through an aerosol made by Inhale Therapeutics (INHL 25.89).

8:27AM Federated (FD) 47.21: Late Friday, company upped its share repurchase program by $500 mln; this morning, Robertson Stephens upgrades the stock to STRONG BUY from Buy with a price target of $64; citing Fingerhut returning to profitability and Federated's solid first quarter earnings results.

8:25AM Ford Motor (F) 27.13: CSFB downgrades to HOLD from Strong Buy and removes from Focus List citing concerns about Explorer brand; Ford recalled 50K 2002 Explorers for tire damage, CSFB says the integrity of the brand is now at risk.

8:22AM Micron Tech (MU) 40.09: --Correction-- Merrill Lynch reduces FY01 est. to $0.73 from $1.38 and reduces outlook for the May qtr to a loss of $0.02; sees no evidence that a DRAM pricing recovery is at hand... Reiterates l/t Accumulate rating based on company's position to emerge intact from the current brutal downturn.

8:21AM Networks Assoc (NETA) 13.81: Morgan Stanley upgrades to STRONG BUY from Neutral with a $19 price target; cites these catalysts: continued spending on security, a more conservative revenue recognition model, and key appointments in senior management. Stock trading up to $15.25 pre-market.

8:20AM Fiserv (FISV) 54.07: Robertson Stephens upgrades to STRONG BUY from Buy; believes the shares will benefit from a re-acceleration of internal revenue growth in 2H01 following difficult Securities Processing comparisons in the first two quarters.

8:09AM Intel (INTC) 28.76: Merrill Lynch analyst Joe Osha cuts FY01 view to $0.53 from $0.67 (mean $0.56) and FY02 est. to $0.79 from $0.83 (mean $0.81); cites continued weakness in the PC market; has doubts about the company's ability to realize a significant margin recovery in 2002.

8:07AM Advanced Micro (AMD) 32.49: Merrill Lynch analyst Joe Osha trims FY01 est. to $1.37 from $1.52 and FY02 to $1.81 from $2.09; doesn't see why investors need to own the stock as numbers continue to come down; investment rating remains Neutral.

8:07AM Opening Indications : S&P futures at 1294 trade even with fair value, Nasdaq 100 futures at 1930 trade four points under fair value. It continues to be a quiet morning, with little in the way of market moving news or events to drive the futures.

8:05AM Walt Disney (DIS) 32.60: Salomon Smith Barney upgrades to BUY from Outperform and ups PT from $35 to $40; sees the movie PearlHarbor as a catalyst from a psychological stand point; other positives: launch of aggressive newprime time line-up for ABC, easy 2002 comps in consumer products and could benefit from an imroving economic backdrop; stock trading at 12% discount to entertainment group.

8:04AM Diagnostic Products (DP) 71.77: Manufacturer of automated laboratory instrumentation declares a 2-for-1 stock split, payable June 18.

8:02AM Excite@Home (ATHM) 3.94: After the close, AT&T announced revised terms under which the company will satisfy the March 28, 2000 Excite@Home put obligations to Cox Communications and Comcast. Cox and Comcast have agreed to retain their stakes in Excite@Home thus forgoing the tax-free exchange. In the new agreement, which will result in a substantial tax benefit for AT&T, AT&T will issue 75 million shares to Cox and more than 80 million shares to Comcast... AT&T will retain a 23% stake in ATHM... ATHM and T currently discussing a joint initiative to maintain and improve current network performance levels.

7:53AM Pharmacia (PHA) 49.60: Company has received a "not approvable" letter from the FDA for Vestra, the company's investigational antidepressant. FDA has agreed to convene an advisory committee meeting of outside experts later this year to review the VESTRA submission.

7:50AM Vignette (VIGN) 10.02: Salomon Smith Barney upgrades to OUTPERFORM from Neutral and raises price target to $12 from $8; believes business has stabilized, ties are deepening with key system integration partners, migration to J2EE is complete, and the company is focused on profitability.

7:48AM Neurocrine Biosci (NBIX) 31.44: Robertson Stephens upgrades to STRONG BUY from Buy and arrives at a one yr price target of $61; expects NBIX to become a late-stage product story in Q3 as it initiates Phase III clinical trials of its insomnia compound.

7:44AM Vertex Pharm (VRTX) 36.51: Robertson Stephens upgrades to STRONG BUY from Buy and establishes a 12-month price target of $60; believes that VRTX is establishing itself as the premier small molecule-focused drug-discovery company in the biopharmaceutical industry.

7:42AM Human Genome (HGSI) 67.93: Robertson Stephens upgrades to STRONG BUY from Buy; expects a flow of announcements from current partners over the next 6 weeks; HGSI remains one of firm's favorite names for 2001.

7:40AM Level 3 Comms (LVLT) 13.75: Robertson Stephens downgrades to MKT PERFORM from Strong Buy; after re-evaluating the Level 3 business model, firm believes that its previous long-term estimates were too aggressive and that LVEL is no longer fully funded ($1.6-$1.7 bln funding gap in business plan).

7:34AM E.piphany (EPNY) 13.70: ABN AMRO upgrades to ADD from Hold, citing 1) a firming in IT budgets, 2) stabilizing macroeconomic environment, 3) greater visibility of CRM solution amongst purchasing managers, CIOs, and CEOs... Firm's $18 price target is based on stock achieving a multiple of 6x 2002 revenue est. of $224 mln.

7:30AM Opening Indications : This morning's fair value figures -- S&P 500 fair value: 1294; closed 1 pt above fair value. Nasdaq 100 fair value: 1934; closed even with fair value. Current indications: S&P 500 futures are -2, or 1 pt below fair value. Nasdaq 100 is -4, or 4 pts below fair value... Extremely quiet morning, with little in the way of market moving news or events to drive the futures.

7:23AM Palm Inc (PALM) 5.05: UBS Warburg upgrades to STRONG BUY from Hold; believes that at roughly 1x FY02 revenues net of cash, PALM offers a very appealing and defensive valuation for a company with great growth prospects and a strong intellectual property position; also believes that there is a potentially long list of well capitalized strategic buyers should management fail to execute... Firm's new present fair value of $11 is based on PEG of 1x CY03 revenues of $4.5 bln.

7:12AM VeriSign (VRSN) 60.74: On Friday, U.S. Dept. of Commerce approved new registry agreements passed by ICANN and VeriSign. Terms of the deal allow VeriSign to operate the .com registry through 2007; company to divest of its .org registry in 2002; VeriSign's .net registry agreement will now be open to recompetition in June 2005.

7:07AM Limited (LTD) 17.10: Retailer reports Q1 earnings of $0.07 a share, in line with consensus, vs yr-ago EPS of $0.14; sales were flat at $2.13 bln... Company expects EPS to be down significantly in Q2 and down slightly for the full yr; cites continuing negative comparable store sales trends.

7:00AM (UBET) 0.75: Online gaming company forms strategic relationship with Gemstar-TV Guide (GMST) TVG, a 24-hour interactive horse racing network. Deal gives UBET a non-exclusive right to video stream and accept online pari-mutuel wagers on horse racing from virtually all of TVG's exclusive partner racetracks. UBET will pay to TVG fees based on the handle and will issue a warrant to purchase a majority stake (51%) in UBET at an exercise price of $2.50.

6:50AM (MPPP) 3.01: Agrees to be acquired by Vivendi Universal (V) for $5 per share ($372 mln) in cash and stock.

6:45AM Restoration Hrdwr (RSTO) 5.98: Retailer completes private placement of $24.5 mln of its common stock at $5.43 per share.

6:41AM Procter & Gamble (PG) 67.48: Acquires the Clairol business from Bristol-Myers Squibb (BMY) for $4.950 bln in cash. PG expects deal to have a dilutive effect in the first yr of $0.06-$0.08 and to be slightly accretive in year two.

6:35AM Lowe's Cos (LOW) 68.40: Reports Q1 earnings of $0.58 a share, 4 cents above consensus, vs yr-ago EPS of $0.49; sales increased 18% to $5.28 bln... Projects Q2 earnings of $0.80-$0.82 (mean $0.81) and full yr net of $2.45-$2.48 (mean $2.43)... Expects series of 5 rate cuts by Fed to positively influence consumer spending in the coming months.

6:29AM SciClone Pharma (SCLN) 4.48: Reports that chronic hepatitis B patients treated with a combination of company's Zadaxin and alpha interferon showed significantly greater sustained response rates than those treated with alpha interferon alone.

6:18AM U.S. Markets : S&P futures trading at 1295.50, 1.5 points over fair value, Nasdaq 100 futures trading at 1925, 9.0 points below fair value. The 30-year bond is down 6 ticks at 5.779%. The dollar is weaker against the yen, but stronger against the euro.

6:17AM European Markets : FTSE +0.20%, DAX -0.30% -- European stocks mixed. Oil shares outperforming on the back of $30 a barrel oil. Middle East tensions on the rise, while shares also helped by the increase in the energy group in the MSCI World Index. This weekend's MSCI changes rewards free floats, or percent of shares available for trading, versus the traditional measure of market value. Shares with large blocks of government ownership like France Telecom and Allianz, all underperforming. BMW also hit hard following an unexpected MSCI exclusion. UK the big MSCI winner.

6:17AM Asian Markets : Nikkei +2.15%, Hang Seng +1.95% -- Asian stocks mostly higher. Favorable MSCI changes help boost Japan, Korea and Hong Kong. Cut in Tokyo's weighting smaller than expected. Taiwan shares underperform, falling to a 20-month low with the country's weighting cut by 25%.

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