Mixed Numbers, Mixed Open
A mixed bag of September employment numbers has stocks looking at a mixed
open Friday, as traders digest the report that had both good news and bad news for
inflation watchers.
Non-farm payrolls rose 252,000 while analysts had expected just 230,000.
Adjusting for census workers and striking workers, the net increase was just
204,000.
Average hourly wages rose 0.2%, which was lower than the 0.3% increase
analysts expected, and the unemployment level fell to 3.9%, while estimates
looked for it to remain flat at 4.1%.
The Nasdaq futures are up 3.50 points, and the Dow futures are down 8 points.
The S&Ps look to open up 2 points while the yield on the 10-year Treasury
is 5.87%.
Morning Movers
The earnings warning parade continues, with optical equipment maker Veeco
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announcing it would not meet third quarter estimates. Veeco closed Thursday at
102 17/32 and is trading down to 62 in pre-market activity.
Razorfish
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the bell Thursday, and that has both Internet related companies trading sharply
lower in early morning action. Razorfish closed Thursday at 8 25/32 and is
trading down to 5 5/8 while Marimba is trading down to 6 3/8 after a close of 11
1/8.
Thursday Follow-up
Dell Computer
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PowerRating) a big casualty of Thursday’s market, falling 3 to
25 3/16. Dell has stabilized somewhat and is trading at 25 7/16 in pre-market
activity.
Thursday’s standout Qualcomm
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4 7/16 to 82 7/8 on more than double average volume. Qualcomm is currently
trading up to 83 in pre-market activity.