Stocks Looking Glum
Earnings worries and election controversy have again put stocks in a negative
mood Wednesday ahead of a session of light, pre-holiday volume which could make
for a volatile day of trading.
The Dow futures are down 90 points, and the Nasdaq futures are down 49.50
points.
The S&Ps look to open down 12.10 points while the yield on the 10-year
Treasury is 5.62%.
Wednesday Movers
In earnings news, Portal Software
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PRSF |
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PowerRating) reported better-than-expected
earnings of 4 cents per share, topping First Call/Thomson Financial estimates of
2 cents per share. Despite the news, Portal is off sharply in pre-market
trading. After closing down 5 5/8 to 13 on Tuesday, the stock is trading down to
9 in early action.
CacheFlow
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PowerRating) also topped earnings estimates with a
narrower-than-expected second quarter loss of 9 cents per share versus the
expected 11 cent per share loss. Sequential growth concerns, however, are
hammering the stock which had lost 14 13/16 to 76 13/16 on Tuesday. CacheFlow is
currently trading down to 56 in pre-market activity.
Among recent leaders getting walloped is Juniper Networks
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PowerRating), which
lost 7 15/16 to 113 9/16 on Tuesday. Juniper is trading down to 111 in
pre-market activity, which puts the Cisco competitor at a new five-month low.
Internets continue to feel pain, as portal giant Yahoo!
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YHOO |
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PowerRating) is set
for an open at a two-year low. Yahoo! closed Tuesday down 7 3/16 to 41 11/16 and
is trading down to 40 5/8 in pre-market activity.