Wednesday Weakness
Following Tuesday’s big 3.7% Nasdaq gain, stocks are looking sluggish at the
open Wednesday. Despite Tuesday’s Nasdaq bounce, the average remains down 5.0%
year-to-date.
The Nasdaq futures are down 22 points, and the Dow futures are down 23
points.
The S&Ps look to open down 3 points while the yield on the 10-year
Treasury is 5.86%.
Wednesday Movers
In B2B land, PurchasePro
(
PPRO |
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Chart |
News |
PowerRating) is trading up sharply after an analyst
upgrade from Lehman Brothers. PurchasePro is currently trading up to 67 3/8 in
pre-market activity.
High-speed cable access company AtHome
(
ATHM |
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Chart |
News |
PowerRating), which closed Tuesday up
3/8 to 16 1/4, is trading down 1 to 15 1/4 on news that CEO George Bell will step
down.
Dow component United Technologies
(
UTX |
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Chart |
News |
PowerRating) said it expects to meet third
quarter earnings expectations as well as estimates for fiscal 2001. UTX closed
down 2 3/8 to 62 in Tuesday trading.
Thursday Follow-up
Intel’s
(
INTC |
Quote |
Chart |
News |
PowerRating) Tuesday bounce of 4 9/16 to 60 3/8 took it back above its
200-day moving average after spending two day’s below it. Intel looks like it is
holding at that level and is up slightly at 60 5/8 in pre-market activity.