Can Tech Shake Off Cisco Gloom?
Another big warning from bellwether Cisco is weighing on stocks Tuesday,
although techs have recovered somewhat from early-morning lows.
The Nasdaq futures are down 12 points, and the Dow futures are down 45
points.
The S&Ps look to open down 4.20 points while the yield on the 10-year
Treasury is 5.08%.
In economic news, the March Consumer Price Index showed an increase of 0.1%
which was slightly lower than the 0.2% increase analysts expected, and the CPI
core rate increased 0.2% which was in line with expectations.
New housing starts came in at 1.61 million units which was slightly below the
1.63 million that analysts expected. Both numbers support the case for
additional rate cuts by the Fed.
Tuesday Movers
Cisco
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earnings warning. Cisco closed Monday down .76 to 17.22 and is currently trading
down to 16.08 in pre-market activity. While Cisco is under pressure, it is still
holding above its low on April 4 when Cisco hit a multi-year low of 13.18.
In the chips, Applied Materials
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following a slight pullback on Monday. AMAT closed at 47.86 and is currently
trading down to 46.90 following a Monday close of 47.86.
After dropping 1.09 to 48.38 on Monday, Juniper Networks
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looking at a lower debut Tuesday and is currently trading down to 47.10 in
pre-market activity.
Microsoft
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to 60.60 following a Monday close of 59.85.