A Gift From Greenie?
With the Federal Reserve set to meet for the last time of the year, the
Nasdaq is set for a negative open Tuesday as it attempts to snap its five-day
losing streak. While a neutral bias seems in the cards, analysts put the odds of
an actual rate cut at about 50-50.
The Nasdaq futures are down 5 points, and the Dow futures are down 30 points.
The S&Ps look to open down 4 points while the yield on the 10-year
Treasury is 5.22%.
Tuesday Movers
Monday’s tech disaster was Cisco
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PowerRating) which fell 5 7/32 to 42 15/16 on
worries the company’s customers will fail to pay for already purchased Cisco
products. Cisco has stopped its slide but is still trading slightly lower to 42
3/4 in pre-market activity.
Holding up fairly well during the five-day Nasdaq slide has been Applied
Micro Circuits
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PowerRating). AMCC is set for a positive start Tuesday and is
trading up to 66 1/16 Tuesday following a 65 9/16 close on Monday.
In the earnings warnings department, Dollar Tree
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PowerRating) said it would
fall short of fourth-quarter analyst expectations, and that is walloping the
stock in early trading. Dollar Tree closed Monday at 36 3/8 and is trading down
to 23 in pre-market activity.
Also under pressure Tuesday is Seibel Systems
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PowerRating) which closed Monday
up 1 3/16 to 78 7/16 but is trading down sharply to 69 1/2 in pre-market
activity.