A Little Relief

Following Wednesday’s 2.2% Nasdaq fall, technologies are looking at a little
relief Thursday, with the Nasdaq indicating a solidly higher open. An earnings
warning from Home Depot, however, looks like it will weigh down the Dow.

The Nasdaq futures are up 65.50 points while the Dow futures are down 20
points.

The S&Ps look to open up 6.80 points while the yield on the 10-year
Treasury is 5.80.

Morning Movers 

In the optical space, Corning
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said it would beat analysts estimates
for the third quarter, and that is helping Corning in early-morning trading.
After closing Wednesday down 1 to 83 1/2, Corning is trading up to 88 on
Instinet.

Related optical-oriented companies are also moving higher. In pre-market
activity, JDS Uniphase is trading up to 89 following a 85 7/8 Wednesday close,
and Advanced Micro Circuits
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is trading up to 179 1/8 after a 167
11/16 close.

Dow component Home Depot
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said its third quarter earnings would likely
fall short of analyst estimates, and that has Home Depot set to open sharply
lower Thursday. After closing down 1 3/4 to 48 15/16 on Wednesday, Home Depot
has traded down to 38 on Instinet.

Palm
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avoided Wednesday’s selloff and closed up 4 7/8 to 46 15/16. Palm is currently trading up to 48 in pre-market activity.

Wednesday Follow-up

Advanced Micro Devices
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earned 64 cents per share in the
third-quarter, and that topped analyst estimates by two cents. Advanced Micro
finished the regular session Wednesday at 21 3/4 and has traded up to 24 1/2 on
Instinet.

Advanced Micro’s earnings should help the beleaguered semiconductor index
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, as Xilinx
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, Altera
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, and Intel
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are all looking at higher openings.