A Vote For Gridlock?
As the election results remain uncertain, stocks are leaning toward a mildly
higher open Wednesday. Regardless of which candidate prevails, no clear mandate
will likely accompany the victor.
The Dow futures are up 32 points, and the Nasdaq futures are up 16 points.
The S&Ps look to open up 2.90 points while the yield on the 10-year
Treasury is 5.87%.
Morning Movers
Microsoft
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PowerRating) is trading higher on the prospects of a Bush victory
and a decreased likelihood that the government will pursue a split-up of the
software giant. Microsoft closed Tuesday up 1 to 70 1/2 and is trading up to 72
1/8 in pre-market activity.
TMP Worldwide
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PowerRating), the parent company of online job search Website
Monster.com, announced better-than-expected earnings of 30 cents per share,
which topped analyst estimates of 27 cents. TMPW closed Tuesday up 3 7/8 to 72
1/8 and is trading up to 75 in pre-market activity.
Citrix Systems
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PowerRating) is trading higher following an upgrade by Lehman
Brothers. Citrix closed Tuesday up 7/8 to 24 5/8 and is trading up to 26 3/8 in
pre-market activity.
Tuesday Follow-up
Broadcom
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PowerRating) was Tuesday’s biggest loser as it lost 43 5/16 to to 176
5/8. Worries over Cisco’s ability to maintain its growth rates hurt many of the
broadband hi-flyers. Broadcom is bouncing back slightly and is trading up to 178
5/8 in pre-market activity.