Blue Monday
Following Friday’s impressive 1.6% Nasdaq rally that put it back above 4000,
stocks are set to dip at Monday’s open. Earnings season is getting under way, and
there is a full plate of economic numbers due out this week.
The Dow futures are down 20 points, and the Nasdaq futures are down 30
points.
The S&Ps look to open down 2.70 points while the yield on the 10-year
Treasury note is 6.02%.
The first bit of economic news due out this week is the consumer credit
report that will be released at 3:00 PM ET, and analyst estimates look for a
figure of $7.4 billion.
This Morning
Optical Networking giant JDS Uniphase said it will acquire fiber optic
equipment maker SDL Inc.
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PowerRating) by offering 3.8 JDS Uniphase shares for
each SDL share. After closing at 295 5/16 on Friday, SDL is trading up to 332 in
pre-market activity while JDSU is trading down 15 3/16 to 101.
Diversified manufacturing conglomerate and Dow component Honeywell
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said it expects it second quarter earnings to come in a penny better than the 74
cents per share that analysts polled by First Call/Thomson Financial had
expected. The company said increased revenue and recent cost cutting will
account for Honeywell’s improvement. Honeywell closed Friday down 3/8 to 34 5/8.
Data storage equipment maker Veeco Instruments
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second quarter revenues would be approximately $90 million, which is in line
with estimates and more than 60% more than the same year-ago quarter. Veeco
closed Friday up 5 5/16 to 74 1/16.
On Friday
Qualcomm
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wireless companies may use an alternative to Qualcomm’s CDMA technology
standard. Qualcomm is currently trading up to 57 1/4 in pre-market activity.