Boo Hoo Yahoo!
Stocks are soggy Thursday following negative news from Yahoo! and Motorola
which announced as-expected earnings after the bell Wednesday. Despite meeting
estimates, both companies said the general malaise for technology spending and
online advertising would hurt them in the coming quarter.
In economic news, weekly jobless claims fell 36,000 below last week’s number,
but the 4-week average stands at 363,000 which is the highest level since July
1998.
The Dow futures are down 42 points, and the Nasdaq futures are down 45
points.
The S&Ps look to open down 6 points while the yield on the 10-year
Treasury is holding at 5.09%.
Thursday Movers
Yahoo!
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PowerRating) was hit hard after the close Wednesday, and it remains
under pressure Thursday following a downgrade. Yahoo! closed Wednesday down 5/16
to 30 7/16 and is currently trading down to 24 1/2 in pre-market activity.
Yahoo!’s woes are spilling over into the rest of the Net sector, with eBay
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PowerRating)
facing some selling pressure. eBay had gained 5 5/8 to 39 Wednesday but is
currently trading down to 36 1/2 in pre-market actiovity.
Ariba
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PowerRating) is holding up well despite the Yahoo! swoon, with the B2B
concern trading up slightly to 40 11/16 following a Wednesday close up 3 1/8 to
40 1/16.
Broadcom
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PowerRating) was one of Wednesday’s big gainers with a jump of 13 to
110. The chip maker is giving back some of those gains Thursday and is currently
trading down to 107 in pre-market activity.