Cisco Kid Will Ride Again, But When?
On the heels of the Nasdaq’s late-day rally that cut its Cisco-induced losses
from 4% to 2%, stocks are looking at a slightly upside open Thursday, as traders
continue to digest the recent tech weakness.
As many may recall from the October 1998 market swoon, Cisco was one of the
last holdouts to finally throw in the towel during that dramatic downswing. Stay
tuned.
The Dow futures are up 2 points and the Nasdaq futures are up 7 points.
The S&Ps look to open up 2.3 points while the yield on the 10-year is
5.17%.
In economic news, weekly jobless claims rose 15,000 above last week’s number
to 361,000, indicating that the cooling pressure on the economy continues.
Thursday Movers
WorldCom
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PowerRating) posted earnings of 7 cents per share which were below
the 25 cents that analysts polled by First Call/Thomson Financial had expected.
WorldCom, which had been on a tear for most of January closed Wednesday down 5/8
to 20 1/8 and is currently trading down to 20 in pre-market activity.
Optical networking product maker Corvis
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PowerRating) avoided the tech swoon
Wednesday by gaining 2 7/16 to 19 1/2 following favorable comments from CS First
Boston. Corvis is looking to add to that gain and is currently trading up to 20
1/4 in pre-market activity.
Another winner Wednesday was Qualcomm
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PowerRating) which added 3 11/16 to 86
5/8. The wireless giant is edging slightly toward green and is currently trading
up to 86 3/4 in pre-market activity.
Sun Microsystems
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PowerRating) was hit hard Wednesday with the Cisco fallout,
losing 1 1/4 to 26 9/16. Sun is seeing a slight bounce Thursday and is trading
up to 27 in pre-market activity.