Crucial Week Ahead
Following Friday’s dramatic Nasdaq bounce of nearly 8%, stocks are looking
toward a positive open Monday as earnings season kicks in to high gear.
The Dow futures are up 33 points, and the Nasdaq futures are up 18 points.
The S&Ps look to open up 2 points while the yield on the 10-year Treasury
is hold steady at 5.75%.
Monday Movers
More talk of Qualcomm’s
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San Diego, Calif.-based tech giant moving higher. Qualcomm closed Friday up 5
11/16 to 69 15/16 and is currently trading up to 74 1/2 in pre-market activity.
Despite the slew of third-quarter earnings worries, Bank of America
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kicked off the earnings parade by beating analyst estimates for the third
quarter. Bank of America earned $1.31 per share, which topped the $1.29 per
share that analysts expected. The stock closed Friday up 2 to 46 9/16.
Texaco’s board
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shares for each share of Texaco in a deal worth more than $35 billion. On Friday,
Texaco closed down 1.88 to 55.13 and Chevron closed down 3.06 to 84.25.
Chevron’s per-share offer for Texaco was worth $64.87 as of Friday’s close.
Texaco traded earlier near 60 in Europe but backed down to the 55 level on
Instinet.
Friday Follow-up
Friday’s top point gainer was PMC Sierra, which closed up 32 to 190 7/16.
PMCS is holding on to most of those gains but is trading down slightly to 189 in
pre-market activity.
Also strong Friday was Juniper Networks
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228.50. The Cisco competitor trounced earnings estimates last week and has eased
down to 227 1/4 in pre-market activity.