Downgrades Galore
Following Tuesday’s 4.3% Nasdaq collapse, stocks are again looking into the
abyss Wednesday following yet more downgrades and earnings warnings.
In economic news, new housing starts came in at 1.56 million for November,
which was slightly ahead of the 1.54 million that analysts expected.
The Dow futures are down 90 points, and the Nasdaq futures are down 57.50
points.
The S&Ps look to open down 14.50 while the yield on the 10-year Treasury
is down to 5.09%.
Wednesday Movers
Bellwether Cisco Systems
(
CSCO |
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PowerRating) is under pressure following a downgrade
from Merrill Lynch. The networking giant closed Tuesday down 1 1/4 to 41 11/16
and is currently trading down to 38 5/16 in pre-market activity.
In sympathy with Cisco, Juniper Networks
(
JNPR |
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PowerRating) is slated for a negative
open and is trading down to 98 5/16 following a 113 3/4 close on Tuesday.
News that Applied Micro Circuits
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AMCC |
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PowerRating) will be added to the S&P 500
has helped make AMCC one of the day’s few bright spots. AMCC closed Tuesday at
61 9/16 and is trading up to 62 1/2 in pre-market activity.
PMC Sierra
(
PMCS |
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News |
PowerRating) is set to trade at new lows not seen since January.
PMC closed Tuesday down 8 15/16 to 87 1/2 and is currently trading down to 83 in
pre-market activity.