Downward Bias

Stocks are set for a quiet open with a small, downward bias Friday following
the release of second quarter GDP numbers that were slightly below expectations.
GDP grew at a rate of 5.3% in the second quarter, which was a tad below the 5.4%
that analysts had expected.

The Dow futures are down 17 points, and the Nasdaq futures are down 3.5
points.

The S&Ps are down a half of a point while the yield on the 10-year
Treasury is holding at 5.73%.

Due out at 10:00 AM ET is the July existing home sales figure. Street consensus
is looking for 5.13 million sales for July.

Friday Morning

Shares of Razorfish
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are sharply lower on news that the company’s
CEO will resign. Razorfish closed Thursday at 14 9/16 and is trading down to 10
3/8 in pre-market activity.

After posting an all-time high Thursday, shares of Sun Microsystems
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are down slightly in early trading. Sun closed Thursday at 127 3/4 and is
trading down to 127 3/8 in pre-market activity.

From Thursday

Optical networker Sycamore Networks
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earned 8 cents per share for
the company’s fiscal third quarter, and that beat First Call/Thomson Financial
estimates of 6 cents per share. After closing Thursday at 158, Sycamore is
trading down to 150 in pre-market activity.

Next Level Communications
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plunged nearly 50 points Thursday to 41
3/4 following a downgrade from Lehman Brothers. With several analysts calling
the price plunge an over-reaction, NXTV is trading up to 43 1/8 in pre-market
activity.