Durables Show Slowdown
Durable goods orders fell a hefty 5.5%, which was significantly ahead of the
1.3% decline analysts had expected. Stocks are still looking at a negative open,
but they have come back somewhat from larger pre-market indications on this news
of a cooling economy.
The Dow futures are down 57 points, and the Nasdaq futures are down 37
points.
The S&Ps look to open down 7.90 points while the yield on the 10-year
Treasury is holding at 5.60%.
Due out at 10:00 AM ET is the November consumer confidence report. Analysts
expect a 136.8 reading, which is slightly higher than last month’s 135.2.
Tuesday Movers
One of Monday’s big casualties was Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating),
which fell 19 1/16 to 97 9/16 and established a 52-week low. Broadcom looks
somewhat weak again Tuesday as it trades down to 96 in pre-market activity.
Also down Monday was Adobe Systems
(
ADBE |
Quote |
Chart |
News |
PowerRating), another
recent high flyer that fell following an analyst down grade. Adobe lost 7 1/16
to 68 13/16 on Monday but still remains about 5 points above its 200-day moving
average. Adobe is currently trading down to 67 3/4 in pre-market activity.
Also looking dour is JDS Uniphase
(
JDSU |
Quote |
Chart |
News |
PowerRating), which is
trading down to 61 7/8 at a new 11-month low. JDS Uniphase had closed Monday at
62 1/16.
Following the post-holiday bounce in online retailing
stocks, Amazon
(
AMZN |
Quote |
Chart |
News |
PowerRating) is set to give some of its gains back. After a close
of 28, the online giant is trading down to 26 in pre-market activity.