Edging Toward Red
Earnings warnings and analyst profit adjustments have put stocks in a sour
mood Thursday, as all three major averages are set for a moderately negative
open.
The Dow futures are down 23 points, and the Nasdaq futures are down 49
points.
The S&Ps look to open down 7.60 points while the yield on the 10-year
Treasury is down to 5.31%.
Thursday Movers
Motorola
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PowerRating) joined the earnings warning club and that has the company
trading lower in early action. Motorola fell 1 3/16 to 17 13/16 on Wednesday and
is currently trading down to 15 on Instinet.
Goldman Sachs lowered earnings estimates for software giant Microsoft
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PowerRating)
by 3 cents per share for the upcoming quarter, and that is pressuring Microsoft
shares in Thursday action. Following a Wednesday close of 56 11/16, Microsoft is
trading down to 54 in pre-market activity.
Ciena
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PowerRating) posted fourth quarter earnings of 14 cents per share, and
that topped First Call/Thomson Financial estimates by 2 cents per share. Ciena
closed Thursday at 95 3/8 but is trading down to 91 in pre-market activity.
Cisco Systems
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PowerRating) had regained its psychological 50 level in recent
days and traders will be watching to see if the networking bellwether can hold
it given the negative mood Thursday. Cisco closed down 11/16 to 51 7/16 on
Wednesday and is currently trading down to 50 3/8 in pre-market activity.