Edging Upward
Following a fairly flat day of Monday trading, stocks look to open slightly
higher Tuesday as earnings continue to pour in.
The Nasdaq futures are up 11 points, and the Dow futures are up 18 points.
The S&Ps look to open up 1 point while the 10-year Treasury is holding at
5.62%.
Morning Movers
Broadband chip maker Broadcom
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PowerRating) is trading higher on word the
company will be added to the Nasdaq 100 on October 30. Broadcom closed Monday up
9 5/8 to 251 13/16 and is trading up to 257 in pre-market activity.
Electronic component maker Sanmina
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PowerRating) posted stronger-than-expected
earnings of 62 cents per share Monday, beating First Call/Thomson Financial
estimates of 49 cents per share. After closing at 115 5/8 on Monday, Sanmina is
trading up to 121 5/8 in pre-market activity.
In the beleaguered B2B sector, FreeMarkets
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PowerRating) announced a
narrower-than-expected loss of 33 cents per share, and that was better than the
42 cent per share loss that analysts had expected. FreeMarkets closed Monday at
49 31/32 and is trading up to 54 in pre-market activity.
Texaco
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PowerRating) posted third quarter earnings of $1.49 per share, which was
better than the $1.37 per share that analysts had expected. Texaco closed Monday
down 7/16 to 59 1/8.
Monday Warning
National Semiconductor
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PowerRating) warned that it expects weakening earnings in
the next two quarters, and that walloped the stock in after-hours trading. After
closing at 36 15/16, National Semi traded down to 24 on Instinet.