Flat Awaiting Fifty
With the FOMC meeting finally kicking off stocks are looking flat Tuesday as the
consensus is leaning overwhelmingly toward a 50-basis point rate cut. The flat
open comes on the heels of the Nasdaq’s 2% positive showing on Monday.
The Nasdaq futures are up 4.5 points, and the Dow futures are down 2 points.
The S&Ps look to open up 0.2 points while the yield on the 10-year is
5.27%.
Due out at 10:00 AM ET is the January Consumer Confidence report which should
help further indicate whether or not the consumer is rattled by the slowing
economy. The Street’s estimate for the report is 125.4.
Tuesday Movers
B2B Ariba
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PowerRating) is bouncing back after a Monday sell-off that took the
stock as low as 35 3/8 before it closed at 38 7/16. The company agreed to buy
Agile Software
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PowerRating) and that triggered the price dip. Ariba is currently
trading up to 40 1/4 in pre-market activity.
Despite the Cisco
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PowerRating) future quarter warning by its chairman, the
stock held up relatively well Monday, the stock lost only 1 1/4 to 37 1/4 and
was one of the few techs that failed to turn positive. Cisco is still holding
steady and is currently trading up to 37 7/16 in pre-market activity.
Intel
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PowerRating) peeked its head above a six-week base and closed up 1 3/16
to 37 1/16 Monday. Intel is currently trading up to 37 1/8 in pre-market
activity.
InfoSpace
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PowerRating) said it earned 4 cents per share for the recent
quarter, beating First Call/Thomson Financial estimates of a penny. The stock is
currently trading up to 6 1/2 following its Monday close of 6. A relatively
gloomy outlook by management appears to be weighing on the stock.