GDP Shows Cooling
Following a dismal day for the Nasdaq that saw the average close at levels
not seen since October 1999, stocks are looking up in Wednesday action, thanks
in part to yet more evidence of a slowing economy.
Second quarter Gross Domestic Product was revised down to 2.4% from 2.7%, and
that was in line with analyst estimates.
The Nasdaq futures are up 37 points and the Dow futures are up 32 points.
The S&Ps look to open up 7.10 points while the yield on the 10-year
Treasury is 5.60%.
Morning Movers
Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating) sank to November 1999 levels Tuesday with a 12 1/2 point
plunge to 85 1/16. The California-based chip maker is bouncing Wednesday and is
trading up to 89 in pre-market activity.
Juniper Networks
(
JNPR |
Quote |
Chart |
News |
PowerRating) fell 17 11/16 to 106 1/16 on Tuesday, and that
was its lowest level since June 2000. Juniper is currently trading up to 108 5/8
in pre-market activity.
Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) has held up well during the three week tech swoon and is
edging higher in early action. The chip giant closed Tuesday at 42 1/32 and is
trading up to 42 5/8 in pre-market activity.
In the “what’s working” department, Fannie Mae
(
FNM |
Quote |
Chart |
News |
PowerRating) exhibited
some of the strength financials have shown of late, rising 1 11/16 to an
all-time high 80 1/16.