Greenspan On Deck
Stocks are set for a positive open Tuesday as traders ready themselves for
what will likely be a 50 or 75 basis point interest rate cut. The announcement
is due out at 2:15 PM ET.
The Dow futures are up 15 points, and the Nasdaq futures are up 7.5 points.
The S&Ps look to open up 3.5 points while the yield on the 10-year
Treasury is 4.82%.
In the contrarian indicator department, Time magazine is sporting a
growling bear on its new cover this week with a title saying “Looking
Beyond The Bear.” Keep in mind that this was the same magazine that put
Amazon’s Jeff Bezos on the cover as Man Of The Year in late 1999 just as
Internet stocks peaked. Does this mean rally time for stocks? Stay tuned.
Tuesday Movers
In the chips, KLA Tencor
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KLAC |
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PowerRating) warned after the bell Monday of an
earnings shortfall for its third quarter. KLAC closed Monday up 3 3/16 to 41 3/4
and is currently trading down to 40 7/8 in pre-market activity.
Also in the chips, Applied Materials
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AMAT |
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PowerRating) is looking at a slightly
higher open and is trading up to 46 3/4 following Monday’s 46 5/8 close.
Rambus
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PowerRating) is continuing its bounce from depressed levels and is
currently trading up to 20.16 following its Monday close of 19.05. Rambus rose
20% on Monday.
Adobe Systems
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PowerRating) is set to add to Monday’s gains and is currently
trading up to 32 1/8 following Monday’s rise of 3 3/16 to 31 13/16.