Greenspan Speaks
Stocks are edging higher Tuesday ahead of the much-anticipated Federal
Reserve FOMC meeting where the Street consensus all but guarantees no rate hike.
Traders, however, will be listening closely to the statement following the 2:15
PM ET announcement.
The Dow futures are up 18 points, and the Nasdaq futures are up 8.50 points.
The S&Ps look to open up 1.30 points while the yield on the 10-year
Treasury is holding flat at 5.78%.
The next Fed meeting is scheduled for October 3.
Tuesday Morning
Intel’s
(
INTC |
Quote |
Chart |
News |
PowerRating) product conference continues Tuesday with a presentation
from company CEO Craig Barrett regarding Intel’s new Pentium 4 processor. Intel
touched an all-time high 74 1/16 Monday before closing at 72 1/16. Intel is
currently trading up 11/16 to 72 3/4 in pre-market activity.
Optical networking component maker Corvis Corp.
(
CORV |
Quote |
Chart |
News |
PowerRating), which went
public on July 28, is trading up 3 points to 93 3/4 following an analyst
upgrade. Corvis already sports a market cap of $30 billion and closed Monday
down 3 7/8 to 90 3/4.
From Monday
Graphic processor and software maker NVIDIA
(
NVDA |
Quote |
Chart |
News |
PowerRating)
posted second quarter earnings of 28 cents per share, which beat First
Call/Thomson Financial estimates of 26 cents per share. Shares of Nvidia closed
at 78 but sank after the news. The stock is currently trading down 4 to 74 in
pre-market activity.
Medical Device maker Medtronic
(
MDT |
Quote |
Chart |
News |
PowerRating) posted first quarter earnings of 25
cents per share, which was in line with First Call/Thomson Financial estimates.
Medtronics closed Monday up 3/16 to 51.
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