Grim Analysts Sinking Tech
Analyst downgrades of already degraded tech stocks are combining with the
ongoing Presidential election wrangling to push stocks sharply lower at the open
Monday.
The Dow futures are down 53 points, and the Nasdaq futures are down 95
points.
The S&Ps look to open down 11.50 points while the yield on the 10-year
Treasury is 5.66%
Monday Movers
Oracle’s
(
ORCL |
Quote |
Chart |
News |
PowerRating) two month slide continues Monday following an
announcement Friday after the bell that one of its top executives will leave the
firm to join competitor Veritas
(
VRTS |
Quote |
Chart |
News |
PowerRating). After closing Friday at 28 13/16,
Oracle is trading down to 23 15/16 in pre-market activity. Veritas, on the other
hand, is trading up more than 3 points to 113 1/2 after a Friday close of 110
3/16.
Morgan Stanley is helping add to the Monday downdraft with downgrades on
Cisco
(
CSCO |
Quote |
Chart |
News |
PowerRating) and Juniper
(
JNPR |
Quote |
Chart |
News |
PowerRating), two of the leading tech darlings.
After a Friday close of 154, Juniper is trading down to 127 in pre-market
activity.
Tech-giant Cisco is also under the gun, and is trading down to 49 5/8 after a
Friday close of 52 3/4. The 50 level has been a key area of support for Cisco as
well as an important psychological point of reference for the broader Nasdaq.
In the "kick-’em-when-they’re-down" department, an analyst from
Lehman Brothers downgraded eBay
(
EBAY |
Quote |
Chart |
News |
PowerRating) after the online auctioneer closed
Friday within striking distance of a 15-month low. eBay closed Friday at 43 7/16
and is trading down to 38 in pre-market activity.