Headed Higher
Stocks are poised for a positive open Wednesday following Tuesday’s
earnings-inspired drubbing that hit all three major averages.
In economic news, durable goods orders showed a 2.9% increase for August,
which was a tad higher than the 2.4% increase analysts had expected. The fact
that July’s figure was revised from a 12.4% decline to a 13.1% decline may
account for the market’s generally positive slant this morning.
The Nasdaq futures are up 56 points, and the Dow futures are up 40 points.
The S&Ps look to open up 6.30 points while the yield on the 10-year
Treasury is 5.82%.
Wednesday Movers
Networking products maker 3Com
(
COMS |
Quote |
Chart |
News |
PowerRating) posted a quarterly loss of 12
cents per share, beating First Call/Thomson Financial’s estimate of a 33 cent
per share loss. 3Com closed Tuesday flat at 14 and is trading up to 16 9/16 in
pre-market activity.
In earnings warning news, Priceline
(
PCLN |
Quote |
Chart |
News |
PowerRating) said its third quarter would
fall short of analyst expectations, and that is weighing heavily on the stock in
early-morning action. Priceline closed Tuesday down 1 13/16 to 18 5/8 and is
currently trading down to 11 in pre-market activity.
In the B2B space, Commerce One
(
CMRC |
Quote |
Chart |
News |
PowerRating) is bouncing on news that it will
expand its software relationship with Microsoft. Commerce One closed Tuesday
down 5 5/8 to 75 1/8 and is trading up to 79 3/4 in pre-market activity.
Tuesday Follow-up
Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating) was one of the day’s few winners, gaining 1 7/16 to 62
11/16 following its big tactical legal victory in its ongoing battle with the
government. Microsoft is set to open higher Wednesday and is trading up to 63
1/8 in pre-market activity.
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