Here Come The Judges
Stocks are leaning moderately higher Friday ahead of the 10:00 AM ET release
of the closely watched National Association of Purchasing Managers report and the
October new construction figures.
Analysts expect a 48.6% reading for the NAPM, and any number below that level
will yet further confirm a rapidly cooling economy. Likewise, Fed critics will
keep an eye on the construction spending as well, as many feel the Fed may
potentially have overshot its soft landing goal. October’s construction spending
is expected to show a 0.1% decrease.
Eyes and particularly ears will be on the Supreme Court, where the
Presidential election legal battle audio will be released later this morning.
The Dow futures are up 55 points, and the Nasdaq futures are up 50 points.
The S&Ps look to open up 6.20 points while the yield on the 10-year
Treasury has edged down to 5.47%.
Friday Movers
Cisco rival Juniper Networks
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finished up 9 1/8 to 124 7/8. Juniper is set for a higher open and is trading up
to 129 in pre-market activity.
Chip maker Altera
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to 24. Altera’s earnings warning had sent the stock down as low as 19 5/8 on
Thursday before it erased most of the decline. Altera is trading up to 24 3/8 in
pre-market activity.
Recently beleaguered Broadcom
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gain to 97 1/2 Thursday and looks slightly higher at the open. Broadcom, which
traded as high as 274 3/4 in August, is trading up to 98 1/2 in pre-market
activity.
Microsoft
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in early Friday action. The software giant is trading up to 58 1/8 in pre-market
activity.