Leaning Lower

Yahoo!’s negative news and a flurry of more technology downgrades have stocks
in a moderately sour mood Thursday as all three major averages are looking at a
red open.

Unemployment claims fell 4000 to 370,000, and that fairly strong number
doesn’t exactly scream for an immediate Fed rate cut.

The Nasdaq futures are down 7 points, and the Dow futures are down 31 points.

The S&Ps look to open down 3.3 points while the yield on the 10-year
Treasury is holding at 4.89%.

Thursday Movers

News that Novellus
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will be added to the Nasdaq 100 after the
close on March 13 has the chip maker lifting in early action. Novellus closed
Wednesday at 46 15/16 and is currently trading up to 47 3/4 in pre-market
activity.

Gemstar-TV Guide
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is higher after posting better-than-expected
earnings news on Wednesday. Pasadena, Calif.-based Gemstar closed Wedneday at 47
13/16 and is currently trading up to 49 1/2 in pre-market activity.

Krispey Kreme
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earned 30 cents per share, beating Street estimates
by 4 cents, and that has the donut maker lifting Thursday. Following a Wednesday
close of  74 1/16, KREM is trading up to 78 in pre-market activity.

Intel
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is holding its own following a strong week-long bounce and
is currently trading down to 32 5/8 following a Wednesday close of 32 15/16.

Yahoo!
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is set for a very negative open thanks to its earnings
warning and a flurry of downgrades. Yahoo! closed Wednesday at 21 and is
currently trading down to 17 11/16 in pre-market activity. Its Jan. 2000 peak
was 250 1/16.