Looking For Confidence
Battered tech begins the new week slightly to the downside as market bulls
look ahead to Greenspan’s Humphrey Hawkins testimony on Tuesday for a possible
few words of encouragement.
The Dow futures are down 7 points, and the Nasdaq futures are down 9 points.
The S&Ps look to open down 1.3 points while the yield on the 10-year
Treasury is down to 5.01%.
The January retail sales will be released on Tuesday as well, and analysts
expect a 0.3% increase over December.
Monday Movers
Storage product maker Emulex
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EMLX |
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PowerRating) said its fiscal third quarter
earning would likely fall short of analyst expectations, and that has the Costa
Mesa, Calif.-based company trading lower. Emulex closed Friday up 2 1/2 to 77
1/2 and is currently trading down to 56 3/4 in pre-market activity.
Also down in the related storage arena is MCDATA Corp.
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PowerRating). The stock
closed Friday down 3 1/4 to 36 and is currently trading down to 33 5/8 in
pre-market activity.
Network Appliance
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PowerRating) was one of Friday’s tech winners, rising 2 3/4
to 38 on better-than-expected earnings. NTAP is giving back some of those gains
in Monday trade, however, and is currently trading down to 36 7/16 in pre-market
action.
With a PE of just 19, Intel
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INTC |
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PowerRating) is one of the “value”
tech stocks that is starting to attract attention as the market battles with
high PE tech debacles like Cisco
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PowerRating), whose PE is still 65 following its
big pullback. Intel is currently trading up to 33 5/8 following its Friday close
of 33 1/2.
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