Looking For Confidence
Stock futures have rebounded from early losses but still indicate a negative
open following a weak showing in the durable goods department. Durable goods
orders fell 6% in January, which was a much greater decline than the 0.2% that
analysts had expected.
All eyes now turn to the February consumer confidence numbers that are due
out at 10:00 AM ET. Analysts expect a reading of 112.0, and the number will give
a more clear indication of just how rattled the backbone of the American economy
has become.
The Dow futures are down 28 points, and the Nasdaq futures are down 16
points.
The S&Ps look to open down 3.5 points while the yield on the 10-year
Treasury has fallen to just 5.00%.
Tuesday Movers
As oral arguments continue in the Microsoft
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PowerRating) appeals process, the
software giant is trading slightly lower Tuesday following Monday’s 2 3/4 gain
to 59 9/16. Microsoft is currently trading down to 59 1/8 in pre-market
activity.
Wireless player Sawtek
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PowerRating) issued an earnings warning which has
walloped the stock. Sawtek closed Monday at 17 1/16 but is trading down to 14
1/4 in pre-market activity.
Following a rough day that saw PMC Sierra
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PowerRating) fall 5 3/8 to 44 9/16,
the former high-flyer is under pressure again Tuesday. PMCS is looking at a weak
open and is trading down to 41 3/8 in pre-market activity. This will put PMCS at
levels not seen since October 1999.
Bellwether Cisco
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PowerRating) is also battling to stay above recent lows and
is trading down to 25 11/16 following a Monday close of 26 1/16.