Looking Lethargic
Following Greenspan’s less-than-inspiring performance on Capitol Hill
Tuesday, stocks are looking lethargic Wednesday and are set for a mixed open.
Greenspan commented that falling business and consumer confidence could send the
U.S. into a recession, but he offered no explanation for the Fed’s role in
whacking those areas of confidence all last year.
The Dow futures are down 15 points, and the Nasdaq futures are down 4 points.
The S&Ps look to open down 1.5 points while the yield on the 10-year
Treasury has edged up to 5.08%.
Wednesday Movers
Optical networking software maker Sycamore Networks
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SCMR |
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PowerRating) posted second
quarter earnings of 6 cents per share, beating Street estimates by a penny.
Sycamore closed Tuesday at 22 9/16 and is trading up to 24 5/16 in pre-market
activity.
JDS Uniphase
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PowerRating) said after the bell Tuesday that it would likely
fall short of analysts’ third quarter projections. JDSU closed Tuesday down 2
1/8 to 38 1/2 but is trading up to 39 7/8 in pre-market activity.
Bellwether Cisco Systems
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PowerRating) is showing some strength and after
closing Tuesday at 28 1/2, the networking giant as trading up to 28 15/16 in
pre-market activity.
Krispy Kreme Doughnuts
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KREM |
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PowerRating) announced a 2-for-1 stock split after the
bell Tuesday, and that is giving the stock a boost. KREM closed Tuesday
unchanged at 67 11/16 and is currently trading up to 69 1/2 in pre-market
activity. Krispy went public last April and traded as high as 108 1/2 in
November.