Maestro To Address Meltdown
As Greenspan gets ready to address the House Finance Committee, stocks are
set for a slightly higher open. This morning’s downward revision in GDP came as
no surprise, so it will be interesting to see if any members of Congress ask
Greenspan whether or not he thinks he may have overdone it on interest rates.
The Dow futures are up 15 points, and the Nasdaq futures are up 16 points.
The S&Ps look to open up 1.1 points while the yield on the 10-year
Treasury has slipped down to 4.93%.
Fourth quarter GDP was revised down to an anemic 1.1% growth rate from the
previous 1.4%, which shows an economy teetering on the edge of recession. Due
out at 10:00 AM ET is the Chicago PMI, which analysts expect to come in at 42%.
Wednesday Movers
After falling to a new 2-year low of 24 on Tuesday, Cisco Systems
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is holding slightly above that level and is currently trading at 24 1/16.
Amgen
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target from from Prudential. The biotech leader closed Tuesday at 73 15/16 and
is currently trading up to 75 1/2 in pre-market activity.
Photonic processing solutions equipment maker Avanex
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the bell Tuesday of an expected earnings shortfall, and that has weighed heavily
on the stock. Avanex closed Tuesday at 23 15/16 and is currently trading down to
18 1/8 in pre-market activity.
One of Tuesday’s big losers in tech was Juniper Networks
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lost 9 1/4 to a 2-year low of 62 3/4. The networker is currently trading up to
63 7/16 in pre-market activity.