More Downside For Tech
Sun Microsystems
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PowerRating) said after the bell Tuesday that it would fail
to meet their already-lowered earnings expectations, and that is having a
negative impact on stocks in Wednesday trade.
Traders are now looking ahead to Friday’s jobs report which should give an
indication of whether the economy is showing any additional signs of turning
around from the earnings slump that continues to plague tech.
The Nasdaq futures are down 42 points, and the Dow futures are down 42
points.
The S&P 500 futures are down 5.30 points while the yield on the 10-year
Treasury is holding at 5.51%.
Wednesday Movers
Sun Micro is weighing on tech as the networking giant has sagged down to
17.30 following its Tuesday close of 18.67. At this level, Sun is set to open
back below its 50-day moving average.
MiniMed
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PowerRating) is set for a bounce Wednesday on news the company will be
acquired by Medtronic
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PowerRating). MiniMed is currently trading up to 46.90
following a Tuesday close of 44.00.
Redback Networks
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PowerRating) is heading higher on talk that the company may
be on Alcatel’s list of potential takeover targets. Redback closed Tuesday at
13.70 and is currently trading up to 14.10 in pre-market activity.
In sympathy with Sun, Cisco
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PowerRating) is also under pressure and is
currently trading down to 19.80 following its Monday close of 20.46.