Nasdaq Looking Up
Following the Nasdaq’s two-day decline of nearly 6%, stocks are set to open
mixed Thursday, with the Nasdaq leaning to the upside. Traders have noted that
this week’s pullback was basically analyst-induced, with high-profile downgrades
of Intel and Micron.
The Nasdaq futures are up 27 points, and the Dow futures are down 12 points.
The S&Ps look to open up 5 points while the yield on the 10-year Treasury
note is holding steady at 5.73%.
Thursday Movers
B2B Commerce One
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PowerRating) announced a partnership with German software
company Interscope, and that has boosted Commerce One in pre-market trading.
After clsong Wednesday at 62 11/16, Commerce One is trading up to 64 3/8 in
pre-market action.
Read-Rite
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PowerRating) announced Wednesday that it would form a new fiber
optics company called Scion Photonics with backing from the venture capital unit
of Tyco
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PowerRating). Read-Rite closed Wednesday down 3/16 to 8, but is currently
trading up to 9 15/16 in pre-market activity.
Wednesday Follow-up
Amgen
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PowerRating) fell 4 7/16 to 72 1/2 Wednesday as biotechs were hit hard.
Amgen is bouncing back a bit Thursday and is trading up to 69 in pre-market
activity.
Following a three-day nearly 10 point pullback, Intel
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PowerRating) looks to
open higher. After closing at 65 11/16 on Wednesday, Intel is trading up to 66
3/8 in pre-market activity.