No Inflation; Flat Open
Despite an extremely inflation-friendly Consumer Price Index report, stocks
appear unimpressed by the news and are set to open flat Friday.
The CPI for August decreased 0.1%, which was not only lower than the 0.2%
increase analysts expected, but it also marked the first monthly decrease in the
CPI since April, 1986. The core CPI came in at the expected 0.2% increase.
The Dow futures are down 5 points, and the Nasdaq futures are up 3.5 points.
The S&Ps look to open down 1.4 points while the yield on the 10-year
Treasury is 5.70%.
Friday Focus
Internet solutions provider PSI Net
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PSIX |
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PowerRating) lowered it third quarter
forecast for revenue and earnings, and that is weighing on the stock in Friday
action. After closing Thursday down 1 7/16, PSI Net is trading down another
dollar to 13 1/4 in pre-market activity.
Thursday’s big winner Conexant
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CNXT |
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PowerRating), which gained 15 1/2 to 52 9/16,
looks to hold on to those gains in Friday action, with the stock currently
trading up to 53 in pre-market activity.
Thursday Earnings
Oracle
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PowerRating) posted earnings of 17 cents per share for its fiscal first
quarter, beating First Call/Thomson Financial estimates of 13 cents per share.
After closing up 3 1/8 to 84 15/16 in anticipation of solid earnings, Oracle is
pulling back in early-morning action and is currently trading down to 81 1/2 in
pre-market activity.
Imaging software maker Adobe Systems
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ADBE |
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PowerRating) said it earned 57 cents per
share for the third quarter, and that topped First Call/Thomson Financial
estimates of 52 cents per share. Adobe closed Thursday at 125 3/8 and is trading
up to 128 1/2 in pre-market activity.
In the earnings warning arena, Maytag
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MYG |
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PowerRating) said it expected second-half
earnings to fall short of analyst expectations. After closing Thursday at 35
13/16, Maytag has traded down to 31 1/4 on Instinet.