Optimistic Open
As earnings continue to pour in, stocks look to start the week to the upside
as traders await more comments on Tuesday from Fed Chief Alan Greenspan.
The Dow futures are up 35 points, and the Nasdaq futures are up 21 points.
The S&Ps look to open up 3 points, while the yield on the 10-year
Treasury note is holding steady at 6.00%.
Greenspan makes his way to Capital Hill on Tuesday to address the house
banking committee, so traders will undoubtedly be listening in closely for more
clues as to the Fed’s mindset.
Morning Movers
News that Deutsche Telecom
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PowerRating) will acquire VoiceStream Wireless for more
than $50 billion has VoiceStream up in early-morning action. VoiceStream closed
Friday at 149 3/4 and is trading up to 155 in pre-market activity.
News that General Electric’s business-to-business Internet unit will form an
alliance with B2B Commerce One
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PowerRating) has Commerce One up in early-morning
action. Commerce One closed Friday down 4 1/16 to 53 3/8 and is trading up to 55
1/4 in pre-market activity.
Priceline
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PowerRating) posted narrower-than-expected losses of a penny per
share, beating First Call/Thomson Financial estimates of a 3 cent per share
loss. Priceline closed Friday up 5/16 to 40 1/16, which is significantly of its
recent high of 104 1/4 on March 14. Priceline is trading down to 38 1/2 in
pre-market activity.
Friday’s Standouts
Optical networker JDS Uniphase
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PowerRating) continues to work its way higher
ahead of joining the S&P 500 on Wednesday. JDSU closed Friday up 7 to 134
3/4 and is trading up to 136 7/8 in pre-market activity.
Sun Microsystems
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PowerRating) added 5 15/16 to 104 on Friday and is trading up
to 104 9/16 in pre-market activity. Sun traded as high as 106 1/4 on Friday,
which was within a half point of it all-time high of 106 3/4 that it established
on March 28.