Quiet Open
Following the Fed’s 50 basis point rate cut, stocks are looking at a flat
open Thursday as traders wait for the National Association of Purchasing
Managers Report which is due out at 10:00 AM ET.
The Dow futures are down 8 points, and the Nasdaq futures are down 7 points.
The S&Ps look to open down 1 points while the yield on the 10-year
Treasury has drifted down to 5.09%.
The NAPM is expected to come in at 43.6%, which is significantly below the
50% level which economists tag as the level where the economy is contracting.
Thursday Movers
StorageNetworks
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PowerRating) is trading higher following news of a marketing
alliance deal with Sun Microsystems
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PowerRating) and Exodus
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PowerRating).
StorageNetworks closed Wednesday at 27 1/16 and is trading up to 30 1/4 in
pre-market activity.
webMethods
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PowerRating) posted quarterly earnings of 5 cents per share, which
trounced analyst estimates of a penny per share. WEBM closed Wednesday at 85 7/8
and is currently trading up to 89 1/2 in pre-market activity.
CacheFlow
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PowerRating) said its third quarter performance would likely fall
short of analyst estimates, and that is walloping the stock in Thursday action.
CacheFlow closed Wednesday at 18 and is trading down to 13 1/8 in pre-market
activity.
Juniper Networks
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PowerRating) is looking at a positive open and is trading up
to 107 7/8 following a Wednesday close of 106 11/16.