Ready For More Red
Following Tuesday’s “Welcome Back” 7.2% plunge in the Nasdaq,
stocks are again looking at an open in the red Wednesday, although the futures
have come back somewhat compared to earlier in the morning.
The Nasdaq futures are down 38.50 points while the Dow futures are down 37
points.
The S&Ps look to open down 5.10 points while the yield on the 10-year
Treasury is down to 4.91%.
In economic news, November construction spending will be released at 10:00 AM
ET, and analysts expect a 0.2% increase. Given the weak NAPM numbers on Tuesday,
traders will be watching to see if the increasing economic weakness shows up in
the construction area.
Wednesday Movers
Following Tuesday’s 4 15/16 decline to 33 5/16, Cisco Systems
(
CSCO |
Quote |
Chart |
News |
PowerRating) is
set for more downside Wednesday. The Nasdaq bellwether is currently trading down
to 32 11/16 in pre-market activity.
Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) is also set for a negative open and is trading down to 30
1/16 following a Tuesday close of 31 1/16. Intel was one of the few techs in the
green Tuesday with its 3.3% gain.
Juniper
(
JNPR |
Quote |
Chart |
News |
PowerRating) sank 23 5/8 to 102 9/16 Tuesday and is looking like it is
heading back below 100. Juniper is currently trading down to 96 1/4 in
pre-market activity and could test its Dec. 21 low of 89 5/8. Recall that
Juniper rapidly bounced back to as high as 144 1/2 on Dec. 29 following that 89
5/8 low.
In the B2Bs, former high-flyer Ariba
(
ARBA |
Quote |
Chart |
News |
PowerRating) is poised for an open back
down to Oct. 1999 levels. Ariba collapsed 11 1/2 to 42 1/8 Tuesday and is
currently trading down to 39 1/2 in pre-market activity.