Red Dawn
Following Tuesday’s close which left it 9.6% below its September 1 intraday
high, the Nasdaq is again heading lower at the open Wednesday.
The Nasdaq futures are down 44.50 points, and the Dow futures are down 71
points.
The S&Ps look to open down 6.30 points, while the yield on the 10-year
Treasury note is steady at 5.76%.
Wednesday Movers
J.P. Morgan
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JPM |
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PowerRating) closed Tuesday up 16 3/16 to 185 1/2 on news of a
buyout by Chase Manhattan Bank
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CMB |
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PowerRating). The deal is estimated to be worth $207
per J.P. Morgan share according to analysts, and that is helping J.P. Morgan
trade up to 187 on Instinet.
Rambus
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PowerRating) is soaring in early-morning action on news of a licensing
agreement with Japan’s NEC Corp. Rambus closed Tuesday at 76 13/16 and is
trading up to 83 1/2 in pre-market activity.
Tuesday Follow-up
JDS Uniphase
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PowerRating) was one of Tuesday’s big decliners, falling 5 9/16 to
103 3/16 on more than 150% of its average daily volume. JDS Uniphase is edging
lower and is trading down to 102 1/4 in pre-market activity.
After warning of a third-quarter earnings shortfall, PRI Automation
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PRIA |
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PowerRating)
cratered 16 13/16 to 26 1/4 on Tuesday. PRIA is currently trading up slightly to
25 3/4 in pre-market activity.