Santa Rally Continues…For Now
On the heels of Nasdaq’s 7.6% Friday rally, technology stocks are poised to
continue higher again at least at the open Monday. Many analysts, however,
remain cautious and wary about the immediate future of the Nasdaq. Aside from
tech, stocks are looking at a mixed open.
The Nasdaq futures are up 23.50 points, and the Dow futures are down 25
points.
The S&Ps look to open up 1 point while the yield on the 5-year Treasury
is hovering down near 5.04%.
Looking ahead to this week’s economic news, the November index of Leading
Economic Indicators is due out Wednesday at 10:00 AM ET, and analysts expect a
decrease of 0.2%.
Tuesday Movers
Despite a downgrade from DB Alex Brown, JDS Uniphase
(
JDSU |
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PowerRating) appears to
have already factored in all available bad news and is actually trading higher
Tuesday. JDSU traded double-average volume Friday and closed down 2 5/16 to 40
15/16 at a 14-month low. The optical component maker is currently trading up to
41 1/2 in pre-market activity.
Cisco competitor Juniper Networks
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PowerRating) jumped 29 3/16 or 31% to 123
1/8 on Friday and looks to add to those gains in Monday trade. Juniper is
currently trading up to 126 in pre-market activity.
Sun Microsystems
(
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PowerRating) was also one of Friday’s star performers,
soaring 18% to 31 7/8 on double volume. Sun is set to build on those gains and
is trading up to 32 7/16 in pre-market activity.
Also back from the dead Friday was Ciena
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PowerRating), which jumped 28% to 77.
Ciena looks to add to that gain Monday and is currently trading up to 80 in
pre-market activity.
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