Slowest GDP Since ’96

A weaker-than-expected third quarter Gross Domestic Product is giving stocks
a slight lift Thursday following the Nasdaq’s painful 7.1% plunge on Wednesday.

Third quarter GDP was an anemic 2.2%, which was below the anticipated 2.4%
growth rate. The number is the slowest growth rate since 1996, and leaves many
Fed critics wondering why the Fed failed to cut rates on Tuesday.

In addition to the weak GDP figure, weekly jobless claims spiked up 34,000 to
354,000, which is a significant increase from last week’s 320,000.

The Nasdaq futures are up 10 points, and the Dow futures are up 22 points.

The S&Ps look to open up 6 points while the yield on the 10-year Treasury
is 5.06%.

Thursday Movers

Lucent
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said it would restructure its business and that its financial
woes would continue into the next quarter. After closing down 1 7/8 to 15 1/2 on
Thursday, Lucent was trading down to 13 1/2 on Instinet.

Conexant
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said falling sales would cause it to miss earnings
projections, and that is hitting shares of the chip maker hard Thursday.
Conexant closed Wednesday at 20 3/8 and is trading down to 15 3/8 in pre-market
activity.

Also warning was RealNetworks
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, the leading provider of Internet
streaming software. RealNetworks closed Wednesday at 9 15/16 and is trading down
to 6 5/16 in pre-market activity.

Bellwether Intel
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is set for a positive open following Thursday’s
1 1/2 point decline to 31 15/16. The chip giant is trading up to 32 7/8 in
pre-market activity.