Sluggish Open
Following the Nasdaq’s impressive rally Wednesday that took it up 1.9%, stocks are
looking sluggish at the open Thursday. Traders are anxiously awaiting Friday’s
employment report to gauge the market’s near-term direction.
The Nasdaq futures are down 25.50 points, and the Dow futures are down 5
points.
The S&Ps look to open up 1.60 points while the yield on the 10-year
Treasury is flat at 5.89%.
Morning Movers
Dell Computer [DE:LL|DELL] warned after the bell Wednesday that revenues for
the third quarter would come in less-than-expected. That sank Dell shares in
after-hours trading. Dell closed Wednesday at 28 3/16 and is trading down to 25
3/4 in pre-market activity.
Priceline
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PowerRating) said it would discontinue its name-your-price gasoline
and grocery service, and that has helped hurt its share price. Priceline had
recently issued an earnings warning that sank its shares. Priceline closed
Wednesday at 9 11/32 and is currently trading down to 7 in pre-market activity.
Retailer J.C. Penny
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PowerRating) also joined the earnings warning club, saying
it would see smaller-than-expected earnings for the third quarter. J.C. Penny
closed down 3/16 to 11 5/16 on Wednesday.
Wednesday Follow-up
Qualcomm
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QCOM |
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PowerRating) rose 5 15/16 to 78 7/16 on heavier-than-average volume
Wednesday, and moved to a three-month high out of the right-hand side of a
four-month base to levels not seen since June. Qualcomm is currently trading
down slightly to 77 5/8 in pre-market activity.