Sluggish Open
Following the Nasdaq’s 6% meltdown, stocks are looking sluggish again
Thursday as worries continue to mount over the technology earnings recession
that has knocked down company after company in the past few weeks.
Weekly jobless claims fell 20,000 to 360,000, and while that is down from
last week, the 4-week moving average remains in an uptrend.
In other economic news, fourth quarter GDP was revised down to 1.0% versus
the expected 1.1% rate of growth.
The Dow futures are down 38 points, and the Nasdaq futures are down 19
points.
The S&Ps look to open down 2.4 points while the yield on the 10-year
Treasury is holding at 4.96%.
Thursday Movers
Cisco
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PowerRating) is trading slightly lower following its 2 3/8 plunge to 15
3/4 on nearly double average volume. The network giant is currently trading down
to 15 11/16 in pre-market activity.
Cisco competitor Juniper Networks
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PowerRating) is trading at new 16-month lows
as traders wonder who may be the next to warn. Juniper closed Wednesday at 43.89
and is currently trading down to 42.00 in pre-market action.
In the chips, Novellus
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PowerRating) is looking at a slightly higher open
following a 2 1/8 dip to 44 3/8 on Wednesday. Novellus is perched right between
its 50- and 200-day moving averages and is currently trading at 44 1/2.
Vitesse
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VTSS |
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PowerRating) is continuing to see selling pressure from its earnings
warning. The chip maker is currently trading down to 26 9/16 following its
Wednesday close of 27.
Electronic Arts
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ERTS |
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PowerRating) was one of Wednesday’s few positive techs,
gaining 1 1/8 to 55 7/8. The stock is currently trading flat in pre-market
activity.