Spotlight NAPM
An earnings warning from American Express is weighing on the Dow Monday
morning, as traders start a new quarter waiting for an all-important March
report of the National Purchasing Manager’s Index which is due out at 10:00 AM
ET.
In Friday’s economic news, Chicago Purchasing Managers Index fell to its
lowest reading since 1982 and clearly showed the dramatic slowdown taking place
in the manufacturing sector.
Also due out are February’s construction spending numbers, and analysts
expect a 0.4% increase.
The Dow futures are down 72 points, and the Nasdaq futures are up 4 points.
The S&Ps look to open up a point while the yield on the ten year Treasury
is flat at 4.89%.
Monday Movers
i2 Technologies
(
ITWO |
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PowerRating) announced layoffs and warned that earnings would
fall short of expectations, but the stock is trading higher. ITWO closed Friday
at 14 1/2 but is trading up to 14 7/8 in pre-market activity, possibly because
of news that revenues had spiked up nicely for the same quarter.
Veritas Software
(
VRTS |
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PowerRating), had a strong Friday with a 7% gain and is
edging slightly higher Monday. After a 46.16 close, VRTS is trading up to 46.30
in pre-market activity.
In the chips, Novellus
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NVLS |
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PowerRating) is trading flat with Friday’s close of 40
1/2 and is currently being bid at 40 5/8.
Cisco
(
CSCO |
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Chart |
News |
PowerRating) is trading a tad higher in pre-market and has crossed the
tape at 15 7/8 following a Friday close of 15 13/16.