Stocks Lift Off Lows
Consumer Price Index numbers for November came in just about as expected, but
stocks are in a downward mode Friday anyway thanks to earnings warnings from
Microsoft and Black and Decker.
The CPI increased 0.2% which was as-expected, but the CPI core rate rose
0.3%, which was just ahead of the anticipated 0.2% increase. Again, these
numbers show very little in the way of inflationary pressures. The CPI report
did help the averages increase from earlier lows.
The Nasdaq futures are down 25 points, and the Dow futures are down 25
points.
The S&Ps look to open down a point while the yield on the 10-year
Treasury is holding at 5.22%.
Friday Movers
Oracle
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PowerRating) is one of the day’s bright spots following a Thursday
announcement of 11 cent per share earnings that beat Street estimates by a
penny. Oracle closed Thursday down 1 to 27 1/2 but is trading up to 29 3/8 in
pre-market activity.
Adobe Systems
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PowerRating) posted earnings of 34 cents per share verses the
anticipated 29 cents per share, and that has the maker of Acrobat software
trading higher. Adobe closed Thursday at 57 5/16 and is trading up to 59 1/2 in
pre-market activity.
Microsoft
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PowerRating) warned after the bell that its fourth quarter earnings
would fall short of analyst expectations, and that is helping weigh on tech
issues Friday. Microsoft closed Thursday down 1 3/4 to 55 1/2 and is currently
trading down to 52 1/4 in pre-market activity.
Juniper Networks
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PowerRating) closed down 18 3/4 to 136 1/4 Thursday, and that
put it back below its 200-day moving average. Juniper is set for a negative open
and is trading down to 133 15/16 in pre-market activity.