Stocks Set To Sag
Following Tuesday’s first close above 4000 since April 11, the Nasdaq is set
to open to the downside in Wednesday trading. Tuesday’s light volume, mediocre
breadth, and lack of conviction left the market on a weak footing for
Wednesday’s open.
The Nasdaq futures are down 56 points, and the Dow futures are down 5 points.
The S&Ps look to open 4.50 points lower while the yield on the 10-year
Treasury note has increased slightly to 6.04%.
Traders will be listening in as Fed Chairman Alan Greenspan addresses the
Senate Banking Committee at 10:00 AM ET this morning.
This Morning
Immune Response Corp.
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PowerRating) is up sharply in pre-market activity after
announcing successful testing of Remune, an anti-HIV drug that boosts the immune
system’s T-Cell action. Immune Response closed Tuesday at 8 11/16 and is trading
up to 10 5/8 in pre-market activity.
Hal Kinnion & Associates
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PowerRating), a San Francisco-based
technology staffing company, said it expects its second quarter earnings to come
in at 26 to 27 cents per share, which is better than the 24 cents First
Call/Thomson Financial expected. It also improves upon the year-ago quarterly
earnings of 16 cents per share. Hal Kinnion closed Tuesday unchanged at 24 3/4.
Last Night
Oracle
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PowerRating) posted fiscal fourth quarter
earnings of 31 cents per share, beating First Call/Thomson Financial estimates
of 25 cents per share. After closing Tuesday up 1/32 to 68 1/32, Oracle is
trading down to 80 in pre-market activity.
Software maker Verity
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PowerRating) trounced First
Call/Thomson Financial fourth quarter estimates by booking earnings of 32 cents
per share which was well ahead of the anticipated 15 cents per share. After
closing Tuesday at 42, Verity is trading up to 43 1/2 in pre-market action.
Intel
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PowerRating) announced it will take a second
quarter charge of 2 cents per share to account for problems associated with
faulty motherboards. Intel closed Tuesday at 138 5/16 and is trading down to 136
in pre-market activity.