Stocks Slipping Slightly
Stocks are drifting slightly lower Monday to begin an economic news-filled
week that is expected to have very light end-of-summer trading.
In economic news, personal income for July increased 0.3%, which was less
than the anticipated 0.4%, and personal spending increased 0.6%, which was
slightly ahead off the expected 0.5% increase. Neither figure has impacted
markets to very much of a degree.
The Dow futures are down 7 points, and the Nasdaq futures are down 12.5
points.
The S&Ps look to open down 1.10 points while the yield on the 10-year
Treasury is flat at 5.72%.
Monday Morning
Applied Micro Circuits
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PowerRating) is off sharply in
early-morning action following its announcement to buy MMC Networks
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PowerRating).
AMCC closed Friday at 188 9/16 and is trading down to 174 1/4 in pre-market
activity while MMC is trading up more than 25 points to 103 1/2 in pre-market
activity.
In the Net space, shares of portal giant Yahoo!
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PowerRating)
are showing some weakness at the open. Yahoo! closed Friday at 134 1/4 but is
trading down more than 5 points to 129 1/16 in pre-market activity.
Friday Follow-up
Following Friday’s hoax-driven wild ride, Emulex
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PowerRating) is down slightly
in early morning action. Emulex closed down 7 5/16 to 105 3/4, and it is trading
down 3/4 to 105 in pre-market activity.
United Airlines
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PowerRating) announced a settlement of its ongoing strike by its
pilots and could get a bounce in Monday trading. The beleaguered airline closed
up 2 1/8 to 50 3/8 on Friday but is trading significantly off its 52-week high
of 79 that it touched way back on January 3.