Stocks Slumping
With Tuesday’s Federal Reserve meeting quickly approaching, stocks are
slumping at the open Thursday in a session that will likely continue to see
light summer volume.
The Dow futures are down 28 points, and the Nasdaq futures are down 28.5
points.
The S&Ps look to open down 4.3 points while the yield on the 10-year
Treasury note is currently 5.82%.
Due out at 10:00 AM ET is the Philadelphia Fed survey, which may offer some
insight into the Fed’s frame of mind going into next Tuesday’s FOMC meeting.
Thursday Earnings
Hewlett Packard
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PowerRating) said it earned 97 cents per share for its fiscal
third quarter, beating First Call/Thomson Financial estimates of 85 cents per
share. Hewlett Packard closed Wednesday up 9 1/8 to 120 7/8.
Optical networker Ciena
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PowerRating) earned 19 cents a share during the
company’s fiscal third quarter, and that surpassed analyst estimates of 17 cents
per share by 2 cents. After closing Wednesday at 163 1/8, Ciena is trading up to
166 in pre-market activity.
On Wednesday
Brocade
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PowerRating) posted fiscal third quarter earnings of 16 cents per
share, topping First Call/Thomson Financial estimates of 14 cents per share.
Brocade closed Wednesday down 5 3/4 to 196 3/4, but is trading up to 199 1/4 in
pre-market activity.
Fiber optic cable maker Corning
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PowerRating) announced that it will split its
stock 3-for-1 on October 3 for shareholders of record on September 5. The
Corning, NY-based company closed Wednesday up 14 1/2 to 290.