Sun Clouds Tech
Lowered earnings estimates of Sun Microsystems and EMC by Goldman Sachs are
weighing on tech stocks Tuesday as traders gear up for a holiday-shortened week
of trading.
In economic news, personal income came in at a 0.3% increase, and personal
savings came in at a 0.4% increase. Both figures were in line with expectations.
Due out at 10:00 AM ET is the May consumer confidence report, and analysts
expect a reading of 111.3.
The Nasdaq futures are down 19, and the Dow futures are up 12 points.
The S&Ps look to open down 0.5 points while the yield on the 10-year
Treasury is holding at 5.49%.
Tuesday Movers
Sun Microsystems
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trading down to 19.35 following its Friday close of 20.47.
Drug maker Scios
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approval of the company’s drug for congestive heart failure. SCIO closed Friday
down 1.30 to 24.56 on heavy volume and is currently trading up to 30 in
pre-market activity.
Internet content delivery enabler Akamai
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Tuesday following news that the government will outsource work to the company.
AKAM closed Friday at 10.95 and is currently trading up to 12.00 in pre-market
activity.
In the chips, Applied Materials
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open and is currently trading down to 53.50 following its Friday close of 53.71.
Last week, AMAT tested and held above its 200-day moving average, so that level
will be one to watch for this SOX
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$SOX.X |
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