Techs Depressed
An earnings warning from Lucent and cautious words from Yahoo! have sent a
chill through the tech sector, as October continues to live up to its historical
reputation.
The Nasdaq futures are down 53 points, and the Dow futures are down 8 points.
The S&Ps look to open down 4 points while the yield on the 10-year
Treasury is 5.76%.
Morning Movers
Lucent
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well short of analyst expectations, and that has sent Lucent shares plummeting
to their lowest levels since February 1998. Lucent finished the regular session
Tuesday at 31 3/8 and has traded down to 24 1/2 on Instinet.
Lucent’s woes are weighing on companies who sell products to Lucent, most
notably Cisco Systems
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of 51 1/4.
Optical networker JDS Uniphase
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morning as its shares are trading down to 85 3/4 following a Tuesday close of 90
5/8.
Holding up moderately well in the tech swoon is Juniper Networks
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which actually closed Tuesday up 5 3/8 to 205 15/16. Juniper is currently
trading down to 200 1/4 in pre-market activity.
Internet Update
Portal giant Yahoo!
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PowerRating) beat earnings estimates of 12 cents per share
by a penny, but a cautionary conference call from Yahoo! management has helped
push the stock lower. Yahoo! closed Tuesday at 82 11/16 and is trading down to
73 in pre-market activity.