Techs To Open Lower
Stocks appeared set to open lower Friday after positive overnight news from Intel but a warning from
Juniper Networks.
After Thursday’s close, Intel
(
INTC |
Quote |
Chart |
News |
PowerRating)
said that quarterly sales will be within its previous guidance of expectations,
although at the low end. The statement raised hopes that the chip industry has
seen the worst.
However, Juniper Networks
(
JNPR |
Quote |
Chart |
News |
PowerRating),
a maker of networking equipment, Friday morning lowered its quarterly revenue
estimates and said it would cut its work force by 8-9%.
After Thursday’s close, computer
network gear maker 3Com
(
COMS |
Quote |
Chart |
News |
PowerRating) said it expects quarterly sales to miss of
prior guidance by about $100 million. The company said it plans to discontinue
its line of consumer cable and DSL modems.
Oil prices crept higher in Asia on
Friday, finally snapping a two-day decline from swelling U.S. oil stocks. Oil
got support from a continued Iraqi oil export outage and U.S. refinery troubles.
Cell Therapeutics
(
CTIC |
Quote |
Chart |
News |
PowerRating) said
Friday it privately placed $150 million of seven-year convertible subordinated
notes. Proceeds will go to clinical trials, sales and marketing, possible
acquisitions, working capital and other general corporate purposes. It said it
may sell another $30 million of notes if there is enough demand.
Callaway Golf
(
ELY |
Quote |
Chart |
News |
PowerRating) Friday it
lowered its revenue and earnings guidance for Q2, citing to adverse market
conditions, including bad weather, heavy discounting and the slowing economy.
The company also said sales expectations have been hurt significantly by the
outlawing of its ERC II driver by the U.S. Golf Association. The company expects
Q2 revenues of about $250 million vs. previous guidance of $290 to $300 million
in revenues for the quarter.
Walt Disney
(
DIS |
Quote |
Chart |
News |
PowerRating) will lay off
about 1,000 workers starting immediately and continuing over the next few weeks,
the Los Angeles Times reported on Friday. The cuts are the final phase of a plan
to cut 4,000 jobs, the newspaper said.