Testing Time For Tech
Better-than-expected earnings from Compaq has stocks in a positive mood
Wednesday as the Nasdaq looks ready to build on Tuesday’s healthy 3% gain. Now
that all three major averages are back above their 50-day moving averages,
traders will be watching for some high-volume confirming action.
The Nasdaq futures are up 23.5 points, and the Dow futures are up 6 points.
The S&Ps look to open up 2.9 points while the yield on the 10-year
Treasury is holding at 5.27%.
Wednesday Movers
Compaq
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PowerRating) came in with earnings of 30 cents per share, topping the
already lowered analyst estimates of 29 cents per share. Compaq closed Tuesday
at 20.05 and traded up to 24 on Instinet.
Since box makers appear alive and well, Dell
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from the Compaq news. Dell closed Tuesday up 7/8 to 26 3/8 and is trading up 1
to 27 3/8, its highest level since Nov. 9.
Following a three-day pullback, WorldCom
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higher. Last year’s telecom disaster closed Tuesday down 1/8 to 20 11/16 and is
currently trading up to 21 5/16 in pre-market activity.
Microsoft
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use of the Java trademark, and that is likely helping Microsoft trade up to its
highest levels since Nov. 30. Softie closed Tuesday at 60 9/16 and is trading up
to 61 5/8 in pre-market activity.
Intel
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PowerRating) closed right on its 50-day moving average Tuesday at 35 3/8
and looks to build on that. The chip maker is currently trading up to 36 in
pre-market action, which is the highest it’s been in over a month.