Watch Consumer Sentiment
A warning from Oracle and an across-the-board downgrade of software companies
by CS First Boston has tech in a bad mood Friday, and that has stocks headed for
a down open.
Alan Greenspan is back on Capitol Hill this morning, so traders will be
looking for yet more indications of Fed sentiment and whether we will possibly
get that Wayne Angell rate cut before the day is done.
All eyes are also on the Michigan consumer sentiment numbers which are due
out at 10:00 AM ET. Analysts expect a reading of 87.8, and the numbers will tell
whether consumers are in a better or worse mood than Greenspan believes. Recall
that in his view, things were looking up in terms of auto and home sales.
The Dow futures are down 105 points and the Nasdaq futures are down 65
points.
The S&Ps look to open down 16 points while the yield on the 10-year
Treasury is 4.86%.
Friday Movers
Oracle
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PowerRating) is under a lot of pressure at the open and is currently
trading down to 15 7/8 following a Thursday close of 21 3/8.Â
Seibel Systems
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PowerRating) is taking a hit following the software downgrades
and is currently trading down to 35 3/16 following its Thursday close of 44 5/8.
Veritas Software
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PowerRating) is one software company that has held up
relatively well in the tech swoon, but it is looking at a down open with the
rest of tech. Veritas closed Thursday at 70 11/16 and is currently trading down
to 65 in pre-market activity.
Advanced Micro Circuits
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PowerRating) managed to gain 2 13/16 to 29 9/16 after
issuing an earnings warning on CNBC Thursday. The stock is currently trading
down to 29 in pre-market activity.