Weak And Wilting
As traders wait for Friday’s employment report, stocks are set to sink at the
open Thursday as analyst downgrades continue to weigh on the tech sector.
The Nasdaq futures are down 92 points, and the Dow futures are down 65
points.
The S&Ps look to open down 13.50 points while the yield on the 10-year
Treasury note has eased to 5.94%.
Weekly jobless claims increased by 2000 to 276,000, but that has had little
effect on stocks since that figure still suggests a tight labor market.
Morning Earnings
Managed care health company Humana
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PowerRating) earned 11 cents per share for
the second quarter, and that was in line with First Call/Thomson Financial
estimates. Humana closed Wednesday unchanged at 7 1/4.
Wednesday Follow-up
In the biotech arena, Chiron
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PowerRating) reported second quarter earnings of
30 cents per share, beating First Call/Thomson Financial estimates of 21 cents
per share. Chiron closed Wednesday at 44 3/4 and is trading up to 49 1/2 in
pre-market activity.
Dell Computer
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PowerRating) sank 2 to 39 1/16 following a downgrade from U.S.
Bancorp Piper Jaffray on Wednesday. Dell is trading down another 1 1/16 to 38 in
pre-market activity.
Gap Stores
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PowerRating) warned that slumping July sales would squeeze second
quarter profits by more than 10%. Gap Stores fell Wednesday 4 7/8 to 32 1/8 on
the news.