Weakness Continues
Following Tuesday’s 3.2% Nasdaq pummeling, stocks are looking to open
moderately lower Wednesday.
In economic news, the August factory orders report is due out at 10:00 AM ET,
and analysts expect a 1.8% increase.
The Dow futures are down 32 points, and the Nasdaq futures are down 8.50
points.
The S&Ps look to open down 0.4 points while the yield on the 10-year
Treasury is steady at 5.85%.
Wednesday Movers
Oracle
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PowerRating) plunged 9 1/2 to 69 1/4 Tuesday amid earnings concerns and
an analyst downgrade. Oracle is poised for more downside and is currently
trading down to 66 5/8 in pre-market activity.
Market maker Knight Trading Group
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PowerRating) said its third quarter earnings
would fall short of analyst expectations, and that has sent Knight shares
sharply lower. After closing Tuesday down 2 1/8 to 32 1/4, Knight is trading
down to 25 in pre-market activity.
Tuesday Follow-up
B2Bs have faced selling pressure of late, and Ariba
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PowerRating) has been no
exception, falling 14 37/64 to 112 31/64 on Tuesday. Ariba again is heading
lower and is currently trading down to 108 in pre-market activity.
In related B2Bs, PurchasePro
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PowerRating) is holding steady, trading at 76 1/2
after a Tuesday close of 76 1/16, and Commerce One
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PowerRating) is trading down
to 56 5/8 after closing Tuesday at 58 7/8.