Worries Abound
Robust Producer Price Index and retail sales numbers have raised the
inflation worry levels Friday, but stocks are looking at a mixed open as traders
digest concerns ranging from earnings warnings to Mideast conflict.
The Dow futures are down 10 points, and the Nasdaq futures are up 27.50
points.
The S&Ps look to open up 3 points while the yield on the 10-year Treasury
is 5.73%.
The PPI showed an increase of 0.9%, which topped the 0.5% analysts had
expected, while the closely-watched core rate rose 0.3%, which was greater than
the 0.1% analysts expected.
Retail sales rose 0.9% in September, which was greater than the 0.6% increase
analysts had expected.
Morning Movers
Juniper Networks
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PowerRating) gained ground on competitor Cisco
(
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PowerRating) as it
earned 17 cents per share for the third quarter, trouncing analyst estimates of
9 cents per share. Juniper closed Thursday at 199 19/32 and is trading up to 204
in pre-market activity.
Internet advertising leader DoubleClick
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PowerRating) matched earnings
expectations of 3 cents per share, but the stock has sold off sharply anyway.
DoubleClick closed Thursday down 3 1/8 to 18 1/4 and is trading down to 13 1/8
in pre-market activity.
Computer maker Gateway
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PowerRating) met earnings estimates of 46 cents per share
Thursday, which was good news for the recently weakened tech sector. Gateway
closed Thursday down .99 to 43.63.
Earnings Warning
Union Carbide
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PowerRating) joined the long list of companies announcing
third-quarter earnings shortfalls, and that has hit its share price Friday.
After falling 1 1/16 to 36 9/16 on Thursday, Union Carbide has traded down to 31
on Instinet.