Worries Weighing On Tech
Negative comments about the upcoming quarter from Cisco and AT&T has tech
stocks leaning lower Monday as traders look toward the Federal Reserve meeting
that kicks off on Tuesday.
The Nasdaq futures are down 35 points, and the Dow futures are up 19 points.
The S&Ps look to open down 3.2 points while the yield on the 10-year
Treasury is holding at 5.26%.
Monday Movers
Cisco
(
CSCO |
Quote |
Chart |
News |
PowerRating) CEO John Chambers told a world economic forum that falling
telco sales would negatively impact the tech giant’s first quarter sales, and
that is helping give Cisco a kick in the pants in Monday trading. Cisco closed
Friday down 15/16 to 38 3/8 and is currently trading down to 35 3/4 in
pre-market activity.
B2B leader Ariba
(
ARBA |
Quote |
Chart |
News |
PowerRating) said it will acquire Agile Software
(
AGIL |
Quote |
Chart |
News |
PowerRating),
and that is weighing heavily on Ariba shares Monday. After closing Friday at 40,
Ariba is trading down to 35 11/16 in pre-market activity. Agile on the other
hand is trading up to 46 9/16 following a Friday close of 42 13/16.
Internet content delivery leader Akamai
(
AKAM |
Quote |
Chart |
News |
PowerRating) is set for a positive
open following word the company will work for Microsoft to help stem the rash of
hacker attacks against the software king. Akamai closed Friday at 29 3/4 and is
trading up to 31 5/8 in pre-market activity.
AT&T
(
T |
Quote |
Chart |
News |
PowerRating) announced fourth quarter earnings of 26 cents per share that
matched Street estimates. The company, however, like so many others warned of a
first quarter slowdown that would likely impact future earnings. AT&T closed
Friday down .62 to 23.31.