Flat Pre-Holiday Open
We’re looking at a flat open on this pre-holiday session. Traders and
investors will be pondering the recent evidence of further economic deterioration
in national and worldwide economies — probably from the sidelines on what is
traditionally a light trading day.
Consumer Confidence, purchasing managers, and U.S. factory orders are due
after the market open. We may see a blip or two off comments by Fed Reserve
Chairman Greenspan as he speaks in Jackson Hole, Wyoming.
Crosscurrents may be felt as Asian markets closed lower. Two percent
losses were seen in Hong Kong’s Hang Seng and Japan’s Nikkei.
We’ll be continuing to watch Sun Micro
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PowerRating). The server maker warned
after the close that it might not be able to break even for the next quarter.
Microsoft
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PowerRating) might be under some pressure as the European Commission
stated its intention of expanding its probe into the company’s alleged anti-competitive
practices.
Altera
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PowerRating) said its revenues are likely to drop 15% to 20% for
the third quarter.