Market Set To Open Lower
With S&P Futures down .60 and Nasdaq-100 futures down 1.50, we are looking
to open slightly lower. What will be the direction from there? Factors you might
want to consider include the fact that yesterday the market declined on the weight of warnings from
Advanced Micro Devices
(
AMD |
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News |
PowerRating), Apple
(
AAPL |
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PowerRating), and Ciena
(
CIEN |
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PowerRating). A terrorist attack in Jerusalem added to the downward
pressure. The key thing to keep in mind is that the market responded
negatively to negative news. If a continuation of the rally from Monday was in
the cards, you might have seen the market shrug it all off and close either
positive or flat. So be sure to understand this as you contemplate what may
happen today.
Business news to digest includes the downgrade of General Motors
(
GM |
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PowerRating)
from “equal-weight” to “overweight” by Morgan Stanley. The
stock fell 1.59 to $54.75 in pre-market.
Nokia
(
NOK |
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News |
PowerRating) adjusted its forecast of second-half sales downward. The
maker of wireless handsets said that its sales would grow by 10% instead of
its earlier estimate of “up to 15%.” Nokia was trading down .06
ahead of Thursday’s open.
Also
The Following:
JP Morgan downgraded
Chevron Texaco [CVX|CVX]Â to
“long-term buy” from “market perform”.
Goldman Sachs downgraded Sears
(S)
to “market perform” from “market outperform”.
In Pre-Market Activity
Dell Computer (DELL)
down 0.028 at 24.702
Cisco Systems (CSCO)
down 0.04 at 14.45
Intel (INTC)
down 0.05 at 20.04
Microsoft (MSFT)
down 0.358 at 54.002
Oracle (ORCL)
down 0.188 at 8.612
Sun Micro (SUNW)
down 0.09 at 5.94
Yahoo (YHOO)
down 0.018 at 16.002
Qualcomm (QCOM)
down 0.73 at 27.40