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MARKET PREVIEW: More warnings from chipmakers

Technology stocks started the week with another slew of profit warnings Monday. A major storm in the Northeast may also keep trading light. Asian markets were mixed, Europe moved up, and the Dow is set to open slightly higher.


Warnings from two chipmakers greeted investors early Monday along with a blizzard expected to blanket the New York metropolitan area.

Cypress Semiconductor (NYSE: CY) announced that its first quarter revenue and earnings for the will miss targets due to slowing business conditions. Revenue for the quarter is expected to fall 15 percent, compared to the previous projected decrease of 4 percent to 9 percent.

Communications chip maker Vitesse Semiconductor Corp. (Nasdaq: VTSS) also said it has lowered its revenue and profit projections for the second quarter, citing weakness in its communications and data storage applications.

The Nasdaq will also absorb some of Friday's bad news; Cymer (Nasdaq: CYMI) and J.D. Edwards (Nasdaq: JDEC) both warned late Friday.

Expect the following technology stocks to be among Monday's most actively traded issues: Cymer, eBay and J.D. Edwards.

Technology stocks wrapped up a dismal week with more losses Friday as the Nasdaq composite plunged 65 points to finish at 2,117.62. The Dow Jones industrial average managed to gain 16 points to 10,466.31, helping it squeeze out a 26-point gain for the week.

At the Bell

The Dow Jones industrial average may open 17 points higher. The Standard & Poor's 500 index for June futures contracts was up 2 points to 1237.2 at 7:32 a.m. EST in 24-hour electronic trading.

The Inter@ctive Week @Net Index fell 11 to 206.94.


Trading in Asia was mixed. The Nikkei 225 grew 60.36 to 1,2322.16, Singapore's Strait Times index lost 7.18 to 1,900.06 and Hong Kong's Hang Seng rose 168.83 to 1,4135.26.


European markets were on an upswing. London's FTSE 100 rose 37.30 to 5,895.90, the CAC 40 in Paris rose 6.65 to 5,298.57 and the Xetra DAX in Frankfurt was up 11.08 to 6,170.10 at 7:20 a.m. EST.

Reuters contributed to this report.