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MARKET PREVIEW: Techs hold out for economic news

Techs may be off to a slow start Monday as the seasonal lull sets in, and investors hold out for economic news later in the week. Asian markets were mixed, Europe was up, and the Dow is set to open slightly higher.


Investors will be awaiting key economic reports this week as gauges of what the Federal Reserve may do with interest rates when it meets again June 28. There are no major reports due Monday, but a report on May retail sales, a key inflationary indicator, is due out Tuesday morning, and data on May consumer prices is slated for release Wednesday.

Monday's newsmakers may Motorola Inc. (NYSE: MOT), which said it has teamed up with International Business Machines Corp. (NYSE: IBM) and Toshiba Corp. to offer Bluetooth technology across parts of their personal computer lines. Bluetooth is a high-capacity, short-wave radio link that enables electronic devices such as cellphones and computers to hook up remotely.

Canadian software maker Corel Corp. (Nasdaq: CORL) may also attract more attention; analysts said the company must make much deeper cost cuts -- about another $10 million to $20 million -- to stay alive. The company, which has slashed one-fifth of its work force, said last week its CEO will forgo his salary.

FedEx Corp. (NYSE: FDX) is encroaching on tech territory; the express-delivery company plans to launch a service that lets companies build an online store, the Wall Street Journal reported on Monday.

Expect the following technology stocks to be among Monday's most actively traded issues: Engage, Intraware and Solectron.

Technology stocks pushed higher Friday while retail and financial stocks stammered following a mixed Producer Price Index report. The Dow Jones industrial average fell 55 points to 10,614.06 while the Nasdaq moved up 49 points to end at 3,874.93.

At the Bell

The Dow Jones industrial average may open about 31 points higher. The Standard & Poor's 500 index for June futures contracts was up 4.4 to 1488 at 7:31 a.m. EST in 24-hour electronic trading.

The Inter@ctive Week @Net Index was up 4 to 4795.61.


Trading in Asia was on a downswing. The Nikkei 225 rose 0.70 to 16,980, Singapore's Strait Times index lost 0.03 percent to 2,042 and Hong Kong's Hang Seng was down 0.40 percent to 16,055.


European markets were also headed down. London's FTSE 100 rose 0.03 percent to 6,445.90. The CAC 40 in Paris gained 0.59 percent to 6,549 and the DAX in Frankfurt was up 0.15 percent to 7,265 at 7:05 a.m. EST.

Reuters contributed to this report.