MARKET PREVIEW: Techs hope to escape Cisco''s shadow
Technology stocks could revive Thursday as Cisco Systems' grip on the market loosens, a new wave of earnings hits and some economic news kicks off the day. The Dow is set to open higher.
Cisco (Nasdaq: CSCO) led the Nasdaq lower Wednesday after reported its first-ever quarterly net loss. The Dow dipped as well, but the index was supported by a positive earnings forecast from General Electric (NYSE: GE).
Another round of earnings, along with some economic news, should distract technology investors Thursday.
Initial jobless claims are also due and will be scrutinized for signs of weakness in the job markets. Economists expect the number of claims to have slipped to 416,000 last week from 421,000 the prior week.
Stocks to Watch
The company's net loss applicable to common shareholders widened to $675.4 million, or 76 cents a share, from a loss of $348.1 million, or 45 cents a share, in the same period last year. Global Crossing also reaffirmed its plans for spending about $10 billion for 2000-2001. Many telecommunications firms have delayed or curtailed their capital spending amid the economic slowdown.
At the Bell
The Dow Jones industrial average may open 71 points higher. The Standard & Poor's 500 index for June futures contracts was up 8.3 points to 1266 at 7:15 a.m. EDT in 24-hour electronic trading.
Reuters contributed to this report.