MARKET PREVIEW: Earnings onslaught continues

2 min read

Techs will keep busy Wednesday, as the impact of last night's quarterly reports, a slew of new earnings and Alan Greenspan's delayed speech hit the market. Asian markets were up, Europe was mixed, and the Dow is set to open slightly higher.


Investors will be waiting for hints on the interest rate agenda when Federal Reserve Chairman Alan Greenspan testifies Wednesday afternoon at his renomination hearing before the Senate Budget committee. The appearance was postponed Tuesday due to heavy snow.

U S West, Inc (NYSE: USW), Computer Associates (NYSE: CA), EMC Corp (NYSE:EMC) and Official Payments (Nasdaq: OPAY) are among companies expected to report Wednesday.

Three IPOs are on deck, T/R Systems (Nasdaq: TRSI), a provider of digital document processing and printing systems, priced 3 million shares at $10 each and 724 Solutions (Nasdaq: SVNX) is expected to price after doubling its range to $20-$22 per share. Healthgate Data Corp (Nasdaq: HGAT), which provides health-care information for physicians over the Internet, priced at $11 a share.

Expect the following technology stocks to be among Wednesday's most actively traded issues: BMC Software, Commerce One, Compaq, eBay, Qualcomm and Real Networks.

Technology recouped some of their losses Tuesday as the Nasdaq composite moved up 71 points to 4,167.37 while the Dow Jones industrial average closed up 22 points to finish at 11,029.89.

At the Bell

The Dow Jones industrial average may open about 26 points higher. The Standard & Poor's 500 index for June futures contracts was up 3.4 points to 1422 at 7:40 a.m. EST in 24-hour electronic trading.

The Inter@ctive Week @Net Index was up 10 to 568.62.


Trading in Asia was on an upswing. The Nikkei 225 rose 1.14 percent to 19,111, Singapore's Strait Times index gained 0.92 percent to 2,259 and Hong Kong's Hang Seng was up 2.15 percent to 15,427.


European markets were mixed. London's FTSE 100 lost 0.37 percent to 6,356. The CAC 40 in Paris rose 1.23 percent to 5,666 and the Xetra DAX in Frankfurt was down 1.91 percent to 6,940 at 7:05 a.m. EST.

Reuters contributed to this report.