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MARKET PREVIEW: Techs may be cheered on by Yahoo!

As the shock waves from Yahoo!'s better than expected earnings reverberate through the market Thursday, expect techs to holler with glee. Asia and Europe were mixed, and the Dow is set to open slightly lower.


The Nasdaq ran up to its fourth record close in the last five days, as earnings optimism continues to outweigh the drag of companies warning of greater-than-expected losses.

Though techs should be taking off, some big names may be stumbling on the Dow. Billions in damages could be due from the nation's top five tobacco firms, which have been found liable for causing lung cancer by a state court jury in Miami.

In other economic news, data on wholesale inventories and consumer credit for May should be released by the Commerce Department Thursday. Both are predicted to have risen compared to earlier months.

The Labor Department will also report weekly jobless claims, expected to rise to 305,000 for the week ended July 3, compared with 299,000 a week earlier.

Expect the following technology stocks to be among Thursday's most actively traded issues: Computer Horizons Corp. (Nasdaq: CHRZ), Computer Network Technology Corp.(Nasdaq: CMNT), Ebay Inc. (Nasdaq: EBAY) and Yahoo! Inc. Nasdaq: YHOO).

Computer and software stocks made strong gains Wednesday as the Nasdaq composite picked up 6 points to 2,742.96. The Dow Jones industrial average closed up 52 points to 11,187.36 despite some ominous profit warnings.

The Inter@ctive Week @Net Index slipped 3.18 to 320.01.

At the Bell

The Dow Jones industrial average is set to open about 20 points lower. The Standard & Poor's 500 index for June futures contracts was down 2.8 points to 1401 at 7:30 a.m. EST in 24-hour electronic trading.


Trading in Asia was subdued. The Nikkei 225 inched up 0.05 percent to 17,967, Singapore's Strait Times index gained 0.71 percent to 2,159 and Hong Kong's Hang Seng drooped 0.22 percent to 14,226.


European markets were also mixed. London's FTSE 100 dropped 0.14 percent to 6,588. The CAC 40 in Paris lost 0.37 percent to 4,644 and the Xetra DAX in Frankfurt was up 0.35 percent to 5,607 at 6:30 a.m. EST.

Reuters contributed to this report.