Monday After Hours:
As many had been speculating for a while, Cisco warns....Prices vs. 4pm close....Cisco (CSCO 15.77 -1.43) warning dragging down overall market. Warning more severe than most had expected yet stock is hanging in relatively well. Other IT infrastructure stocks JNPR, NT, JDSU, GLW also getting hurt....On the earnings front, results were generally in-line with expectations for MarQ, however, companies are guiding down for JunQ and beyond. Notably, Unisys (UIS 13.50 -0.75) is guiding down Q2 sharply which should impact IBM (IBM 96.74 -0.01)....Vitesse Semi (VTSS 22 -2.05) did not guide down in press release, but we expect mgmt to do so on the conference call, which has been pushed back to 6:00 ET...On a positive note, Computer Assoc (CA not trading) is bucking the trend by guiding up for MarQ, but is silent on JunQ. Having little effect on other enterprise software stocks: ORCL, BMC...Also, shoe retailer Skechers (SKX 27 +1.80) out with upside preannouncement for Q1 by at least 20%. Competitors Vans (VANS 19.85 unch) and K-Swiss (KSWS 22.35 no trades) doing little...For details on earnings/warnings after the bell, be sure to visit Briefing.com's Earnings Calendar and Short Stories pages. Presently, the futures indications are suggesting a slightly higher opening for the equity market tomorrow as the S&P futures, at 1183, are 4 points below fair value while the Nasdaq 100 futures, at 1625, are 40 points below fair value. -- Robert J. Reid, Briefing.com |
