AMD warning weighs, stocks head for weak start
AMD warning weighs on pre-open
Stocks futures weaker as Europe opening bounce fades
By Emily Church, CBS.MarketWatch.com
Last Update: 7:46 AM ET July 3, 2002
LONDON (CBS.MW) - U.S. futures were losing ground in pre-open trading on Wednesday as a bounce in European stocks sputtered and an overnight sales warning from chipmaker Advanced Micro Devices weighed.
AMD (AMD: news, chart, profile) slid 15 percent on Instinet to $7.50 at one point, before resting at $7.75-7.85. The chipmaker warned of a 3-16 percent miss on its own revenue target in the second quarter. The warning is the second this month from AMD; rival Intel Corp. (INTC: news, chart, profile) also warned in June amid a weak PC market. Intel was down 51 cents at $16.06 on Instinet.
Bellwether techs were lower, pointing to a weaker start on the Nasdaq, but some stocks were shaking off overnight weakness. The Nasdaq 100 tracker (QQQ: news, chart, profile) was down 0.5 percent at $23.84 on Instinet ahead of 7:30 a.m. Eastern.
Dell Computer (DELL: news, chart, profile) was seen off 40 cents at $24.15 in London; Cisco Systems (CSCO: news, chart, profile) was improving and was last flat on Instinet at $12.58. WorldCom (WCOME: news, chart, profile) was a gainer, up one cent at 13 cents.
Volumes were not strong, dealers said. "We've been seeing this for a while: Light volume, no buyers and the market heading inexorably lower," said one London dealer. In something of a positive for U.S. stocks, the dollar was higher against the euro at around the 98 U.S. cents level. |
