Stocks are facing a mixed opening Thursday, with techs looking weaker, while the broader market appears solid. Tech stocks such as Intel Corp. and Dell Computer Corp. are lower in the pre-market after Advanced Micro Devices Inc. said sales were weaker than expected.
As well, Veritas Software Corp.’s CFO quit.
Traders are also watching the ongoing labour disruption with dockworkers, which has ports on the U.S. west coast closed yet again today.
In earnings news, Marriott International’s profit rose 2%, although this reflects better results in its fuel business, rather than an improvement in the lodging game.
In economic news, U.S. initial jobless claims ticked back up again last week, staying beyond 400,000.
In Europe, stocks are lower so far today, with banks leading the slide after Goldman Sachs said that the region’s lenders may have to boost loan loss provisions. Deutsche Bank AG is notably weaker. In London, the FTSE is down 30 points to 3,875. In Paris, the CAC 40 has dropped 53 points to 2,888. The German DAX is off 59 points to 2,868.
Asian stocks closed lower again last night. Japan’s Nikkei dropped 113 points to 8,936, its first close below the 9,000 mark in 19 years. The Hang Seng also lost 125 points to 8,984.
In business news, Pivotal Corp. said it expects revenues for the quarter will be in the range of $12 million to $13 million with $3 million to $4 million in license revenue. Total costs for the quarter will be in line with guidance.
“We are disappointed with our results this quarter and we’re taking decisive action to improve our profitability,” said Bo Manning, Pivotal president and CEO. It also announced a definitive agreement to acquire MarketFirst Software, a privately held company in Mountain View, California that provides marketing automation software. No rice was disclosed on the deal.