Paul Shread

Bullish comments from Intel weren’t enough to boost tech stocks on Friday, as negative comments from Merrill Lynch weighed on the sector. Intel raised second-quarter guidance above Wall Street expectations late Thursday, citing strong demand for notebook products, but with the good news largely expected, the stock fell 2.6% Friday. Merrill Lynch, […]

The Nasdaq (first chart below) recovered some lost ground today, but still faces major resistance at 2097-2100. Support is 2060, 2050 and 2040-2042. The S&P (second chart) has support at 1191, 1185 and 1180, and resistance is 1205, 1208-1210 and 1218. The Dow (third chart) has support at 10,428-10,440 and 10,405, and 10,573-10,620 is major […]

Intel raised second-quarter guidance above Wall Street expectations late Thursday, citing continuing strong demand for notebook products. Intel’s better than expected guidance is the latest good news for the chip industry, which has benefited this week from bullish industry reports and results from Texas Instruments and National Semiconductor . Intel said it now expects second-quarter […]

The market is acting like it expects hawkish testimony from Fed Chairman Alan Greenspan tomorrow, so any soothing words from the Fed chief would likely spark a good rally. The Nasdaq (first chart below) lost its second support level in as many days. 2040-2042 and 2030 are the next support levels, and resistance is 2068-2069, […]

Thursday could turn out to be an important day for the financial markets, with Fed Chairman Alan Greenspan set to testify on Capitol Hill and Intel slated to deliver its mid-quarter update after the close. Investors are hoping that Greenspan will signal that the Fed’s interest rate hikes will soon end amid signs of an […]

Not the best of days for the Nasdaq (first chart below), which once again failed at 2100 resistance and then closed below its uptrend line from late April. More than a point or two of downside tomorrow and a deeper correction may be under way. The S&P (second chart) turned back just below 1210-1212 resistance […]

Texas Instruments gave the chip sector some good news after the close on Tuesday, raising quarterly guidance above analysts’ estimates. TI said it expects second-quarter earnings of 27-30 cents a share, higher than the company’s previous guidance and above analysts’ estimates of 27-cent earnings. The company said it sees revenues of $3.12-3.24 billion, also at […]

With no earnings to speak of and no inflation data due out until next week, investors will be focused on Fed Chairman Alan Greenspan’s testimony Thursday morning, hoping for signs that the Fed’s rate hike campaign will soon draw to a close. The Nasdaq (first chart below) continues to pause at the major 2100 resistance […]

Analysts have soured on Micron Technology’s prospects in recent days. First Albany said late last week that the memory chip maker’s quarter will likely be weak, driven be declines in DRAM pricing. The firm said it expects Micron to lose a penny a share in the current quarter, below consensus estimates for a 6-cent profit, […]

CitiFinancial plans to begin encrypting data and sending it to credit bureaus electronically after data tapes containing the personal information of 3.9 million customers were lost by UPS. CitiFinancial has begun notifying its Branch Network customers of the loss. The tapes contain customer names, Social Security numbers, account numbers and payment history. “We and other […]

The recent well-publicized backup tape losses at the likes of Bank of America and Ameritrade appear to be pushing some storage end users to consider alternative technologies such as virtual tape and online backup solutions. Lasso Logic, for one, claims to have signed more than 40 partners, with another 40 pending, in the month since […]

After once again failing at 2100 resistance, the Nasdaq (first chart below) ended the day just above major support at 2063-2068. A big decision point for the Nasdaq at either end of that range. The S&P (second chart) has support at 1192, 1189 and 1185, and resistance is 1200, 1205 and 1210-1212. The Dow (third […]