Paul Shread

The semiconductor sector (first chart below) failed to set a new low despite a big downgrade from Merrill Lynch today. That’s a positive set-up heading into Intel’s earnings tomorrow night, but now the chip giant must deliver. The Nasdaq (second chart) failed at 1940 resistance today, a level the techs need to retake. 1946 and […]

Investors will be looking to Intel to rescue chip stocks after Merrill Lynch downgraded the sector on Monday. Merrill downgraded Intel and the chip sector a day before Intel’s earnings report, saying that demand may peak earlier than believed and that Intel may be forced to bring down historically high inventory levels. “We’re now beginning […]

Despite hopes for a rebound in the storage networking market, results so far in 2004 suggest that Fibre Channel vendors continue to face pricing pressures, according to the Yankee Group. The total Fibre Channel SAN component market in the first quarter of 2004 was about $434 million, the Yankee Group estimated. While that was up […]

The Nasdaq (first chart below) took out 1960 support on the open this morning, then 1936-1940 support on the close. Not a pretty picture. 1930, 1922, 1913 and 1900 are the next support levels, and 1940 and 1960-1966 are resistance. The S&P (second chart) has support at 1106-1107 and 1101-1103, and resistance is 1113, 1118 […]

Yahoo led stocks lower Thursday after reporting results and guidance that weren’t quite up to Wall Street’s expectations. Yahoo pointed out that its results were within its own guidance range issued in April, but that fact appeared to do little to calm a market already worried about a summer slowdown. Yahoo finished down 7.7% on […]

The Nasdaq (first chart below) is likely to break significant support tomorrow morning, a shelf at 1960 that has held for a month. Below that, 1936-1940 is major support, and 1930, 1922 and 1913 are also support levels. Resistance will likely be 1960, 1966-1970 and 1980. The S&P (second chart) has support at 1110-1112, 1106-1107 […]

Investors worried about the state of corporate earnings got no help from Yahoo after the close on Wednesday. Shares of Yahoo plunged 12% after hours after the company’s second-quarter revenues missed analysts’ estimates. The Internet bellwether also warned that its third-quarter and full-year results may fail to live up to Wall Street’s lofty expectations. On […]

Mamma.com tumbled 15% Friday on news that Internet billionaire Mark Cuban had sold his highly-publicized stake in the company. Cuban had taken a 6.3% stake in the company in March, which required disclosure under SEC rules because he held more than a 5% position. Cuban acquired his shares two days after shares of MAMA soared […]

McDATA and Network Appliance have teamed to offer what the companies claim is the first storage software solution to manage both IP and Fibre Channel SANs. McDATA will integrate its SANavigator network management software with NetApp’s DataFabric Manager software. NetApp will sell the integrated solution through its channels under the NetApp DataFabric Manager brand name. […]

We said a sell-off on the Fed rate hike was likely, but we didn’t expect it to be this sharp this soon. The Nasdaq (first chart below) hung on to 2013 support today, but not by much. 2000-2007 are also important support levels here. Resistance is 2023, 2031-2035, 2040 and 2060. The S&P (second chart) […]

Yahoo slumped 6% Thursday on an analyst downgrade and concern about a possible loss of business from Microsoft . Salomon Smith Barney downgraded Yahoo to Hold from Buy, saying the stock has gotten ahead of the fundamentals after a 60% run-up since March. Yahoo kicks off earnings season next Wednesday, and analysts expect the company […]

The Fed was more market-friendly than expected today, but it’s hard to imagine the market taking off as the Fed begins a rate increase cycle; the first rate hike has historically been more likely to spark a pullback. Today was a good start, but we wouldn’t be surprised to see a good pullback before the […]