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Wall St. ready to serve bearsCisco's outlook, credit jitters cloud markets ahead of the open.NEW YORK (CNNMoney.com) -- Cisco Systems' dim outlook for the U.S. economy and more concerns about the credit crunch could help send stocks, particularly those in the tech sector, spinning downward when the markets open Thursday. At 3:30 a.m. ET, Nasdaq futures were sharply lower, while S&P futures were down more moderately. Stocks were sharply lower Wednesday on concerns about the credit market and a record high oil price that came within $1.38 of the $100-a-barrel milestone. In a conference call Wednesday after Cisco (Charts, Fortune 500) reported fiscal first-quarter earnings and revenue above analysts' forecasts, CEO John Chambers said he expects the cooling U.S. economy to hamper the unit of the Internet server maker that deals with businesses. Among other stocks in the news early Thursday: Morgan Stanley (Charts, Fortune 500), American International Group (Charts, Fortune 500), News Corp. (Charts, Fortune 500) and Merck & Co. (Charts, Fortune 500) Oil prices were relatively calm, with U.S. light crude down 30 cents to $96.07 a barrel in electronic trading. |
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