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Techs set to slideCautious outlook from Cisco sends Nasdaq futures lower; broader market set for early gains.Video
LONDON (CNNMoney.com) -- Tech stocks were poised to slide at Thursday's start after bellwether Cisco Systems warned of slower growth. At 4:31 a.m. ET, Nasdaq futures were indicating a weak start for the tech sector, although S&P 500 futures suggested a higher open for the broader market. Cisco (CSCO, Fortune 500) reported quarterly sales and earnings late Wednesday that met analysts' estimates, but the firm gave a weak outlook for sales in the current period. The forecast is likely to extend the losses racked up by the tech-laden Nasdaq, which fell into bear market territory Thursday. A bear market is defined as being 20% off cyclical highs. On the economic front, retailers are due to report on January same-store sales, a closely followed measure of performance in the industry. December pending home sales are also on tap. Both reports will be closely watched for signs of whether the U.S. economy is falling into a recession. In major corporate news, Northwest Airlines (NWA, Fortune 500) and Delta Airlines (DAL, Fortune 500) are closer to a merger deal that would create the nation's largest carrier. A deal would likely spur rivals like UAL Corp.'s (UAUA, Fortune 500) United Airlines and Continental Airlines (CAL, Fortune 500) to seek out partners. Global markets were mixed. Japan's Nikkei finished the session higher. Several markets in Asia were closed for the Lunar New Year holiday. European markets fell in early trading ahead of rate decisions from the Bank of England and European Central Bank. |
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