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Equity futures point to lower open

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The major equity futures are lower this morning and we're currently seeing S&P futures indicated down 5, NASDAQ futures are off 18 and Dow futures are lower by 39. This activity looks like it should bode well for yesterday's profiled short on shares of International Business Machines (IBM), but we'll have to wait for the open to really find out. Fair value today is $17.28 with program buying set at $19.32 and selling at $15.24.

Network Associates warns of fourth-quarter disappointment

Shares of Network Associates (NETA) are getting hit to the downside this morning in pre-market trading to $3.56 after finishing yesterday's session at $11.75 after the company warned of a shortfall for its fourth-quarter earnings. Late Tuesday, NETA said that it expects a net loss between $130 to $140 million in the current quarter. The company also announced that its CEO William Larson, President Peter Watkins and CFO Prabhat Goyal will be leaving the company effective December 31.

Network Associates Chart - last seven months.

By now, readers have gotten to recognize the above chart patter and have learned to avoid these technicals if looking long. Shares of NETA have been in a downtrend and have yet to develop any type of upward trend or support. MACD has been below the zero level for months. Those readers short can lock in profits at the open, but we'd avoid the stock as

-Staff Analyst

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