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Equity futures fractionally lower

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Equity futures are looking fractionally lower this morning with S&P futures off 1, NASDAQ futures are down 9 and Dow futures are lower by 9. Fair value on the S&P 500 today is $6.02 with buy programs set at $7.67 and selling set at $4.14

Emulex Warns

Ara Mizrakjian at Robertson Stephens said that Emulex (NASDAQ:EMLX) issued an earnings warning in a Webcast prior to presenting at his firm's technology conference. Mr. Mizrakjian said the company indicated revenue growth for the quarter, at the worst case, could be sequentially flat and earnings per share could be 3 to 5 cents below his 23-cent estimate. On Friday, shares of EMLX closed at $77.50 and are indicated a mid-$50 open this morning.

Technology stocks somewhat mixed in pre-market

With Emulex's news to start the week off on the wrong foot for tech investors, we're seeing some weakness in other technology stocks. Cisco Systems (NASDAQ:CSCO) is slipping 19 cents to $28, Microsoft (NASDAQ:MSFT) is lower by 13 cents to $59, but shares of Juniper Networks (NASDAQ:JNPR) and Intel Corporation (NASDAQ:INTC) are showing gains of 87 cents and 38 cents respectively.

Jeff Bailey
Staff Analyst

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