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Manic Monday

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Based on the trading in index futures, we are going to pick up where we left off on Friday. Dow futures are down 90 points, Nasdaq futures are down 12.50, and the S&P 500 is off 12.60. According to HL Camp and Company, fair value for the S&P 500 is $1.02, with buy programs set at $2.61 and sell programs set at ($0.31).

RF Micro Devices (RFMD) might be able to help stop the bleeding after announcing that Q3 results will significantly exceed previous estimates. The company will now break even for the quarter thanks to increasing market share, improved demand, and better inventory control.

Qualcomm (QCOM) might get a boost today after an upgrade from CS First Boston. CSFB likes Qualcomm's margin structure and its CDMA 1X technology. But

Finnish cell phone maker Nokia (NOK) is set up for a rough day. Wall Street is worried about the company's financial outlook, and expects Nokia to warn.

AOL Time Warner (AOL) has reportedly made an offer fro AT&T's (T) cable division.

Globally stocks are getting hit as well. The Nikkei in Japan has set a fresh 17-year low. Stocks in Germany are down 3.22%, and the U.K. is down 2.37%. Financial and drug stocks are among the biggest losers.

It looks like the word of the day is capitulation.

Jeff Canavan
Assistant Analyst

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