Network Stocks Rising in Preopen Trading
Updated from 8:45 a.m. EDT
Network equipment company
JDS Uniphase
(JDSU)
was up 5% in midmorning, and router leader
Cisco
(CSCO) - Get Cisco Systems Inc. Report
was up 4.5% as the sector bounced back from Thursday's spate of downgrades and estimates cuts.
Morgan Stanley cut its fiscal 2002 estimates on several stocks Thursday, including router leader
Cisco
, which closed lower at $11.24, but was rising in preopen trading this morning, lately up 2% on the Instinet ECN.
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Storage area network stock
Brocade
(BRCD)
was up 0.4%, after a sharp decline in Thursday's session following an estimates cut for Brocade by Morgan Stanley. The stock recovered late in the session Thursday to close down but off its lows at $9.05.
Another storage area network equipment and software company
Emulex
(EMLX)
was up 6.7%, after setting a 52-week low of $8.40 Thursday, largely as a result of Brocade fallout.
Inktomi
(INKT)
was also up 5.4%, a day after it announced its networking software had been deployed by 27 Korean universities, including Korea Advanced Institute of Science & Technology and the ten national universities that form the Korea Education Networks, including Seoul National University.
