A tech-heavy Nasdaq exchange traded fund could see action Thursday as a noted hedge-fund manager called for Microsoft’s (NasdaqGS: MSFT) chief executive to step down. Also, the Nasdaq-100 ETF is struggling with a key level that goes back to the dot-com wreck.
Greenlight Capital’s David Einhorn said Microsoft’s board should replace CEO Steve Ballmer, according to reports.
Microsoft shares were up 0.5% in premarket action Thursday while PowerShares QQQ (NasdaqGM: QQQ) was little changed.
The Nasdaq ETF has run into turbulence recently as it tries to recoup losses from the tech collapse about a decade ago. In technical speak, PowerShares QQQ has run into resistance as it tries to climb above the so-called 38.2% Fibonnaci retracement line. [Market Looks for Direction in Apple, Nasdaq]
The 38.2% retracement line for PowerShares QQQ stands at $58.24 a share.
PowerShares QQQ
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