Julie Morgan

That's it for today's Wall Street Breakfast.

Thanks for listening.

For a full offering of news, analysis, ratings, and data on stocks and ETFs, become a premium subscriber.

Learn more at seekingalpha.com slash subscriptions.

I'm your host, Julie Morgan.

Go out and make it a great day.

Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

It's good to be with you.

Hopefully you enjoyed your weekend.

Today is Tuesday, January 20th.

I'm Julie Morgan.

Stock futures are down early on this Tuesday morning following President Trump's warning of mounting tariffs on key European partners, blocking a U.S.

bid for control of Greenland.

We'll get to Dow, S&P, and Nasdaq futures in a few minutes, but first let's take a look at a few of the biggest movers in pre-market action.

Logitech, NetApp, and CDW are on our biggest movers list today, down 6%, 4%, and 2% respectively.

Shares declined after Morgan Stanley downgraded all three, warning of a perfect storm for IT hardware as corporate spending slows to its weakest pace in 15 years outside of COVID-19.

A fourth-quarter CIO survey pointed to softer demand, while resellers expect 30 to 60 percent of customers to cut PC, server, and storage budgets amid component-driven price increases.

The firm said this marks only the first cut of a hardware down cycle that could last three to five quarters.

CDW was cut to equal weight with a price target of $141.

Logitech to underweight with a price target of $89.