AI
Friday, February 22, 2008 7:18:48 PM
Market Update 080222
http://biz.yahoo.com/mu/update.html
4:35 pm : Financials weighed on the market for the majority of Friday. Then, a late-day report indicating a possible bailout plan for a major bond insurer is imminent sparked a sudden rally. The news restored optimism and lifted the market from a session low back into positive territory. Stocks finished the day 0.8% higher, near their best level of the session. From its session low to its close, the S&P 500 climbed 2.0%.
Financials led a late-day recovery effort after a CNBC commentator indicated a bailout plan for beleaguered bond insurer Ambac (ABK 10.71, +1.48) could be announced as early as this coming Monday or Tuesday. The financial sector had been in negative territory as much as 1.9%, but managed to make a gain of 1.6%, finishing as a session leader.
With the exception of utilities, each of the major economic sectors spent the majority of the afternoon in negative territory. After the late-day rally, only the healthcare sector (-0.03%) finished in negative territory. The sector's decline, however, was muted.
Two stocks unable to fully participate in the rally were Fannie Mae (FNM 28.72, -0.27) and Freddie Mac (FRE 26.61, -1.14). The companies were weighed down by a Merrill Lynch report that downgraded both Fannie Mae and Freddie Mac to Sell from Neutral. The premise of the downgrade was rooted in weakening macro-economic trends along with financial market and credit trends. Still, their stocks closed off session lows.
Though the tech sector (+0.3%) participated in the market's late surge, it still finished as a relative underperformer. Among its worst performers was Intuit (INTU 27.05, -2.74), which announced today second quarter results that topped the consensus estimate, but guided third quarter earnings per share below analysts' expectations. Intuit's third quarter is historically its most profitable.
Though there were no new economic surveys or reports released today, the December Producer Price Index (PPI) was revised to -0.3% from -0.1% month-to-month. November's PPI was revised to +2.6% from +3.2%, indicating inflationary pressures were not as strong as initially believed.
For the week, the Dow closed up 0.3%, S&P 500 up 0.2%, but the Nasdaq closed down 0.8%.DJ30 +96.72 NASDAQ +3.57 NQ100 +0.4% R2K -0.2% SP400 +0.6% SP500 +10.58 NASDAQ Dec/Adv/Vol 1608/1297/2.32 bln NYSE Dec/Adv/Vol 1273/1838/1.42 bln
3:40 pm : Stocks took fresh lows, but quickly rebounded. The Dow and S&P 500 are now positive, while the Nasdaq has made up most of its losses. Financials have spiked off their lows and have crossed back into positive territorty.
A CNBC commentator noted that a bailout plan for bond insurer Ambac (ABK 10.01, +0.78) could be announced as early as Monday or Tuesday next week. The report has given way to refreshed strength in regional banks (+1.0%) and multi-line insurance (+1.0%).DJ30 +7.65 NASDAQ -7.51 SP500 +1.26 NASDAQ Dec/Adv/Vol 1753/1122/1.93 bln NYSE Dec/Adv/Vol 1632/1473/+1.10 bln
3:00 pm : Financials (-1.4%) and tech (-1.1%) stocks remain underperformers this session. Of the top ten laggards, three are financial firms and four are tech companies.
General Electric (GE 33.25, -0.44) is the worst performer among the ten most influential stocks in the S&P 500 this session. Its shares are currently trading just 1% above their 52-week low.
Crude prices closed $0.68 higher at $98.91 per barrel.DJ30 -86.21 NASDAQ -26.98 SP500 -10.51 NASDAQ Dec/Adv/Vol 2012/859/1.61 bln NYSE Dec/Adv/Vol 2013/1076/898 mln
2:30 pm : Stocks continue to trade in negative territory. The market is down 1.4% this week alone. Year-to-date the S&P 500 is down 9.4%. The S&P 500, however, remains roughly 20 points above its 52-week closing low reached in late January.
Treasuries have surrendered the session's gains. The 10-year note is currently at the unchanged mark, yielding 3.77%, while the 30-year bond is down 12 ticks, now yielding 4.57%.DJ30 -102.50 NASDAQ -31.03 SP500 -12.29 NASDAQ Dec/Adv/Vol 2028/801/1.48 bln NYSE Dec/Adv/Vol 2124/965/831 mln
2:00 pm : Stocks continue to trade in a choppy manner through negative territory. The market has retested its lows but has been unable to break out of the afternoon's range.
Financials (-1.4%) are trading near their worst level of the session. JP Morgan Chase (JPM 42.20, -0.87), Citigroup (C 24.38, -0.67), Bank of America (BAC 41.51, -0.70), and Freddie Mac (FRE 25.49, -2.26) are all weighing on the sector.
The Dow Jones Wilshire 5000 Index is trading 0.9% lower and the Russell 2000 Index is trading 1.4% lower.DJ30 -88.74 NASDAQ -27.78 SP500 -10.52 NASDAQ Dec/Adv/Vol 1992/819/1.35 bln NYSE Dec/Adv/Vol 2060/1013/757 mln
1:30 pm : The pressure holding stocks in the red has waned a bit. Each of the major indices has pulled off their session lows, but remain in negative territory.
Though selling is less intense than earlier, decliners continue to outpace advancing issues 2-to-1 on the NYSE.
The session's choppy trading has lifted volatility. The VIX is up 1.9%.DJ30 -76.12 NASDAQ -25.21 SP500 -9.02 NASDAQ Dec/Adv/Vol 1987/815/1.21 bln NYSE Dec/Adv/Vol 1999/1057/684 mln
1:00 pm : The defensive utility sector (+0.4%) is weathering the broader market's downturn. The Dow Jones Utility Average (+0.3%) remains modestly higher, while the Dow Jones Transportation Average is down 1.5% and the Dow Jones Industrial Average is down 0.89%.
Though stocks remain in negative territory, they are off their session lows.
Crude oil prices have returned to positive territory. The commodity is up 0.4% to $98.65 per barrel, near its best level of the session.DJ30 -92.81 NASDAQ -28.30 SP500 -10.60 NASDAQ Dec/Adv/Vol 2028/767/1.10 bln NYSE Dec/Adv/Vol 2117/925/623 mln
12:30 pm : The major indices are pushing toward new lows. Financials (-1.5%) are weighing on the broader market as the sector dwindles toward its session low.
The tech sector (-1.3%) is also a laggard in today's session. Large-cap tech stocks like Microsoft (MSFT 27.53, -0.57), IBM (IBM 105.99, -0.94), and Apple (AAPL 118.32, -3.22) have all made precipitous drops since the early going.DJ30 -108.11 NASDAQ -31.95 SP500 -12.21 NASDAQ Dec/Adv/Vol 2018/746/985 mln NYSE Dec/Adv/Vol 2194/830/562 mln
12:00 pm : The major indices opened slightly higher, lifted by a favorable revision to the Producer Price Index (PPI), but continued concerns regarding the financial sector sent the stock market into the red. At midday stocks are trading lower, near their worst levels.
The financial (-1.2%) sector has been a laggard throughout the session. Freddie Mac (FNM 27.63, -1.36) and Fannie Mae (FNM 27.64, -1.35) are posting steep declines. Merrill Lynch downgraded both companies to Sell from Neutral, citing a weakening macro-economic financial market and credit trends.
Investment banks & brokerages (-1.0%) are under pressure after Bernstein said Goldman Sachs (GS 173.29, -1.88), Lehman Brothers (LEH 52.98, -1.16) and Bear Stearns (BSC 82.97, +0.74) may earn 40% less profit than estimated in the first quarter, according to Bloomberg.com.
Citigroup (C 24.42, -0.63) is also a laggard after Oppenheimer analyst Meredith Whitney said on CNBC the firm will need to raise more capital, and may cut its dividend again. Whitney correctly predicted in November that the firm would cut its dividend and need to raise massive amounts of capital.
The Dept. of Labor gave recent PPI readings a favorable revision, which gave stocks a boost in the early-going. December PPI was revised to -0.3% from -0.1% month over month. November PPI was revised to +2.6% from +3.2%.
Corporate news has been light. One notable item is the reaction to Intuit's (INTU 26.15, -3.64) earnings report. The tax and accounting software publisher is posting a 12% decline after issuing an outlook that fell short of analysts' expectations. The company did, however, report earnings that topped expectations. Tech is a laggard with a 0.9% slide.DJ30 -67.98 NASDAQ -21.32 SP500 -7.93 NASDAQ Dec/Adv/Vol 1865/872/844 mln NYSE Dec/Adv/Vol 1955/1032/493 mln
11:30 am : The major indices are fluctuating modestly above their worst levels of the session with only the defensive oriented utilities sector in the green (+0.2%). Weakness in U.S. equities has weighed on overseas markets. The German Dax is now down 1.9% and London's FTSE Index is down 1.0%.
Of note, the financial sector (-0.8%) has come off its worst level, but its recovery is being offset by weakness in tech (-0.7%).DJ30 -61.38 NASDAQ -17.14 SP500 -7.07 NASDAQ Dec/Adv/Vol 1789/897/728 mln NYSE Dec/Adv/Vol 1944/1015/428 mln
10:55 am : The major indices continue to post decent sized losses, but have come off their recently reached lows. Most of the sectors are participating in the modest recovery effort. However, telecom (-0.4%), which did not succumb to earlier selling pressures, continues to fall.
Tax and accounting software publisher Intuit (INTU 26.48, -3.31) is posting a steep 11% decline. Intuit met its earnings expectations, but is getting clipped after its earnings forecast fell short of analysts' expectations. The stock comes in as the second main laggard in the Nasdaq 100, behind Apple (AAPL 119.34, -2.20). By percentage change, it is the worst performing Nasdaq 100 and S&P 500 stock this session.DJ30 -63.50 NASDAQ -17.79 SP500 -7.97 NASDAQ Dec/Adv/Vol 1803/803/557 mln NYSE Dec/Adv/Vol 2073/846/334 mln
10:30 am : The major indices fall to their worst levels of the session and are now posting modest losses. Financials (-1.3%) are leading the way lower, as the sector hits its worst level. Selling interest has been broad-based, with the exception of telecom (+0.2%), which now stands alone in positive territory.
Crude oil is down 0.9% to $97.38 per barrel. Oil has traded in a choppy manner throughout the morning. Meanwhile, gold is down 0.4% to $945.80 per ounce after hitting an all-time intraday high of $958.40 on Thursday. As a whole, commodities are up a slight 0.1%, thanks to more than 2% gains in cocoa and coffee.DJ30 -39.32 NASDAQ -12.43 SP500 -5.72 NASDAQ Dec/Adv/Vol 1780/740/386 mln NYSE Dec/Adv/Vol 2021/793/233 mln
10:00 am : The major indices are trading slightly below the flat line. Seven of the ten economic sectors are in the green, although weakness in the heavily weighted financial sector (-0.9%) is limiting the broader market from making gains.
Weighing on the sector are Fannie Mae (FNM 27.65, -1.34) and Freddie Mac (FRE 25.87, -1.88). Merrill Lynch downgraded both companies to Sell from Neutral, citing a weakening macro-economic financial market and credit trends.
Citigroup (C 24.83, -0.22) is also a laggard. Oppenheimer analyst Meredith Whitney said on CNBC there is no doubt Citi will have to raise more capital, and another dividend cut is likely. In November, Whitney correctly predicted Citi would cut its dividend. DJ30 -5.04 NASDAQ -1.14 SP500 -1.26 NASDAQ Dec/Adv/Vol 1269/1085/166 mln NYSE Dec/Adv/Vol 1503/1206/112 mln
09:45 am : Stocks open on a slightly higher note. Stocks got a lift from a favorable revision to the Producer Price Index (PPI). December PPI was revised to -0.3% from -0.1% month over month. November PPI was revised to +2.6% from +3.2%. Inflation concerns have weighed on the market as of late, so this downward revision was welcome by traders.
Corporate news has been slow, as is often the case on Friday.DJ30 +16.32 NASDAQ +2.89 SP500 +2.21
09:18 am : S&P futures vs fair value: +6.2. Nasdaq futures vs fair value: +11.2.
09:04 am : S&P futures vs fair value: +7.0. Nasdaq futures vs fair value: +11.2. Futures climb to their best levels on the release of a favorable Producer Price Index (PPI) revision. The November PPI was revised to +2.6% from 3.2% month over month. December PPI was revised to -0.3% from -0.1%.
08:32 am : S&P futures vs fair value: +3.8. Nasdaq futures vs fair value: +5.0. Futures gain a few points and now point to a slightly higher open. Freddie Mac (FRE) and Fannie Mae (FNM) are poised to garner some attention this session after being downgraded to sell from Neutral at Merrill Lynch.
08:00 am : S&P futures vs fair value: +0.5. Nasdaq futures vs fair value: +4.0. Futures suggest a flat to slightly higher start to trading on Friday, after the major indices had declines over 1% yesterday. Oppenheimer analyst Meredith Whitney warned on CNBC last night that she believes Citigroup (C) will again need to cut its dividend due to being under reserved. In November, Whitney correctly predicted Citi would cut its dividend. The economic calender is empty.
06:24 am : S&P futures vs fair value: +5.0. Nasdaq futures vs fair value: +9.0.
06:23 am : FTSE...5914.80...-17.40...-0.3%. DAX...6839.18...-65.67...-1%.
06:23 am : Nikkei...13500.46...-187.82...-1.4%. Hang Seng...23305.04...-317.96...-1.4%.
http://biz.yahoo.com/mu/update.html
4:35 pm : Financials weighed on the market for the majority of Friday. Then, a late-day report indicating a possible bailout plan for a major bond insurer is imminent sparked a sudden rally. The news restored optimism and lifted the market from a session low back into positive territory. Stocks finished the day 0.8% higher, near their best level of the session. From its session low to its close, the S&P 500 climbed 2.0%.
Financials led a late-day recovery effort after a CNBC commentator indicated a bailout plan for beleaguered bond insurer Ambac (ABK 10.71, +1.48) could be announced as early as this coming Monday or Tuesday. The financial sector had been in negative territory as much as 1.9%, but managed to make a gain of 1.6%, finishing as a session leader.
With the exception of utilities, each of the major economic sectors spent the majority of the afternoon in negative territory. After the late-day rally, only the healthcare sector (-0.03%) finished in negative territory. The sector's decline, however, was muted.
Two stocks unable to fully participate in the rally were Fannie Mae (FNM 28.72, -0.27) and Freddie Mac (FRE 26.61, -1.14). The companies were weighed down by a Merrill Lynch report that downgraded both Fannie Mae and Freddie Mac to Sell from Neutral. The premise of the downgrade was rooted in weakening macro-economic trends along with financial market and credit trends. Still, their stocks closed off session lows.
Though the tech sector (+0.3%) participated in the market's late surge, it still finished as a relative underperformer. Among its worst performers was Intuit (INTU 27.05, -2.74), which announced today second quarter results that topped the consensus estimate, but guided third quarter earnings per share below analysts' expectations. Intuit's third quarter is historically its most profitable.
Though there were no new economic surveys or reports released today, the December Producer Price Index (PPI) was revised to -0.3% from -0.1% month-to-month. November's PPI was revised to +2.6% from +3.2%, indicating inflationary pressures were not as strong as initially believed.
For the week, the Dow closed up 0.3%, S&P 500 up 0.2%, but the Nasdaq closed down 0.8%.DJ30 +96.72 NASDAQ +3.57 NQ100 +0.4% R2K -0.2% SP400 +0.6% SP500 +10.58 NASDAQ Dec/Adv/Vol 1608/1297/2.32 bln NYSE Dec/Adv/Vol 1273/1838/1.42 bln
3:40 pm : Stocks took fresh lows, but quickly rebounded. The Dow and S&P 500 are now positive, while the Nasdaq has made up most of its losses. Financials have spiked off their lows and have crossed back into positive territorty.
A CNBC commentator noted that a bailout plan for bond insurer Ambac (ABK 10.01, +0.78) could be announced as early as Monday or Tuesday next week. The report has given way to refreshed strength in regional banks (+1.0%) and multi-line insurance (+1.0%).DJ30 +7.65 NASDAQ -7.51 SP500 +1.26 NASDAQ Dec/Adv/Vol 1753/1122/1.93 bln NYSE Dec/Adv/Vol 1632/1473/+1.10 bln
3:00 pm : Financials (-1.4%) and tech (-1.1%) stocks remain underperformers this session. Of the top ten laggards, three are financial firms and four are tech companies.
General Electric (GE 33.25, -0.44) is the worst performer among the ten most influential stocks in the S&P 500 this session. Its shares are currently trading just 1% above their 52-week low.
Crude prices closed $0.68 higher at $98.91 per barrel.DJ30 -86.21 NASDAQ -26.98 SP500 -10.51 NASDAQ Dec/Adv/Vol 2012/859/1.61 bln NYSE Dec/Adv/Vol 2013/1076/898 mln
2:30 pm : Stocks continue to trade in negative territory. The market is down 1.4% this week alone. Year-to-date the S&P 500 is down 9.4%. The S&P 500, however, remains roughly 20 points above its 52-week closing low reached in late January.
Treasuries have surrendered the session's gains. The 10-year note is currently at the unchanged mark, yielding 3.77%, while the 30-year bond is down 12 ticks, now yielding 4.57%.DJ30 -102.50 NASDAQ -31.03 SP500 -12.29 NASDAQ Dec/Adv/Vol 2028/801/1.48 bln NYSE Dec/Adv/Vol 2124/965/831 mln
2:00 pm : Stocks continue to trade in a choppy manner through negative territory. The market has retested its lows but has been unable to break out of the afternoon's range.
Financials (-1.4%) are trading near their worst level of the session. JP Morgan Chase (JPM 42.20, -0.87), Citigroup (C 24.38, -0.67), Bank of America (BAC 41.51, -0.70), and Freddie Mac (FRE 25.49, -2.26) are all weighing on the sector.
The Dow Jones Wilshire 5000 Index is trading 0.9% lower and the Russell 2000 Index is trading 1.4% lower.DJ30 -88.74 NASDAQ -27.78 SP500 -10.52 NASDAQ Dec/Adv/Vol 1992/819/1.35 bln NYSE Dec/Adv/Vol 2060/1013/757 mln
1:30 pm : The pressure holding stocks in the red has waned a bit. Each of the major indices has pulled off their session lows, but remain in negative territory.
Though selling is less intense than earlier, decliners continue to outpace advancing issues 2-to-1 on the NYSE.
The session's choppy trading has lifted volatility. The VIX is up 1.9%.DJ30 -76.12 NASDAQ -25.21 SP500 -9.02 NASDAQ Dec/Adv/Vol 1987/815/1.21 bln NYSE Dec/Adv/Vol 1999/1057/684 mln
1:00 pm : The defensive utility sector (+0.4%) is weathering the broader market's downturn. The Dow Jones Utility Average (+0.3%) remains modestly higher, while the Dow Jones Transportation Average is down 1.5% and the Dow Jones Industrial Average is down 0.89%.
Though stocks remain in negative territory, they are off their session lows.
Crude oil prices have returned to positive territory. The commodity is up 0.4% to $98.65 per barrel, near its best level of the session.DJ30 -92.81 NASDAQ -28.30 SP500 -10.60 NASDAQ Dec/Adv/Vol 2028/767/1.10 bln NYSE Dec/Adv/Vol 2117/925/623 mln
12:30 pm : The major indices are pushing toward new lows. Financials (-1.5%) are weighing on the broader market as the sector dwindles toward its session low.
The tech sector (-1.3%) is also a laggard in today's session. Large-cap tech stocks like Microsoft (MSFT 27.53, -0.57), IBM (IBM 105.99, -0.94), and Apple (AAPL 118.32, -3.22) have all made precipitous drops since the early going.DJ30 -108.11 NASDAQ -31.95 SP500 -12.21 NASDAQ Dec/Adv/Vol 2018/746/985 mln NYSE Dec/Adv/Vol 2194/830/562 mln
12:00 pm : The major indices opened slightly higher, lifted by a favorable revision to the Producer Price Index (PPI), but continued concerns regarding the financial sector sent the stock market into the red. At midday stocks are trading lower, near their worst levels.
The financial (-1.2%) sector has been a laggard throughout the session. Freddie Mac (FNM 27.63, -1.36) and Fannie Mae (FNM 27.64, -1.35) are posting steep declines. Merrill Lynch downgraded both companies to Sell from Neutral, citing a weakening macro-economic financial market and credit trends.
Investment banks & brokerages (-1.0%) are under pressure after Bernstein said Goldman Sachs (GS 173.29, -1.88), Lehman Brothers (LEH 52.98, -1.16) and Bear Stearns (BSC 82.97, +0.74) may earn 40% less profit than estimated in the first quarter, according to Bloomberg.com.
Citigroup (C 24.42, -0.63) is also a laggard after Oppenheimer analyst Meredith Whitney said on CNBC the firm will need to raise more capital, and may cut its dividend again. Whitney correctly predicted in November that the firm would cut its dividend and need to raise massive amounts of capital.
The Dept. of Labor gave recent PPI readings a favorable revision, which gave stocks a boost in the early-going. December PPI was revised to -0.3% from -0.1% month over month. November PPI was revised to +2.6% from +3.2%.
Corporate news has been light. One notable item is the reaction to Intuit's (INTU 26.15, -3.64) earnings report. The tax and accounting software publisher is posting a 12% decline after issuing an outlook that fell short of analysts' expectations. The company did, however, report earnings that topped expectations. Tech is a laggard with a 0.9% slide.DJ30 -67.98 NASDAQ -21.32 SP500 -7.93 NASDAQ Dec/Adv/Vol 1865/872/844 mln NYSE Dec/Adv/Vol 1955/1032/493 mln
11:30 am : The major indices are fluctuating modestly above their worst levels of the session with only the defensive oriented utilities sector in the green (+0.2%). Weakness in U.S. equities has weighed on overseas markets. The German Dax is now down 1.9% and London's FTSE Index is down 1.0%.
Of note, the financial sector (-0.8%) has come off its worst level, but its recovery is being offset by weakness in tech (-0.7%).DJ30 -61.38 NASDAQ -17.14 SP500 -7.07 NASDAQ Dec/Adv/Vol 1789/897/728 mln NYSE Dec/Adv/Vol 1944/1015/428 mln
10:55 am : The major indices continue to post decent sized losses, but have come off their recently reached lows. Most of the sectors are participating in the modest recovery effort. However, telecom (-0.4%), which did not succumb to earlier selling pressures, continues to fall.
Tax and accounting software publisher Intuit (INTU 26.48, -3.31) is posting a steep 11% decline. Intuit met its earnings expectations, but is getting clipped after its earnings forecast fell short of analysts' expectations. The stock comes in as the second main laggard in the Nasdaq 100, behind Apple (AAPL 119.34, -2.20). By percentage change, it is the worst performing Nasdaq 100 and S&P 500 stock this session.DJ30 -63.50 NASDAQ -17.79 SP500 -7.97 NASDAQ Dec/Adv/Vol 1803/803/557 mln NYSE Dec/Adv/Vol 2073/846/334 mln
10:30 am : The major indices fall to their worst levels of the session and are now posting modest losses. Financials (-1.3%) are leading the way lower, as the sector hits its worst level. Selling interest has been broad-based, with the exception of telecom (+0.2%), which now stands alone in positive territory.
Crude oil is down 0.9% to $97.38 per barrel. Oil has traded in a choppy manner throughout the morning. Meanwhile, gold is down 0.4% to $945.80 per ounce after hitting an all-time intraday high of $958.40 on Thursday. As a whole, commodities are up a slight 0.1%, thanks to more than 2% gains in cocoa and coffee.DJ30 -39.32 NASDAQ -12.43 SP500 -5.72 NASDAQ Dec/Adv/Vol 1780/740/386 mln NYSE Dec/Adv/Vol 2021/793/233 mln
10:00 am : The major indices are trading slightly below the flat line. Seven of the ten economic sectors are in the green, although weakness in the heavily weighted financial sector (-0.9%) is limiting the broader market from making gains.
Weighing on the sector are Fannie Mae (FNM 27.65, -1.34) and Freddie Mac (FRE 25.87, -1.88). Merrill Lynch downgraded both companies to Sell from Neutral, citing a weakening macro-economic financial market and credit trends.
Citigroup (C 24.83, -0.22) is also a laggard. Oppenheimer analyst Meredith Whitney said on CNBC there is no doubt Citi will have to raise more capital, and another dividend cut is likely. In November, Whitney correctly predicted Citi would cut its dividend. DJ30 -5.04 NASDAQ -1.14 SP500 -1.26 NASDAQ Dec/Adv/Vol 1269/1085/166 mln NYSE Dec/Adv/Vol 1503/1206/112 mln
09:45 am : Stocks open on a slightly higher note. Stocks got a lift from a favorable revision to the Producer Price Index (PPI). December PPI was revised to -0.3% from -0.1% month over month. November PPI was revised to +2.6% from +3.2%. Inflation concerns have weighed on the market as of late, so this downward revision was welcome by traders.
Corporate news has been slow, as is often the case on Friday.DJ30 +16.32 NASDAQ +2.89 SP500 +2.21
09:18 am : S&P futures vs fair value: +6.2. Nasdaq futures vs fair value: +11.2.
09:04 am : S&P futures vs fair value: +7.0. Nasdaq futures vs fair value: +11.2. Futures climb to their best levels on the release of a favorable Producer Price Index (PPI) revision. The November PPI was revised to +2.6% from 3.2% month over month. December PPI was revised to -0.3% from -0.1%.
08:32 am : S&P futures vs fair value: +3.8. Nasdaq futures vs fair value: +5.0. Futures gain a few points and now point to a slightly higher open. Freddie Mac (FRE) and Fannie Mae (FNM) are poised to garner some attention this session after being downgraded to sell from Neutral at Merrill Lynch.
08:00 am : S&P futures vs fair value: +0.5. Nasdaq futures vs fair value: +4.0. Futures suggest a flat to slightly higher start to trading on Friday, after the major indices had declines over 1% yesterday. Oppenheimer analyst Meredith Whitney warned on CNBC last night that she believes Citigroup (C) will again need to cut its dividend due to being under reserved. In November, Whitney correctly predicted Citi would cut its dividend. The economic calender is empty.
06:24 am : S&P futures vs fair value: +5.0. Nasdaq futures vs fair value: +9.0.
06:23 am : FTSE...5914.80...-17.40...-0.3%. DAX...6839.18...-65.67...-1%.
06:23 am : Nikkei...13500.46...-187.82...-1.4%. Hang Seng...23305.04...-317.96...-1.4%.
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