Paint the Table

[Foxlette]

8:40AM : The futures are pointing to a lower open as techs are mostly lower. ONI Systems (ONIS 5.54) has agreed to be acquired by Ciena (CIEN 8.73) in an all-stock deal, but this deal appears to be a move made more out of desperation than opportunity. However, the deal is getting generally favorable comments from analysts...Cisco (CSCO 17.09) is down 2% on a NY Post article comparing Cisco's relationship with Sequoia Capital to Enron's off-the-books partnerships...
Housing Starts rose 6.3% in January, much stronger than the 1.595 mln consensus. Building Permits rose 3.1%, also well above consensus. These numbers once again confirm the resilience of the housing sector, and could provide a lift for homebuilder stocks such as KBH, MDC, CTX, PHM, and BZH....Overseas, European and Asian stocks were weak. The yen suffered its largest decline in 2 weeks vs the dollar after Japanese officials doused speculation of a bank-aid package...Current indications: S&P 500 futures are -6.8, or 6.8 pts below fair value. Nasdaq 100 is -17.0 or 15 pts below fair value.