AI
Wednesday, April 09, 2008 7:47:36 PM
Market Update 080408
http://biz.yahoo.com/mu/update.html
4:20 pm : The stock market opened the day in near-neutral territory but succumbed to selling pressure early on. The negative sentiment persisted throughout the session, but stocks were able to close off their lows.
Initial support came in response to a report from The Wall Street Journal that Citigroup (C 23.58, -0.18) is close to selling $12 billion in leveraged loans and bonds to a group of private equity players. The loans and bonds were initially issued to help finance business during the leveraged buyout boom. Shares of Citigroup opened noticeably higher, but lost buying interest as the session progressed.
Regulatory filings from Lehman Brothers (LEH 40.54, -3.13) and Goldman Sachs (GS 174.14, -4.76) that indicated their level 3 assets totaled $42.5 billion and $82.3 billion, respectively, counterbalanced Citi's news. Given the illiquidity of such assets, market participants sent shares of the two investment banks lower out of concern the firms could potentially face more write-downs.
Financials, overall, finished the day as a laggard. The sector slipped 1.8%.
Shares of United Parcel Service (UPS 70.57, -2.74) were also sent lower Wednesday. The company announced it expects its first quarter earnings to range from $0.86 to $0.87 per share, which is below the consensus estimate of $0.93 per share.
Boeing (BA 78.60, +3.58) was the primary leader in the S&P 500. Despite further delivery delays for the company's 787 Dreamliner, no orders were cancelled. The company also stood by its 2008 earnings per share guidance and shares advanced as a result.
The Department of Energy reported that oil inventories for the week ending April 5 declined 3.1 million barrels. On average, a build of 2.3 million barrels was expected.
Oil hit a new all-time intraday high of $112.21 per barrel. The commodity was able to keep a large portion of its gains, finishing the day roughly 2.0% higher. Oil closed at $110.93 per barrel on the NYMEX, marking a new all-time closing high.DJ30 -49.18 NASDAQ -26.64 NQ100 -1.1% SP400 -1.6% SP500 -11.05 NASDAQ Dec/Adv/Vol 2120/734/1.91 bln NYSE Dec/Adv/Vol 2224/896/1.22 bln
3:30 pm : Entering into the final leg of the session's trading, stocks are showing little effort to pare losses.
Boeing (BA 78.44, +3.42) has been the session's primary leader in the S&P 500. Though the company further delayed deliveries of its 787 Dreamliner, the company left its 2008 earnings outlook unchanged.
The Wall Street Journal is reporting that Yahoo! (YHOO 27.60, -0.10) is in talks to carry search advertising from Google (GOOG 463.01, -4.80) as part of a test that could lead to a broader partnership.
The Russell 2000 Index has lost 1.8% this session, lagging the Dow Jones, Nasdaq, and S&P 500.DJ30 -77.10 NASDAQ -29.72 SP500 -12.89 NASDAQ Dec/Adv/Vol 2110/743/1.55 bln NYSE Dec/Adv/Vol 2236/872/949 mln
3:00 pm : Investor sentiment remains largely depressed in afternoon trading. Declining issues outnumber advancers by more than 2-to-1 on the NYSE. Stocks are testing new lows.
Half of the ten major economic sectors are trading with losses in excess of 1.0%. Financials (-1.6%) have encountered additional resistance from sellers reacting to filings that indicate level 3 assets total $45.5 billion at Lehman Brothers (LEH 41.21, -2.46) and $82.3 billion at Goldman Sachs (GS 173.37, -5.53). Level 3 assets are among the most illiquid assets financial firms carry.
Crude oil closed at $110.93 per barrel on the NYMEX, up $2.43. That marks a new all-time closing high for the commodity. Oil also took out a new all-time intraday high of $112.21 earlier in the session.DJ30 -95.26 NASDAQ -34.82 SP500 -13.77 NASDAQ Dec/Adv/Vol 2124/731/1.38 bln NYSE Dec/Adv/Vol 2217/887/850.9 mln
2:30 pm : After attempting to lift itself out of the afternoon's lull, the stock market has succumbed to selling pressure and has fallen back to earlier lows.
Dallas Fed President Fisher stated the efficiency of the FOMC's rate cuts is questionable and he is not against cutting rates.
Nine of the ten economic sectors are trading lower. Only the energy sector (+0.4%) is making gains.
Gold closed the session $20.10 higher and ended the session at $938.10.
The 10-year Treasury note has benefitted from the pessimism in the stock market. The benchmark 10-year Treasury note is up 25 ticks and yielding 3.46%.DJ30 -94.04 NASDAQ -32.91 SP500 -13.19 NASDAQ Dec/Adv/Vol 2049/773/1.25 bln NYSE Dec/Adv/Vol 2184/901/777.9 mln
2:00 pm : The stock market remains largely unchanged from earlier levels. The Nasdaq is still the only index with a loss of more than 1.0%.
Dallas Fed President Fisher stated at a luncheon that the housing crisis may not be over yet and the recent rate cuts have not fully passed to borrowers as the economy continues to suffer a bout of anemia.
The international markets closed lower. The DAX finished down 0.75%, the FTSE finished 0.11% lower, the Nikkei lost 1.1%, and the Hang Seng lost 1.4%.DJ30 -60.82 NASDAQ -24.12 SP500 -9.80 NASDAQ Dec/Adv/Vol 1966/846/1.1 bln NYSE Dec/Adv/Vol 2092/986/699.3 mln
1:30 pm : The stock market is range-bound and continues to trade in negative territory.
A CNBC report indicated that Merrill Lynch (MER 45.98, -0.82) expects to write-down $6 billion to $6.5 billion, and report a loss for the quarter. In broader terms, the finanical sector is down 1.4% this session.
Among the session's 10 most influential leaders in the S&P 500, eight are energy companies. Chevron (CVX 90.10, +0.82) and Occidental Petroleum (OXY 79.13, +1.95) are providing the most influential leadership among the energy companies in the index.DJ30 -78.49 NASDAQ -25.53 SP500 -11.14 NASDAQ Dec/Adv/Vol 1945/831/1.02 bln NYSE Dec/Adv/Vol 2115/959/644.8 mln
1:00 pm : After trading sideways for the earlier part of the afternoon, stocks are pushing to new session lows.
Oil has hit a new intraday high of $112.15 per barrel. It is currently 3.3% higher this session and 18.4% higher year-to-date.
The rise in oil prices is helping the energy sector (+0.6%) outperform the other economic sectors.DJ30 -94.28 NASDAQ -30.06 SP500 -12.30 NASDAQ Dec/Adv/Vol 1979/790/910.2 mln NYSE Dec/Adv/Vol 2125/919/586.2 mln
12:30 pm : The stock market continues to trade near its session low. Losses have mounted for each of the major indices. However, the Nasdaq is the only major index to post a loss in excess of 1.0%.
Air carriers are out of favor today. Shares of American Airlines (AMR 9.34, -0.98) are being hit after the company grounded its planes for further inspection.
Other carriers Delta Air Lines (DAL 8.87, -0.47) and Northwest Airlines (NWA 9.64, -0.53) have also been trading lower. The two companies could proceed with a merger agreement if Delta succeeds in talks with its pilots, according to an article in The Wall Street Journal.DJ30 -66.36 NASDAQ -24.59 SP500 -9.99 NASDAQ Dec/Adv/Vol 1896/825/820.1 mln NYSE Dec/Adv/Vol 2082/949/528.4 mln
12:00 pm : After opening in near-neutral territory, sentiment among market participants turned negative pushing stocks into negative territory. The market is currently trading at its session low.
A news release from The Wall Street Journal indicated Citigroup (C 23.89, +0.13) is in a deal to sell $12 billion of leveraged loans and bonds that were initially issued to help finance business during the leveraged buyout boom. The report provided support to optimists, but the weight of several negative news items eventually dragged market sentiment lower.
United Parcel Service (UPS 70.94, -2.37) announced it expects first quarter earnings to range from $0.86 to $0.87 per share. That is less than analysts' consensus estimate, which calls for earnings of $0.93 per share. The announcement reflects the weakened profit environment amid broader economic challenges.
Boeing (BA 79.21, +4.19) is further delaying deliveries for its 787 Dreamliner. Deliveries are unlikely for at least another 15 months. Despite the delays, shares are trading higher as no carrier has cancelled orders for the plane.
In terms of economic data, February's Wholesale Inventories Report indicated an increase of 1.1%. Economists expected an increase of 0.5%, on average.
The Department of Energy announced crude oil inventories for the week ending April 5 decreased by 3.1 million barrels. Analysts were looking for a build of 2.3 million barrels. Oil prices spiked on the news. Crude is currently trading at $111 per barrel, up 2.3%. The energy sector (+0.5%) is the session's relative leader.DJ30 -78.32 NASDAQ -27.63 SP500 -11.29 NASDAQ Dec/Adv/Vol 1882/829/728.0 mln NYSE Dec/Adv/Vol 2066/940/467.3 mln
11:35 am : The stock market has made a spike lower. All three of the major indices have touched a new morning low.
Gains in the energy sector (+0.6%) have waned, but the sector's players continue to dominate the market's lineup of leaders.
Citigroup (C 23.94, +0.18) is the only finanical firm present among the top 10 best performing stocks in the S&P 500 this session. According to an article in The Wall Street Journal, Citi is looking to sell $12 billion in leveraged loans and bonds to private equity firms.DJ30 -47.55 NASDAQ -18.01 SP500 -7.14 NASDAQ Dec/Adv/Vol 1706/977/611.3 mln NYSE Dec/Adv/Vol 1880/1088/394.7 mln
11:00 am : Stocks continue to trade lower, but losses remain slight. Eight of the ten economic sectors are in the red.
The energy sector (+1.1%) is trading higher, helped by a weekly report from the Department of Energy that crude oil inventories declined 3.1 million barrels. Analysts were expecting a build of 2.3 million barrels. Exxon Mobil (XOM 80.52, +1.05) and Chevron (CVX 90.47, +1.19) are both trading higher.
The defensive-oriented utilities sector (+0.4%) is also trading in positive ground.DJ30 -23.69 NASDAQ -12.84 SP500 -3.66 NASDAQ Dec/Adv/Vol 1489/1070/482.1 mln NYSE Dec/Adv/Vol 1668/1225/309.0 mln
10:35 am : Stocks remain in negative territory. The session's pessimistic tone is broad-based.
The Department of Energy reported crude oil inventories for the week ending April 5 declined 3.1 million barrels. Analysts were expecting a build of 2.3 million barrels.
Oil has jumped on the report, now trading at $110.55 per barrel. Crude oil is up almost 2.0%.DJ30 -24.83 NASDAQ -10.02 SP500 -4.88 NASDAQ Dec/Adv/Vol 1460/1030/350.5 mln NYSE Dec/Adv/Vol 1704/1128/224.1 mln
10:00 am : Each of the major indices are now in negative ground after a push lower. During the first leg of trading, utilities (+0.5%), materials (+0.3), and energy (+0.3%) are the only sectors in positive territory.
February Wholesale Inventories were expected to increase 0.5%, but came in at +1.1%.
Crude oil inventories for the week ending April 5 are due at 10:30 AM ET. Oil is currently trading at $109 per barrel, up 0.5%.DJ30 -10.91 NASDAQ -10.16 SP500 -4.10 NASDAQ Dec/Adv/Vol 1278/1048/173.3 mln NYSE Dec/Adv/Vol 1511/1201/124.7 mln
09:45 am : Stocks opened in near-neutral territory Wednesday. An article from The Wall Street Journal that Citigroup (C 24.01, +0.25) is in a deal to sell $12 billion in leveraged loans and bonds to a group of private equity firms is giving market participants encouragement. Yet United Parcel Service (UPS 70.97, -2.34) has lowered its first quarter EPS outlook below the consensus forecast, indicative of the weakened profit prospects amid challenging macro conditions.DJ30 +10.10 NASDAQ -6.62 SP500 -1.42 NASDAQ Dec/Adv/Vol 1157/1057/111.6 mln NYSE Dec/Adv/Vol 1339/1303/84.7 mln
09:15 am : S&P futures vs fair value: -0.1. Nasdaq futures vs fair value: +1.5. Futures have maintained their positive position relative to fair value, continuing to indicate stocks will open to the upside.
09:00 am : S&P futures vs fair value: +0.3. Nasdaq futures vs fair value: +2.8. Futures continue to indicate a slightly positive start, despite doses of negative news items. Standard & Poor's downgraded the financial strength ratings of mortgage insurers MTG, ORI, PMI, and RDN to below AA-.
08:30 am : S&P futures vs fair value: +0.4. Nasdaq futures vs fair value: +0.5. S&P and Nasdaq futures continue to indicate a positive start to Wednesday's action. The Wall Street Journal reported its sources indicated Boeing (BA) will delay further deliveries for its 787 Dreamliner. The Wall Street Journal also reported Northwest Airlines (NWA) and Delta Air Lines (DAL) could proceed with their merger announcement next week if Delta succeeds in talks with its pilots.
08:01 am : S&P futures vs fair value: +1.0. Nasdaq futures vs fair value: +1.2. Futures currently indicate an upside open to Wednesday's trading. Citigroup (C) discloses its intention to sell $12 billion in leveraged loans and bonds to a group of private equity firms, according to The Wall Street Journal. United Parcel Service (UPS) lowered its first quarter EPS guidance below the consensus estimate.
06:13 am : S&P futures vs fair value: -3.8. Nasdaq futures vs fair value: -6.0.
06:12 am : FTSE...5975.80...-14.40...-0.2%. DAX...6722.25...-49.44...-0.7%.
06:12 am : Nikkei...13111.89...-138.54...-1.1%. Hang Seng...23984.57...-327.13...-1.4%.
http://biz.yahoo.com/mu/update.html
4:20 pm : The stock market opened the day in near-neutral territory but succumbed to selling pressure early on. The negative sentiment persisted throughout the session, but stocks were able to close off their lows.
Initial support came in response to a report from The Wall Street Journal that Citigroup (C 23.58, -0.18) is close to selling $12 billion in leveraged loans and bonds to a group of private equity players. The loans and bonds were initially issued to help finance business during the leveraged buyout boom. Shares of Citigroup opened noticeably higher, but lost buying interest as the session progressed.
Regulatory filings from Lehman Brothers (LEH 40.54, -3.13) and Goldman Sachs (GS 174.14, -4.76) that indicated their level 3 assets totaled $42.5 billion and $82.3 billion, respectively, counterbalanced Citi's news. Given the illiquidity of such assets, market participants sent shares of the two investment banks lower out of concern the firms could potentially face more write-downs.
Financials, overall, finished the day as a laggard. The sector slipped 1.8%.
Shares of United Parcel Service (UPS 70.57, -2.74) were also sent lower Wednesday. The company announced it expects its first quarter earnings to range from $0.86 to $0.87 per share, which is below the consensus estimate of $0.93 per share.
Boeing (BA 78.60, +3.58) was the primary leader in the S&P 500. Despite further delivery delays for the company's 787 Dreamliner, no orders were cancelled. The company also stood by its 2008 earnings per share guidance and shares advanced as a result.
The Department of Energy reported that oil inventories for the week ending April 5 declined 3.1 million barrels. On average, a build of 2.3 million barrels was expected.
Oil hit a new all-time intraday high of $112.21 per barrel. The commodity was able to keep a large portion of its gains, finishing the day roughly 2.0% higher. Oil closed at $110.93 per barrel on the NYMEX, marking a new all-time closing high.DJ30 -49.18 NASDAQ -26.64 NQ100 -1.1% SP400 -1.6% SP500 -11.05 NASDAQ Dec/Adv/Vol 2120/734/1.91 bln NYSE Dec/Adv/Vol 2224/896/1.22 bln
3:30 pm : Entering into the final leg of the session's trading, stocks are showing little effort to pare losses.
Boeing (BA 78.44, +3.42) has been the session's primary leader in the S&P 500. Though the company further delayed deliveries of its 787 Dreamliner, the company left its 2008 earnings outlook unchanged.
The Wall Street Journal is reporting that Yahoo! (YHOO 27.60, -0.10) is in talks to carry search advertising from Google (GOOG 463.01, -4.80) as part of a test that could lead to a broader partnership.
The Russell 2000 Index has lost 1.8% this session, lagging the Dow Jones, Nasdaq, and S&P 500.DJ30 -77.10 NASDAQ -29.72 SP500 -12.89 NASDAQ Dec/Adv/Vol 2110/743/1.55 bln NYSE Dec/Adv/Vol 2236/872/949 mln
3:00 pm : Investor sentiment remains largely depressed in afternoon trading. Declining issues outnumber advancers by more than 2-to-1 on the NYSE. Stocks are testing new lows.
Half of the ten major economic sectors are trading with losses in excess of 1.0%. Financials (-1.6%) have encountered additional resistance from sellers reacting to filings that indicate level 3 assets total $45.5 billion at Lehman Brothers (LEH 41.21, -2.46) and $82.3 billion at Goldman Sachs (GS 173.37, -5.53). Level 3 assets are among the most illiquid assets financial firms carry.
Crude oil closed at $110.93 per barrel on the NYMEX, up $2.43. That marks a new all-time closing high for the commodity. Oil also took out a new all-time intraday high of $112.21 earlier in the session.DJ30 -95.26 NASDAQ -34.82 SP500 -13.77 NASDAQ Dec/Adv/Vol 2124/731/1.38 bln NYSE Dec/Adv/Vol 2217/887/850.9 mln
2:30 pm : After attempting to lift itself out of the afternoon's lull, the stock market has succumbed to selling pressure and has fallen back to earlier lows.
Dallas Fed President Fisher stated the efficiency of the FOMC's rate cuts is questionable and he is not against cutting rates.
Nine of the ten economic sectors are trading lower. Only the energy sector (+0.4%) is making gains.
Gold closed the session $20.10 higher and ended the session at $938.10.
The 10-year Treasury note has benefitted from the pessimism in the stock market. The benchmark 10-year Treasury note is up 25 ticks and yielding 3.46%.DJ30 -94.04 NASDAQ -32.91 SP500 -13.19 NASDAQ Dec/Adv/Vol 2049/773/1.25 bln NYSE Dec/Adv/Vol 2184/901/777.9 mln
2:00 pm : The stock market remains largely unchanged from earlier levels. The Nasdaq is still the only index with a loss of more than 1.0%.
Dallas Fed President Fisher stated at a luncheon that the housing crisis may not be over yet and the recent rate cuts have not fully passed to borrowers as the economy continues to suffer a bout of anemia.
The international markets closed lower. The DAX finished down 0.75%, the FTSE finished 0.11% lower, the Nikkei lost 1.1%, and the Hang Seng lost 1.4%.DJ30 -60.82 NASDAQ -24.12 SP500 -9.80 NASDAQ Dec/Adv/Vol 1966/846/1.1 bln NYSE Dec/Adv/Vol 2092/986/699.3 mln
1:30 pm : The stock market is range-bound and continues to trade in negative territory.
A CNBC report indicated that Merrill Lynch (MER 45.98, -0.82) expects to write-down $6 billion to $6.5 billion, and report a loss for the quarter. In broader terms, the finanical sector is down 1.4% this session.
Among the session's 10 most influential leaders in the S&P 500, eight are energy companies. Chevron (CVX 90.10, +0.82) and Occidental Petroleum (OXY 79.13, +1.95) are providing the most influential leadership among the energy companies in the index.DJ30 -78.49 NASDAQ -25.53 SP500 -11.14 NASDAQ Dec/Adv/Vol 1945/831/1.02 bln NYSE Dec/Adv/Vol 2115/959/644.8 mln
1:00 pm : After trading sideways for the earlier part of the afternoon, stocks are pushing to new session lows.
Oil has hit a new intraday high of $112.15 per barrel. It is currently 3.3% higher this session and 18.4% higher year-to-date.
The rise in oil prices is helping the energy sector (+0.6%) outperform the other economic sectors.DJ30 -94.28 NASDAQ -30.06 SP500 -12.30 NASDAQ Dec/Adv/Vol 1979/790/910.2 mln NYSE Dec/Adv/Vol 2125/919/586.2 mln
12:30 pm : The stock market continues to trade near its session low. Losses have mounted for each of the major indices. However, the Nasdaq is the only major index to post a loss in excess of 1.0%.
Air carriers are out of favor today. Shares of American Airlines (AMR 9.34, -0.98) are being hit after the company grounded its planes for further inspection.
Other carriers Delta Air Lines (DAL 8.87, -0.47) and Northwest Airlines (NWA 9.64, -0.53) have also been trading lower. The two companies could proceed with a merger agreement if Delta succeeds in talks with its pilots, according to an article in The Wall Street Journal.DJ30 -66.36 NASDAQ -24.59 SP500 -9.99 NASDAQ Dec/Adv/Vol 1896/825/820.1 mln NYSE Dec/Adv/Vol 2082/949/528.4 mln
12:00 pm : After opening in near-neutral territory, sentiment among market participants turned negative pushing stocks into negative territory. The market is currently trading at its session low.
A news release from The Wall Street Journal indicated Citigroup (C 23.89, +0.13) is in a deal to sell $12 billion of leveraged loans and bonds that were initially issued to help finance business during the leveraged buyout boom. The report provided support to optimists, but the weight of several negative news items eventually dragged market sentiment lower.
United Parcel Service (UPS 70.94, -2.37) announced it expects first quarter earnings to range from $0.86 to $0.87 per share. That is less than analysts' consensus estimate, which calls for earnings of $0.93 per share. The announcement reflects the weakened profit environment amid broader economic challenges.
Boeing (BA 79.21, +4.19) is further delaying deliveries for its 787 Dreamliner. Deliveries are unlikely for at least another 15 months. Despite the delays, shares are trading higher as no carrier has cancelled orders for the plane.
In terms of economic data, February's Wholesale Inventories Report indicated an increase of 1.1%. Economists expected an increase of 0.5%, on average.
The Department of Energy announced crude oil inventories for the week ending April 5 decreased by 3.1 million barrels. Analysts were looking for a build of 2.3 million barrels. Oil prices spiked on the news. Crude is currently trading at $111 per barrel, up 2.3%. The energy sector (+0.5%) is the session's relative leader.DJ30 -78.32 NASDAQ -27.63 SP500 -11.29 NASDAQ Dec/Adv/Vol 1882/829/728.0 mln NYSE Dec/Adv/Vol 2066/940/467.3 mln
11:35 am : The stock market has made a spike lower. All three of the major indices have touched a new morning low.
Gains in the energy sector (+0.6%) have waned, but the sector's players continue to dominate the market's lineup of leaders.
Citigroup (C 23.94, +0.18) is the only finanical firm present among the top 10 best performing stocks in the S&P 500 this session. According to an article in The Wall Street Journal, Citi is looking to sell $12 billion in leveraged loans and bonds to private equity firms.DJ30 -47.55 NASDAQ -18.01 SP500 -7.14 NASDAQ Dec/Adv/Vol 1706/977/611.3 mln NYSE Dec/Adv/Vol 1880/1088/394.7 mln
11:00 am : Stocks continue to trade lower, but losses remain slight. Eight of the ten economic sectors are in the red.
The energy sector (+1.1%) is trading higher, helped by a weekly report from the Department of Energy that crude oil inventories declined 3.1 million barrels. Analysts were expecting a build of 2.3 million barrels. Exxon Mobil (XOM 80.52, +1.05) and Chevron (CVX 90.47, +1.19) are both trading higher.
The defensive-oriented utilities sector (+0.4%) is also trading in positive ground.DJ30 -23.69 NASDAQ -12.84 SP500 -3.66 NASDAQ Dec/Adv/Vol 1489/1070/482.1 mln NYSE Dec/Adv/Vol 1668/1225/309.0 mln
10:35 am : Stocks remain in negative territory. The session's pessimistic tone is broad-based.
The Department of Energy reported crude oil inventories for the week ending April 5 declined 3.1 million barrels. Analysts were expecting a build of 2.3 million barrels.
Oil has jumped on the report, now trading at $110.55 per barrel. Crude oil is up almost 2.0%.DJ30 -24.83 NASDAQ -10.02 SP500 -4.88 NASDAQ Dec/Adv/Vol 1460/1030/350.5 mln NYSE Dec/Adv/Vol 1704/1128/224.1 mln
10:00 am : Each of the major indices are now in negative ground after a push lower. During the first leg of trading, utilities (+0.5%), materials (+0.3), and energy (+0.3%) are the only sectors in positive territory.
February Wholesale Inventories were expected to increase 0.5%, but came in at +1.1%.
Crude oil inventories for the week ending April 5 are due at 10:30 AM ET. Oil is currently trading at $109 per barrel, up 0.5%.DJ30 -10.91 NASDAQ -10.16 SP500 -4.10 NASDAQ Dec/Adv/Vol 1278/1048/173.3 mln NYSE Dec/Adv/Vol 1511/1201/124.7 mln
09:45 am : Stocks opened in near-neutral territory Wednesday. An article from The Wall Street Journal that Citigroup (C 24.01, +0.25) is in a deal to sell $12 billion in leveraged loans and bonds to a group of private equity firms is giving market participants encouragement. Yet United Parcel Service (UPS 70.97, -2.34) has lowered its first quarter EPS outlook below the consensus forecast, indicative of the weakened profit prospects amid challenging macro conditions.DJ30 +10.10 NASDAQ -6.62 SP500 -1.42 NASDAQ Dec/Adv/Vol 1157/1057/111.6 mln NYSE Dec/Adv/Vol 1339/1303/84.7 mln
09:15 am : S&P futures vs fair value: -0.1. Nasdaq futures vs fair value: +1.5. Futures have maintained their positive position relative to fair value, continuing to indicate stocks will open to the upside.
09:00 am : S&P futures vs fair value: +0.3. Nasdaq futures vs fair value: +2.8. Futures continue to indicate a slightly positive start, despite doses of negative news items. Standard & Poor's downgraded the financial strength ratings of mortgage insurers MTG, ORI, PMI, and RDN to below AA-.
08:30 am : S&P futures vs fair value: +0.4. Nasdaq futures vs fair value: +0.5. S&P and Nasdaq futures continue to indicate a positive start to Wednesday's action. The Wall Street Journal reported its sources indicated Boeing (BA) will delay further deliveries for its 787 Dreamliner. The Wall Street Journal also reported Northwest Airlines (NWA) and Delta Air Lines (DAL) could proceed with their merger announcement next week if Delta succeeds in talks with its pilots.
08:01 am : S&P futures vs fair value: +1.0. Nasdaq futures vs fair value: +1.2. Futures currently indicate an upside open to Wednesday's trading. Citigroup (C) discloses its intention to sell $12 billion in leveraged loans and bonds to a group of private equity firms, according to The Wall Street Journal. United Parcel Service (UPS) lowered its first quarter EPS guidance below the consensus estimate.
06:13 am : S&P futures vs fair value: -3.8. Nasdaq futures vs fair value: -6.0.
06:12 am : FTSE...5975.80...-14.40...-0.2%. DAX...6722.25...-49.44...-0.7%.
06:12 am : Nikkei...13111.89...-138.54...-1.1%. Hang Seng...23984.57...-327.13...-1.4%.
Discover What Traders Are Watching
Explore small cap ideas before they hit the headlines.
