AI
Thursday, April 17, 2008 8:30:30 PM
Market Update 080417
http://biz.yahoo.com/mu/update.html
4:20 pm : Stocks were challenged Thursday to extend the prior day's surge. The indices spent the majority of the session modestly lower until making a late day push to higher ground, but the stock market settled at the unchanged level.
Investor sentiment was initially bolstered by a solid first quarter report from bellwether IBM (IBM 123.08, +2.61). IBM announced after yesterday's close better than expected earnings results and increased its full-year earnings outlook above the consensus forecast.
However, disappointing announcements from investment bank Merrill Lynch (MER 46.71, +1.82) and pharmaceutical company Pfizer (PFE 20.40, -0.70) led to pessimism among investors. Merrill, for its part, announced a loss of $2.20 per share, which fell $0.21 short of the consensus earnings estimate. The firm also announced asset backed security write-downs of $1.5 billion and an additional $3.0 billion in write-downs related to financial guarantees. As for Pfizer, the company reported first quarter earnings of $0.61 per share, which was a nickel short of the consensus estimate.
Despite the announcement from Merrill, brokers and investment banks (+3.0%) were able to advance markedly on the session. Citigroup (C 24.03, +0.59) also climbed after announcing it will sell CitiCapital, its North American commercial lending and leasing business, to General Electric's (GE 32.02, -0.21) GE Capital. Overall, financials (+1.4%) outperformed the other major economic sectors.
Jobless claims for the week ending April 12 totaled 372,000. On average, economists had expected jobless claims to total 375,000. Claims were up from the prior week's revised reading of 355,000 jobless claims.
In other economic news, Philadelphia's regional manufacturing index, the Philadelphia Fed Survey, came in at -24.9, that was worse than the expected reading of -15.0 and down from the prior month's reading of -17.4.
The Conference Board's leading economic indicators report for the month of March posted a 0.1% increase, which matched economists expectations. The previous reading indicated a decline of 0.3%.
Though crude oil finished the session at $114.78 per barrel, near the unchanged mark, it recorded a new intraday high of $115.54 per barrel earlier in the session.DJ30 +1.22 NASDAQ -8.28 NQ100 -0.3% R2K -0.8% SP400 -0.4% SP500 +0.85 NASDAQ Dec/Adv/Vol 1748/1107/1.82 bln NYSE Dec/Adv/Vol 1548/1583/1.23 bln
3:30 pm : Stocks have made a late-day push out of negative ground to test their best levels of the session. The advance, however, has waned.
Financials (+1.4%) remain the best performing sector, followed by the consumer discretionary (+0.6%) sector. Financials are being helped by the brokers and news that General Electric's (GE 32.08, -0.15) GE Capital will acquire most of Citigoup's (C 23.97, +0.53) CitiCapital.
Tech (+0.3%) and energy (+0.1%) have joined the pair to trade in the green.DJ30 +12.37 NASDAQ -6.40 SP500 +0.86 NASDAQ Dec/Adv/Vol 1711/1144/1.49 bln NYSE Dec/Adv/Vol 1570/1530/940.50 mln
3:00 pm : Heading into the final hour of Thursday's trading each of the major indices is in negative territory. The S&P 500 made another attempt to advance into positive territory, but the effort was undercut by sellers.
The 10-year Treasury has been largely subdued Thursday, trading nine ticks lower and yielding 3.73%.
Richmond Fed President Lacker stated today the economic troubles are not over yet and inflation is a problem. Lacker stated he is uncertain slow growth will moderate inflation.
The European stock markets ended the session with losses. The DAX ended trading 0.3% lower and the FTSE ended 1.1% lower. The Dow Jones World Index, excluding the U.S., is down 0.3%.DJ30 -4.64 NASDAQ -14.03 SP500 -2.02 NASDAQ Dec/Adv/Vol 1758/1085/1.35 bln NYSE Dec/Adv/Vol 1679/1407/852.16 mln
2:30 pm : After moving back into negative territory, the major indices are trading sideways.
The financial (+1.1%) and consumer discretionary (+0.3%) sectors are in positive ground, while the eight remaining economic sectors are trading with losses. Financials are being led by Citigroup (C 24.03, +0.59) and consumer discretionary stocks are being led by Time Warner (TWX 14.58, +0.23).
Though crude hit a new intraday record high earlier in the session, refiner Valero (VLO 52.63, +0.95) is trading higher. Shares of VLO are down 26% year-to-date. However, Valero's stock price is up 9% this week alone. Valero was the subject of a favorable write-up in Barron's earlier this week.DJ30 -15.72 NASDAQ -14.58 SP500 -2.77 NASDAQ Dec/Adv/Vol 1733/1070/1.28 bln NYSE Dec/Adv/Vol 1702/1376/783.08 mln
2:05 pm : After hovering near the unchanged mark, the Dow and S&P 500 fall back into the red as a Fed official gives some cautious comments. Losses are slight.
Dallas Fed President Fisher said interest rate cuts may "compound the bad" and warned against "inflating our way" out of the credit turmoil. Fisher notes he has a strong reluctance to continue to ease rates. These comments are not too surprising, considering Fisher along with Philadelphia Fed President Plosser dissented against the March 18 rate cut of 75 basis points, preferring less aggressive easing.
The Nasdaq is trailing the other major indices, largely due to weakness in eBay (EBAY 30.66, -1.46) and Gilead Sciences (GILD 50.10, -1.70). EBay topped earnings expectations, but saw its user growth rate slow to only 1%. Gilead also topped its earnings expectations, but reaffirmed 2008 earnings guidance that is below the consensus estimate.DJ30 -11.56 NASDAQ -12.52 SP500 -1.97 NASDAQ Dec/Adv/Vol 1707/1101/1.14 bln NYSE Dec/Adv/Vol 1685/1378/724 mln
1:30 pm : Stocks have pared losses and are making a charge toward their break-even level. The Dow Jones has pushed its nose into positive territory.
The materials sector (-0.9%) has been a relative underperformer this session. Investors are taking some money out of the sector after it surged roughly 5% in yesterday's trading. Monsanto (MON 127.28, -4.26) has been the sector's primary laggard, although its stock price remains almost 14% higher year-to-date.DJ30 +2.12 NASDAQ -10.58 SP500 -0.52 NASDAQ Dec/Adv/Vol 1713/1063/1.03 bln NYSE Dec/Adv/Vol 1655/1397/651.20 mln
1:00 pm : After testing previous session lows, stocks are making a move upward. However, each of the major indices contines to trade in the red.
Motorcycle manufacturer Harley-Davidson (HOG 35.72, -1.07) is trading near its 52-week low, despite announcing better than expected earnings results this morning. Shares of HOG have been hit hard in response to the slowdown in the U.S. economy; the stock has lost nearly half its value during the past year. However, the consumer discretionary sector (+0.3%), as a whole, is faring better.DJ30 -19.46 NASDAQ -13.20 SP500 -3.28 NASDAQ Dec/Adv/Vol 1749/1000/943.09 NYSE Dec/Adv/Vol 1742/1283/590.91 mln
12:30 pm : Each of the major indices has come off its session low, but stocks continue to trade in negative territory as sellers outnumber buyers this session.
Of the 30 companies making up the Dow Jones, 18 are trading lower. Pfizer (PFE 20.26, -0.84) is one of the Dow's laggards, along with Wal-Mart (WMT 56.43, -0.64) and Procter & Gamble (PG 67.50, -1.77). On the other hand, IBM (IBM 122.90, +2.43) remains a leader in the index.
DJ30 -44.21 NASDAQ -19.56 SP500 -6.39 NASDAQ Dec/Adv/Vol 1780/964/851.27 mln NYSE Dec/Adv/Vol 1781/1216/539.25 mln
12:00 pm : Stocks continue to trade in negative territory after making a brief, unsustained move into positive ground. A handful of negative announcements from widely held companies has led to pessimism this session. That pessimism, however, remains checked by a solid report from bellwether IBM (IBM 123.21, +2.74).
Prior to Thursday's opening bell, Merrill Lynch (MER 45.76, +0.87) announced a loss of $2.20 per share, which was $0.21 worse than analysts expected. Merrill also announced write-downs of $1.5 billion related to asset-backed securities and another $3.0 billion in write-downs related to financial guarantees. The news pushed Merrill's share price lower, but renewed interest in brokers has lifted the stock.
According to Reuters, Moody's Investor Service is reviewing Merrill's A1 rating for a downgrade. Merrill's long-term rating may be cut due to deteriorating conditions in the mortgage market and more expected losses. Fitch Ratings affirmed Merrill's negative outlook.
Pharmaceutical giant Pfizer (PFE 20.30, -0.80) also announced disappointing earnings results today. The company reported profits of $0.61 per share for its most recent quarter. Analysts, however, were expecting $0.66 per share.
Still, some investors remain encouraged by a solid earnings report from IBM. IBM reported after yesterday's close that its first quarter earnings totaled $1.65 per share, which is $0.20 better than the consensus earnings estimate.
Jobless claims for the week ending April 12 totaled 372,000, up from the prior week's revised reading of 355,000. Economists, on average, expected this week's claims to total 375,000.
In other economic news, the latest Philadelphia Fed Survey came in at -24.9, which is below the reading of -15.0 economists came to expect. The survey is a regional manufacturing index.
Separately, leading economic indicators from March showed a +0.1% reading, which was spot on with expectations.
Oil hit a new intraday high of $115.54 per barrel in early trading. It has since come off that level and is now trading at $114.62 per barrel, below its opening price. DJ30 -47.06 NASDAQ -21.37 SP500 -7.12 NASDAQ Dec/Adv/Vol 1794/910/760.33 mln NYSE Dec/Adv/Vol 1864/1113/487.48 mln
11:30 am : Stocks are making a concerted move downward, toward their session low, as the number of declining issues accelerates.
After starting the session as a sector leader, telecom (-0.6%) has relinquished its position. AT&T (T 37.35, -0.26) is a laggard in the sector, while rival Verizon (VZ 35.77, -0.08) is a relative leader.
Finnish phone and communications company Nokia (NOK 28.81, -4.88) announced this morning better than expected earnings results, but its disappointing outlook has led to considerable selling pressure.DJ30 -36.97 NASDAQ -17.04 SP500 -4.86 NASDAQ Dec/Adv/Vol 1721/944/646.92 mln NYSE Dec/Adv/Vol 1751/1182/414.50 mln
11:00 am : Stocks have reversed course, yet again. The three major indices have all moved lower.
The financial sector (+0.2%) continues to hold its ground in positive territory, despite earnings misses from Merrill Lynch (MER 45.95, +1.06) and regional banks Comerica (CMA 66.91, -0.82) and PNC Financial (PNC 64.88, -0.51) .DJ30 -4.89 NASDAQ -11.92 SP500 -1.36 NASDAQ Dec/Adv/Vol 1588/981/538.50 mln NYSE Dec/Adv/Vol 1613/1251/341.26 mln
10:30 am : Stocks have taken a sudden upturn with no clear catalyst. The Dow Jones and S&P 500 are now trading near the unchanged mark, while the Nasdaq remains down a bit.
Despite this morning's earnings miss by Merrill Lynch (MER 45.64, +0.75), brokers are pushing higher. Goldman Sachs (GS 170.85, +1.80), Lehman Brothers (LEH 42.28, +0.56), and JPMorgan Chase (JPM 45.10, +0.14) have all reversed their early losses.
Oil is trading near the unchanged line, currently $114.97 per barrel, after hitting a new intraday record of $115.54 per barrel earlier in the session.DJ30 +1.30 NASDAQ -8.33 SP500 -0.01 NASDAQ Dec/Adv/Vol 1520/988/392.43 mln NYSE Dec/Adv/Vol 1618/1174/243.78 mln
10:05 am : Stocks remain relatively subdued in early trading, down slightly after disappointing earnings announcements from some key industry players.
Seven of the ten major economic sectors are trading in negative ground. The energy sector (+0.35%), telecom (+0.21%), and utilities (+0.7%) are all up.
The Philadelphia Fed Survey for April came in at -24.9, which is below the -15.0 economists were expecting. Leading economic indicators from March were in-line with expectations, increasing 0.1%.DJ30 -22.07 NASDAQ -11.03 SP500 -2.95 NASDAQ Dec/Adv/Vol 1479/851/231.01 mln NYSE Dec/Adv/Vol 1748/951/141.92 mln
09:45 am : The three major indices are lower in early trading, albeit the downside is slight.
After yesterday's close, IBM (IBM 122.19, +1.72) announced its first quarter earnings totaled $1.65 per share, beating the consensus EPS estimate by $0.20. The news is lending support to the market, but sentiment is being undermined by an earnings miss from Merrill Lynch (MER 44.16, -0.73). Merrill actually lost $2.20 per share, which was $0.21 worse than analysts expected for its first quarter. DJ30 -18.24 NASDAQ -9.52 SP500 -2.88 NASDAQ Dec/Adv/Vol 1375/832/134.82 mln NYSE Dec/Adv/Vol 1713/906/86.21 mln
09:15 am : S&P futures vs fair value: -5.6. Nasdaq futures vs fair value: -0.8. Just ahead of opening bell futures continue to indicate a lower start to Thursday's trading.
09:00 am : S&P futures vs fair value: -5.6. Nasdaq futures vs fair value: -2.0. Futures continue to indicate a slightly lower open to the Nasdaq and S&P 500.
08:30 am : S&P futures vs fair value: -4.5. Nasdaq futures vs fair value: -0.8. The stock market is now indicating a lower start. Jobless claims for the week ending April 12 totaled 372,000. The consensus forecast predicted 375,000 claims would be filed. Jobless claims filed in the previous week were reviesed from 357,000 to 355,000.
08:00 am : S&P futures vs fair value: -2.5. Nasdaq futures vs fair value: +3.5. Futures are currently indicating the stock market will open in mixed fashion. IBM (IBM 120.47) announced after yesterday's close earnings results that beat the consensus estimate, but disappointing earnings results from the likes of Merrill Lynch (MER 44.89) and Pfizer (PFE 21.10) announced this morning are undermining sentiment.
06:44 am : S&P futures vs fair value: -0.4. Nasdaq futures vs fair value: +5.0.
06:44 am : FTSE...6053.50...+7.30...+0.1%. DAX...6722.00...+19.02...+0.3%.
06:44 am : Nikkei...13398.30...+252.17...+1.9%. Hang Seng...24258.96...+380.61...+1.6%.
http://biz.yahoo.com/mu/update.html
4:20 pm : Stocks were challenged Thursday to extend the prior day's surge. The indices spent the majority of the session modestly lower until making a late day push to higher ground, but the stock market settled at the unchanged level.
Investor sentiment was initially bolstered by a solid first quarter report from bellwether IBM (IBM 123.08, +2.61). IBM announced after yesterday's close better than expected earnings results and increased its full-year earnings outlook above the consensus forecast.
However, disappointing announcements from investment bank Merrill Lynch (MER 46.71, +1.82) and pharmaceutical company Pfizer (PFE 20.40, -0.70) led to pessimism among investors. Merrill, for its part, announced a loss of $2.20 per share, which fell $0.21 short of the consensus earnings estimate. The firm also announced asset backed security write-downs of $1.5 billion and an additional $3.0 billion in write-downs related to financial guarantees. As for Pfizer, the company reported first quarter earnings of $0.61 per share, which was a nickel short of the consensus estimate.
Despite the announcement from Merrill, brokers and investment banks (+3.0%) were able to advance markedly on the session. Citigroup (C 24.03, +0.59) also climbed after announcing it will sell CitiCapital, its North American commercial lending and leasing business, to General Electric's (GE 32.02, -0.21) GE Capital. Overall, financials (+1.4%) outperformed the other major economic sectors.
Jobless claims for the week ending April 12 totaled 372,000. On average, economists had expected jobless claims to total 375,000. Claims were up from the prior week's revised reading of 355,000 jobless claims.
In other economic news, Philadelphia's regional manufacturing index, the Philadelphia Fed Survey, came in at -24.9, that was worse than the expected reading of -15.0 and down from the prior month's reading of -17.4.
The Conference Board's leading economic indicators report for the month of March posted a 0.1% increase, which matched economists expectations. The previous reading indicated a decline of 0.3%.
Though crude oil finished the session at $114.78 per barrel, near the unchanged mark, it recorded a new intraday high of $115.54 per barrel earlier in the session.DJ30 +1.22 NASDAQ -8.28 NQ100 -0.3% R2K -0.8% SP400 -0.4% SP500 +0.85 NASDAQ Dec/Adv/Vol 1748/1107/1.82 bln NYSE Dec/Adv/Vol 1548/1583/1.23 bln
3:30 pm : Stocks have made a late-day push out of negative ground to test their best levels of the session. The advance, however, has waned.
Financials (+1.4%) remain the best performing sector, followed by the consumer discretionary (+0.6%) sector. Financials are being helped by the brokers and news that General Electric's (GE 32.08, -0.15) GE Capital will acquire most of Citigoup's (C 23.97, +0.53) CitiCapital.
Tech (+0.3%) and energy (+0.1%) have joined the pair to trade in the green.DJ30 +12.37 NASDAQ -6.40 SP500 +0.86 NASDAQ Dec/Adv/Vol 1711/1144/1.49 bln NYSE Dec/Adv/Vol 1570/1530/940.50 mln
3:00 pm : Heading into the final hour of Thursday's trading each of the major indices is in negative territory. The S&P 500 made another attempt to advance into positive territory, but the effort was undercut by sellers.
The 10-year Treasury has been largely subdued Thursday, trading nine ticks lower and yielding 3.73%.
Richmond Fed President Lacker stated today the economic troubles are not over yet and inflation is a problem. Lacker stated he is uncertain slow growth will moderate inflation.
The European stock markets ended the session with losses. The DAX ended trading 0.3% lower and the FTSE ended 1.1% lower. The Dow Jones World Index, excluding the U.S., is down 0.3%.DJ30 -4.64 NASDAQ -14.03 SP500 -2.02 NASDAQ Dec/Adv/Vol 1758/1085/1.35 bln NYSE Dec/Adv/Vol 1679/1407/852.16 mln
2:30 pm : After moving back into negative territory, the major indices are trading sideways.
The financial (+1.1%) and consumer discretionary (+0.3%) sectors are in positive ground, while the eight remaining economic sectors are trading with losses. Financials are being led by Citigroup (C 24.03, +0.59) and consumer discretionary stocks are being led by Time Warner (TWX 14.58, +0.23).
Though crude hit a new intraday record high earlier in the session, refiner Valero (VLO 52.63, +0.95) is trading higher. Shares of VLO are down 26% year-to-date. However, Valero's stock price is up 9% this week alone. Valero was the subject of a favorable write-up in Barron's earlier this week.DJ30 -15.72 NASDAQ -14.58 SP500 -2.77 NASDAQ Dec/Adv/Vol 1733/1070/1.28 bln NYSE Dec/Adv/Vol 1702/1376/783.08 mln
2:05 pm : After hovering near the unchanged mark, the Dow and S&P 500 fall back into the red as a Fed official gives some cautious comments. Losses are slight.
Dallas Fed President Fisher said interest rate cuts may "compound the bad" and warned against "inflating our way" out of the credit turmoil. Fisher notes he has a strong reluctance to continue to ease rates. These comments are not too surprising, considering Fisher along with Philadelphia Fed President Plosser dissented against the March 18 rate cut of 75 basis points, preferring less aggressive easing.
The Nasdaq is trailing the other major indices, largely due to weakness in eBay (EBAY 30.66, -1.46) and Gilead Sciences (GILD 50.10, -1.70). EBay topped earnings expectations, but saw its user growth rate slow to only 1%. Gilead also topped its earnings expectations, but reaffirmed 2008 earnings guidance that is below the consensus estimate.DJ30 -11.56 NASDAQ -12.52 SP500 -1.97 NASDAQ Dec/Adv/Vol 1707/1101/1.14 bln NYSE Dec/Adv/Vol 1685/1378/724 mln
1:30 pm : Stocks have pared losses and are making a charge toward their break-even level. The Dow Jones has pushed its nose into positive territory.
The materials sector (-0.9%) has been a relative underperformer this session. Investors are taking some money out of the sector after it surged roughly 5% in yesterday's trading. Monsanto (MON 127.28, -4.26) has been the sector's primary laggard, although its stock price remains almost 14% higher year-to-date.DJ30 +2.12 NASDAQ -10.58 SP500 -0.52 NASDAQ Dec/Adv/Vol 1713/1063/1.03 bln NYSE Dec/Adv/Vol 1655/1397/651.20 mln
1:00 pm : After testing previous session lows, stocks are making a move upward. However, each of the major indices contines to trade in the red.
Motorcycle manufacturer Harley-Davidson (HOG 35.72, -1.07) is trading near its 52-week low, despite announcing better than expected earnings results this morning. Shares of HOG have been hit hard in response to the slowdown in the U.S. economy; the stock has lost nearly half its value during the past year. However, the consumer discretionary sector (+0.3%), as a whole, is faring better.DJ30 -19.46 NASDAQ -13.20 SP500 -3.28 NASDAQ Dec/Adv/Vol 1749/1000/943.09 NYSE Dec/Adv/Vol 1742/1283/590.91 mln
12:30 pm : Each of the major indices has come off its session low, but stocks continue to trade in negative territory as sellers outnumber buyers this session.
Of the 30 companies making up the Dow Jones, 18 are trading lower. Pfizer (PFE 20.26, -0.84) is one of the Dow's laggards, along with Wal-Mart (WMT 56.43, -0.64) and Procter & Gamble (PG 67.50, -1.77). On the other hand, IBM (IBM 122.90, +2.43) remains a leader in the index.
DJ30 -44.21 NASDAQ -19.56 SP500 -6.39 NASDAQ Dec/Adv/Vol 1780/964/851.27 mln NYSE Dec/Adv/Vol 1781/1216/539.25 mln
12:00 pm : Stocks continue to trade in negative territory after making a brief, unsustained move into positive ground. A handful of negative announcements from widely held companies has led to pessimism this session. That pessimism, however, remains checked by a solid report from bellwether IBM (IBM 123.21, +2.74).
Prior to Thursday's opening bell, Merrill Lynch (MER 45.76, +0.87) announced a loss of $2.20 per share, which was $0.21 worse than analysts expected. Merrill also announced write-downs of $1.5 billion related to asset-backed securities and another $3.0 billion in write-downs related to financial guarantees. The news pushed Merrill's share price lower, but renewed interest in brokers has lifted the stock.
According to Reuters, Moody's Investor Service is reviewing Merrill's A1 rating for a downgrade. Merrill's long-term rating may be cut due to deteriorating conditions in the mortgage market and more expected losses. Fitch Ratings affirmed Merrill's negative outlook.
Pharmaceutical giant Pfizer (PFE 20.30, -0.80) also announced disappointing earnings results today. The company reported profits of $0.61 per share for its most recent quarter. Analysts, however, were expecting $0.66 per share.
Still, some investors remain encouraged by a solid earnings report from IBM. IBM reported after yesterday's close that its first quarter earnings totaled $1.65 per share, which is $0.20 better than the consensus earnings estimate.
Jobless claims for the week ending April 12 totaled 372,000, up from the prior week's revised reading of 355,000. Economists, on average, expected this week's claims to total 375,000.
In other economic news, the latest Philadelphia Fed Survey came in at -24.9, which is below the reading of -15.0 economists came to expect. The survey is a regional manufacturing index.
Separately, leading economic indicators from March showed a +0.1% reading, which was spot on with expectations.
Oil hit a new intraday high of $115.54 per barrel in early trading. It has since come off that level and is now trading at $114.62 per barrel, below its opening price. DJ30 -47.06 NASDAQ -21.37 SP500 -7.12 NASDAQ Dec/Adv/Vol 1794/910/760.33 mln NYSE Dec/Adv/Vol 1864/1113/487.48 mln
11:30 am : Stocks are making a concerted move downward, toward their session low, as the number of declining issues accelerates.
After starting the session as a sector leader, telecom (-0.6%) has relinquished its position. AT&T (T 37.35, -0.26) is a laggard in the sector, while rival Verizon (VZ 35.77, -0.08) is a relative leader.
Finnish phone and communications company Nokia (NOK 28.81, -4.88) announced this morning better than expected earnings results, but its disappointing outlook has led to considerable selling pressure.DJ30 -36.97 NASDAQ -17.04 SP500 -4.86 NASDAQ Dec/Adv/Vol 1721/944/646.92 mln NYSE Dec/Adv/Vol 1751/1182/414.50 mln
11:00 am : Stocks have reversed course, yet again. The three major indices have all moved lower.
The financial sector (+0.2%) continues to hold its ground in positive territory, despite earnings misses from Merrill Lynch (MER 45.95, +1.06) and regional banks Comerica (CMA 66.91, -0.82) and PNC Financial (PNC 64.88, -0.51) .DJ30 -4.89 NASDAQ -11.92 SP500 -1.36 NASDAQ Dec/Adv/Vol 1588/981/538.50 mln NYSE Dec/Adv/Vol 1613/1251/341.26 mln
10:30 am : Stocks have taken a sudden upturn with no clear catalyst. The Dow Jones and S&P 500 are now trading near the unchanged mark, while the Nasdaq remains down a bit.
Despite this morning's earnings miss by Merrill Lynch (MER 45.64, +0.75), brokers are pushing higher. Goldman Sachs (GS 170.85, +1.80), Lehman Brothers (LEH 42.28, +0.56), and JPMorgan Chase (JPM 45.10, +0.14) have all reversed their early losses.
Oil is trading near the unchanged line, currently $114.97 per barrel, after hitting a new intraday record of $115.54 per barrel earlier in the session.DJ30 +1.30 NASDAQ -8.33 SP500 -0.01 NASDAQ Dec/Adv/Vol 1520/988/392.43 mln NYSE Dec/Adv/Vol 1618/1174/243.78 mln
10:05 am : Stocks remain relatively subdued in early trading, down slightly after disappointing earnings announcements from some key industry players.
Seven of the ten major economic sectors are trading in negative ground. The energy sector (+0.35%), telecom (+0.21%), and utilities (+0.7%) are all up.
The Philadelphia Fed Survey for April came in at -24.9, which is below the -15.0 economists were expecting. Leading economic indicators from March were in-line with expectations, increasing 0.1%.DJ30 -22.07 NASDAQ -11.03 SP500 -2.95 NASDAQ Dec/Adv/Vol 1479/851/231.01 mln NYSE Dec/Adv/Vol 1748/951/141.92 mln
09:45 am : The three major indices are lower in early trading, albeit the downside is slight.
After yesterday's close, IBM (IBM 122.19, +1.72) announced its first quarter earnings totaled $1.65 per share, beating the consensus EPS estimate by $0.20. The news is lending support to the market, but sentiment is being undermined by an earnings miss from Merrill Lynch (MER 44.16, -0.73). Merrill actually lost $2.20 per share, which was $0.21 worse than analysts expected for its first quarter. DJ30 -18.24 NASDAQ -9.52 SP500 -2.88 NASDAQ Dec/Adv/Vol 1375/832/134.82 mln NYSE Dec/Adv/Vol 1713/906/86.21 mln
09:15 am : S&P futures vs fair value: -5.6. Nasdaq futures vs fair value: -0.8. Just ahead of opening bell futures continue to indicate a lower start to Thursday's trading.
09:00 am : S&P futures vs fair value: -5.6. Nasdaq futures vs fair value: -2.0. Futures continue to indicate a slightly lower open to the Nasdaq and S&P 500.
08:30 am : S&P futures vs fair value: -4.5. Nasdaq futures vs fair value: -0.8. The stock market is now indicating a lower start. Jobless claims for the week ending April 12 totaled 372,000. The consensus forecast predicted 375,000 claims would be filed. Jobless claims filed in the previous week were reviesed from 357,000 to 355,000.
08:00 am : S&P futures vs fair value: -2.5. Nasdaq futures vs fair value: +3.5. Futures are currently indicating the stock market will open in mixed fashion. IBM (IBM 120.47) announced after yesterday's close earnings results that beat the consensus estimate, but disappointing earnings results from the likes of Merrill Lynch (MER 44.89) and Pfizer (PFE 21.10) announced this morning are undermining sentiment.
06:44 am : S&P futures vs fair value: -0.4. Nasdaq futures vs fair value: +5.0.
06:44 am : FTSE...6053.50...+7.30...+0.1%. DAX...6722.00...+19.02...+0.3%.
06:44 am : Nikkei...13398.30...+252.17...+1.9%. Hang Seng...24258.96...+380.61...+1.6%.
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