AI
Tuesday, July 01, 2008 9:23:29 PM
Market Update 080701
http://biz.yahoo.com/mu/update.html
4:25 pm : The stock market made some wide swings during Tuesday’s action, bringing the S&P 500 face-to-face with a 20% downturn from its high, which was reached last October. Investor pessimism led the major indices to open sharply lower, but encouraging economic data provided stocks with a boost. Those gains, however, fell apart as investors returned their focus to an uncertain financial sector and persistently high oil prices, which kept participants sidelined. Stocks struggled until General Motors (GM 11.75, +0.25) reported its latest sales results, giving a lift to the major indices.
The latest ISM Index indicated that manufacturing activity expanded during June, coming in at 50.2 and topping the 48.5 reading that was widely expected. The report provided participants a dose of evidence that economic conditions are not as gloomy as some would contend.
Additionally, May construction spending fell 0.4% month-over-month. Economists forecast a 0.6% downturn. More importantly, nonresidential construction spending was up 0.2% in May, which follows a 1.6% increase for April. The increases help provide support to expanding GDP.
Despite the positive implications of the economic data, investors turned away from the reports as the financial sector traded without clear direction. Before finishing 1.0% higher, the sector had traded with a loss of nearly 2.8%. As financials lost ground, so, too, did the major indices as concerns related to financial stocks continue to weigh on investors.
Also feeding investor pessimism, crude ended its session on the Nymex $1.06 higher at $141.06 per barrel. Oil prices have been rising, in part, due to a weaker dollar. The dollar index closed 0.1% lower at 72.4. Notably, heightened geopolitical tensions between Israel and Iran have caused concerns the Middle East will become increasingly unstable, threatening crude production.
Only when General Motors reported its sales in North America declined 8.3% in June versus a market expectation that they would decline 21.0% did stocks climb back into positive ground. This news is relatively good news, but it shows the degree of pessimism in the market as it rallied on a report that sales declined less than expected, which is much different than saying sales actually increased.
Though investors cheered GM’s report, Ford Motor Company (F 4.71, -0.10) reported its North American auto sales for June fell 28.1% year-over-year.
In the end, the stock market closed near its best level of the session.DJ30 +32.25 NASDAQ +11.99 NQ100 +1.4% R2K +0.3% SP400 +0.1% SP500 +4.91 NASDAQ Adv/Vol/Dec 1198/2.65 bln/1672 NYSE Adv/Vol/Dec 1333/1.64 bln/1832
3:35 pm : The S&P 500 and the Dow Jones Industrial Average are trading along the neutral line. The Nasdaq is sporting a fair gain, up 0.2% this session, after underperforming by a wide margin in yesterday's action.
Financials (+0.2%) continue to hold on to their gains, giving the broader market a bit of support. However, the sector still remains challenged to break out of its lull; it is the worst performing economic sector this year, down 30.7% year-to-date.DJ30 -4.56 NASDAQ +2.43 SP500 -0.18 NASDAQ Adv/Vol/Dec 1092/2.15 bln/1824 NYSE Adv/Vol/Dec 1188/1.24 bln/1970
3:00 pm : The stock market has encountered a bit of renewed selling pressure and has pared some of its gains. Still, given the day's pessimistic tone, the advance offers bulls a sign of relief.
Crude ended its session on the Nymex $1.06 higher at $141.06 per barrel. Persistently high oil prices have been a dampening factor on investor enthusiasm. Year-to-date, crude prices are up roughly 47%.DJ30 +8.63 NASDAQ +6.42 SP500 +1.24 NASDAQ Adv/Vol/Dec 1125/1.96 bln/1761 NYSE Adv/Vol/Dec 1011/1.11 bln/2126
2:30 pm : The major indices have covered a good deal of ground today and are currently rallying back from sharply lower levels seen a few hours ago.
The catalyst for the latest move was General Motors' (GM 12.47, +0.97) report that its sales in North America declined only 8.3% in June versus a market expectation that they would decline 21.0%. This news is relatively good news, but it goes to show how pessimistic the market had gotten that it would rally on a report that sales declined less than expected, which is much different than saying sales actually increased.
In any event, the GM news has prompted a recovery try that we suspect is being driven in part by short-covering activity. It would be remiss not to add, though, that the beleaguered financial sector has also made a strong move in recent action. It had been down 2.8% around 12:30 PM ET, but is now essentially unchanged for the session. DJ30 -18.80 NASDAQ -0.22 SP500 -2.80 NASDAQ Adv/Vol/Dec 944/1.72 bln/1931 NYSE Adv/Vol/Dec 898/974 mln/2227
2:00 pm : The major indices have advanced further from their lows. The upturn was extended on news that a major auto manufacturer posted better-than-expected results.
General Motors (GM 11.81, +0.31) saw June sales in North America fall 8% year-over-year. Analysts were expecting a more substantial downturn and, so, shares have surged upward from their multiyear low. GM's results were better than those of rival Ford (F 4.59, -0.22). Shares of F remain in a funk.DJ30 -93.63 NASDAQ -14.68 SP500 -9.29 NASDAQ Adv/Vol/Dec 752/1.55 bln/2105 NYSE Adv/Vol/Dec 729/878 mln/2394
1:35 pm : The stock market continues to trade with significant losses. Only the defensive-oriented utilities sector (+0.3%) is showing a gain.
Though materials are sporting the largest loss (-2.8%), financials continue to trade considerably lower (-1.6%).
Legg Mason (LM 40.08, -3.49) had its debt ratings placed on review for possible downgrade at Moody's. The action follows Legg Mason's announcement that it will incur further losses in its ongoing support of many of its constant net asset value money market funds. Notably, Standard & Poor's has affirmed a BBB+ rating on Legg Mason and lowered its outlook to negative from stable.DJ30 -135.72 NASDAQ -26.37 SP500 -14.32 NASDAQ Adv/Vol/Dec 721/1.42 bln/2097 NYSE Adv/Vol/Dec 720/807 mln/2391
1:00 pm : After making a steep descent, stocks have made an upward move. Still, all three of the major indices are trading with losses in excess of 1%.
Ford Motor Company (F 4.50, -0.31) reported its North American auto sales during June fell 28.1% year-over-year. Ford has been hit hard by the slowing economy and rising fuel costs. Shares of F are down more than 30% year-to-date, trading at a multiyear low.
While stocks have gone out of favor, Treasuries have yet to benefit substantially from a flight to quality. The benchmark 10-year Note is up just 7 ticks.DJ30 -128.15 NASDAQ -26.85 SP500 -13.94 NASDAQ Adv/Vol/Dec 703/1.28 bln/2106 NYSE Adv/Vol/Dec 719/722 mln/2372
12:30 pm : All three of the major indices are at their worst points of the session. The S&P 500 is face-to-face with a 20% downturn from its high, which was reached back in October.
Each of the major economic sectors have turned downward. Losses are less severe in the defensive sectors like utilities (+0.0%), healthcare (-0.3%), and consumer staples (-0.6%).DJ30 -158.19 NASDAQ -35.95 SP500 -18.65 NASDAQ Adv/Vol/Dec 732/1.11 bln/2048 NYSE Adv/Vol/Dec 887/612 mln/2176
12:00 pm : The stock market remains in negative territory after briefly trading in the green. A cloudy financial sector (-1.9%), high oil prices, and geopolitical concerns are doing little to reverse the market’s pessimistic tone. In turn, a batch of positive economic data has been cast aside.
The financial sector continues to motivate trade. Yet lack of leadership has led to a wide range of trading this session; gains of 1% have melted into a loss of 1.5%. Adding to the sector's cloudiness, earnings estimates and price targets were cut for Bank of America (BAC 22.92, -0.95) and Wachovia (WB 14.94, -0.59) at Credit Suisse.
Oil prices remain higher. Crude futures currently trade at $142.40 per barrel, up 1.7%.
Oil prices are not being helped as geopolitical uncertainty in the Middle East increases. Reports indicate that tensions between Israel and Iran have intensified.
The dampened mood on Wall Street has cast a shadow on some better-than-expected economic data. The ISM Index for June was reported at 50.2, topping the 48.5 reading that was widely expected. Additionally, May construction spending fell 0.4% month-over-month. Economists forecast a 0.6% downturn. Sequential growth in the prior month was revised upward to a 0.1% decline. DJ30 -85.24 NASDAQ -18.19 SP500 -8.31 NASDAQ Adv/Vol/Dec 898/938 mln/1859 NYSE Adv/Vol/Dec 1029/531 mln/2005
11:30 am : The major indices have fallen back into negative ground. Their losses, however, are slight.
The financial sector (-0.7%) remains clouded by uncertainty. It has fallen back into negative territory. Earnings estimates and price targets were cut for Bank of America (BAC 23.44, -0.43) and Wachovia (WB 15.14, -0.39) at Credit Suisse.
On the earnings front, Constellation Brands (STZ 20.88, +1.02) announced better-than-expected revenue and EPS results. However, Fortune Brands (FO 55.60, -6.81) issued a statement indicating its EPS results will be lower than expected and down from the prior year.DJ30 -31.99 NASDAQ -3.47 SP500 -3.18 NASDAQ Adv/Vol/Dec 1015/791 mln/1711 NYSE Adv/Vol/Dec 1113/441 mln/1875
11:05 am : The stock market has made its way into the green. Before the breakthrough, participants had been selling into strength as the stock market was repeatedly rebuffed at the neutral line.
Sentiment is less dour than earlier in the session; six of the economic sectors are trading with gains and decliners in the S&P 500 outnumber advancers by 3-to-2.
Utilities (+0.6%), favored for their defensive characteristics, are currently the best performing sector.DJ30 +13.60 NASDAQ +2.11 SP500 +1.33 NASDAQ Adv/Vol/Dec 1019/649 mln/1642 NYSE Adv/Vol/Dec 1068/352 mln/1883
10:35 am : After making a strong advance toward the unchanged mark, selling resumed to take the stock market deeper into negative ground.
The stock market continues to be influenced by the financial sector (+0.1%). The financial sector climbed from a loss to a gain of nearly 1%, leading the broader market higher. As the gains among financial holdings waned so too did the gains in the S&P 500.
Oil also remains an influence of market sentiment. Crude futures are currently trading at $142.50 per barrel, up 1.8% this session.DJ30 -23.12 NASDAQ -6.37 SP500 -2.55 NASDAQ Adv/Vol/Dec 900/478 mln/1666 NYSE Adv/Vol/Dec 926/288 mln/1975
10:00 am : Stocks are spiking higher after receiving a batch of fresh economic data.
The ISM Index for June was reported at 50.2, topping the 48.5 reading that was widely expected. The reading for May was unrevised at 49.6. ISM Prices Paid was reported at 91.5. Economists were expecting a reading of 87.0.
May construction spending fell 0.4% month-over-month. Economists forecast a 0.6% downturn. Sequential growth in the prior month was revised upward to a 0.1% decline.DJ30 -27.35 NASDAQ -9.62 SP500 -4.22 NASDAQ Adv/Vol/Dec 845/273 mln/1596 NYSE Adv/Vol/Dec 844/179 mln/2012
09:45 am : All three of the major indices have opened sharply lower. The stock market is now down close to 19% from its high reached last October. A 20% downturn is considered a bear market.
All ten of the major economic sectors are in the red. In contrast to yesterday's action, financials (-0.8%) are not underperforming the other sectors.DJ30 -99.49 NASDAQ -22.35 SP500 -11.77 NASDAQ Adv/Vol/Dec 634/151 mln/1668 NYSE Adv/Vol/Dec 534/107 mln/2205
09:15 am : S&P futures vs fair value: -16.3. Nasdaq futures vs fair value: -26.0. The mood in premarket trading remains decidedly pessimistic. Stock futures continue to lag fair value as traders find little motivation to buy stocks.
09:00 am : S&P futures vs fair value: -13.6. Nasdaq futures vs fair value: -21.0. Stocks remain on track for a downward open. Shares of Lehman Brothers (LEH) and Goldman Sachs (GS) were initiated with an Overweight rating at Morgan Stanley.
08:31 am : S&P futures vs fair value: -12.6. Nasdaq futures vs fair value: -22.2. Futures continue to indicate a lower start to Tuesday's trading. After yesterday's close Fortune Brands, makers of wine and spirits, housing and hardware goods, and golf equipment, announced it expects lower earnings per share results than previously stated.
08:00 am : S&P futures vs fair value: -14.6. Nasdaq futures vs fair value: -27.0. Stocks indicate a sharply lower start as traders continue to focus on escalating oil prices and news from the financial sector. Oil is up to more than $142 per barrel in early electronic trading. A New York Post article is suggesting Merrill Lynch (MER) could sell key assets.
06:17 am : S&P futures vs fair value: -12.9. Nasdaq futures vs fair value: -24.0.
06:16 am : FTSE...5499.90...-126.00...-2.2%. DAX...6310.34...NaN...-1.7%.
06:16 am : Nikkei...13463.20...-18.18...-0.1%. Hang Seng...Holiday.........
My posting is for my own entertainment, do your own DD before pushing your buy/call button
http://biz.yahoo.com/mu/update.html
4:25 pm : The stock market made some wide swings during Tuesday’s action, bringing the S&P 500 face-to-face with a 20% downturn from its high, which was reached last October. Investor pessimism led the major indices to open sharply lower, but encouraging economic data provided stocks with a boost. Those gains, however, fell apart as investors returned their focus to an uncertain financial sector and persistently high oil prices, which kept participants sidelined. Stocks struggled until General Motors (GM 11.75, +0.25) reported its latest sales results, giving a lift to the major indices.
The latest ISM Index indicated that manufacturing activity expanded during June, coming in at 50.2 and topping the 48.5 reading that was widely expected. The report provided participants a dose of evidence that economic conditions are not as gloomy as some would contend.
Additionally, May construction spending fell 0.4% month-over-month. Economists forecast a 0.6% downturn. More importantly, nonresidential construction spending was up 0.2% in May, which follows a 1.6% increase for April. The increases help provide support to expanding GDP.
Despite the positive implications of the economic data, investors turned away from the reports as the financial sector traded without clear direction. Before finishing 1.0% higher, the sector had traded with a loss of nearly 2.8%. As financials lost ground, so, too, did the major indices as concerns related to financial stocks continue to weigh on investors.
Also feeding investor pessimism, crude ended its session on the Nymex $1.06 higher at $141.06 per barrel. Oil prices have been rising, in part, due to a weaker dollar. The dollar index closed 0.1% lower at 72.4. Notably, heightened geopolitical tensions between Israel and Iran have caused concerns the Middle East will become increasingly unstable, threatening crude production.
Only when General Motors reported its sales in North America declined 8.3% in June versus a market expectation that they would decline 21.0% did stocks climb back into positive ground. This news is relatively good news, but it shows the degree of pessimism in the market as it rallied on a report that sales declined less than expected, which is much different than saying sales actually increased.
Though investors cheered GM’s report, Ford Motor Company (F 4.71, -0.10) reported its North American auto sales for June fell 28.1% year-over-year.
In the end, the stock market closed near its best level of the session.DJ30 +32.25 NASDAQ +11.99 NQ100 +1.4% R2K +0.3% SP400 +0.1% SP500 +4.91 NASDAQ Adv/Vol/Dec 1198/2.65 bln/1672 NYSE Adv/Vol/Dec 1333/1.64 bln/1832
3:35 pm : The S&P 500 and the Dow Jones Industrial Average are trading along the neutral line. The Nasdaq is sporting a fair gain, up 0.2% this session, after underperforming by a wide margin in yesterday's action.
Financials (+0.2%) continue to hold on to their gains, giving the broader market a bit of support. However, the sector still remains challenged to break out of its lull; it is the worst performing economic sector this year, down 30.7% year-to-date.DJ30 -4.56 NASDAQ +2.43 SP500 -0.18 NASDAQ Adv/Vol/Dec 1092/2.15 bln/1824 NYSE Adv/Vol/Dec 1188/1.24 bln/1970
3:00 pm : The stock market has encountered a bit of renewed selling pressure and has pared some of its gains. Still, given the day's pessimistic tone, the advance offers bulls a sign of relief.
Crude ended its session on the Nymex $1.06 higher at $141.06 per barrel. Persistently high oil prices have been a dampening factor on investor enthusiasm. Year-to-date, crude prices are up roughly 47%.DJ30 +8.63 NASDAQ +6.42 SP500 +1.24 NASDAQ Adv/Vol/Dec 1125/1.96 bln/1761 NYSE Adv/Vol/Dec 1011/1.11 bln/2126
2:30 pm : The major indices have covered a good deal of ground today and are currently rallying back from sharply lower levels seen a few hours ago.
The catalyst for the latest move was General Motors' (GM 12.47, +0.97) report that its sales in North America declined only 8.3% in June versus a market expectation that they would decline 21.0%. This news is relatively good news, but it goes to show how pessimistic the market had gotten that it would rally on a report that sales declined less than expected, which is much different than saying sales actually increased.
In any event, the GM news has prompted a recovery try that we suspect is being driven in part by short-covering activity. It would be remiss not to add, though, that the beleaguered financial sector has also made a strong move in recent action. It had been down 2.8% around 12:30 PM ET, but is now essentially unchanged for the session. DJ30 -18.80 NASDAQ -0.22 SP500 -2.80 NASDAQ Adv/Vol/Dec 944/1.72 bln/1931 NYSE Adv/Vol/Dec 898/974 mln/2227
2:00 pm : The major indices have advanced further from their lows. The upturn was extended on news that a major auto manufacturer posted better-than-expected results.
General Motors (GM 11.81, +0.31) saw June sales in North America fall 8% year-over-year. Analysts were expecting a more substantial downturn and, so, shares have surged upward from their multiyear low. GM's results were better than those of rival Ford (F 4.59, -0.22). Shares of F remain in a funk.DJ30 -93.63 NASDAQ -14.68 SP500 -9.29 NASDAQ Adv/Vol/Dec 752/1.55 bln/2105 NYSE Adv/Vol/Dec 729/878 mln/2394
1:35 pm : The stock market continues to trade with significant losses. Only the defensive-oriented utilities sector (+0.3%) is showing a gain.
Though materials are sporting the largest loss (-2.8%), financials continue to trade considerably lower (-1.6%).
Legg Mason (LM 40.08, -3.49) had its debt ratings placed on review for possible downgrade at Moody's. The action follows Legg Mason's announcement that it will incur further losses in its ongoing support of many of its constant net asset value money market funds. Notably, Standard & Poor's has affirmed a BBB+ rating on Legg Mason and lowered its outlook to negative from stable.DJ30 -135.72 NASDAQ -26.37 SP500 -14.32 NASDAQ Adv/Vol/Dec 721/1.42 bln/2097 NYSE Adv/Vol/Dec 720/807 mln/2391
1:00 pm : After making a steep descent, stocks have made an upward move. Still, all three of the major indices are trading with losses in excess of 1%.
Ford Motor Company (F 4.50, -0.31) reported its North American auto sales during June fell 28.1% year-over-year. Ford has been hit hard by the slowing economy and rising fuel costs. Shares of F are down more than 30% year-to-date, trading at a multiyear low.
While stocks have gone out of favor, Treasuries have yet to benefit substantially from a flight to quality. The benchmark 10-year Note is up just 7 ticks.DJ30 -128.15 NASDAQ -26.85 SP500 -13.94 NASDAQ Adv/Vol/Dec 703/1.28 bln/2106 NYSE Adv/Vol/Dec 719/722 mln/2372
12:30 pm : All three of the major indices are at their worst points of the session. The S&P 500 is face-to-face with a 20% downturn from its high, which was reached back in October.
Each of the major economic sectors have turned downward. Losses are less severe in the defensive sectors like utilities (+0.0%), healthcare (-0.3%), and consumer staples (-0.6%).DJ30 -158.19 NASDAQ -35.95 SP500 -18.65 NASDAQ Adv/Vol/Dec 732/1.11 bln/2048 NYSE Adv/Vol/Dec 887/612 mln/2176
12:00 pm : The stock market remains in negative territory after briefly trading in the green. A cloudy financial sector (-1.9%), high oil prices, and geopolitical concerns are doing little to reverse the market’s pessimistic tone. In turn, a batch of positive economic data has been cast aside.
The financial sector continues to motivate trade. Yet lack of leadership has led to a wide range of trading this session; gains of 1% have melted into a loss of 1.5%. Adding to the sector's cloudiness, earnings estimates and price targets were cut for Bank of America (BAC 22.92, -0.95) and Wachovia (WB 14.94, -0.59) at Credit Suisse.
Oil prices remain higher. Crude futures currently trade at $142.40 per barrel, up 1.7%.
Oil prices are not being helped as geopolitical uncertainty in the Middle East increases. Reports indicate that tensions between Israel and Iran have intensified.
The dampened mood on Wall Street has cast a shadow on some better-than-expected economic data. The ISM Index for June was reported at 50.2, topping the 48.5 reading that was widely expected. Additionally, May construction spending fell 0.4% month-over-month. Economists forecast a 0.6% downturn. Sequential growth in the prior month was revised upward to a 0.1% decline. DJ30 -85.24 NASDAQ -18.19 SP500 -8.31 NASDAQ Adv/Vol/Dec 898/938 mln/1859 NYSE Adv/Vol/Dec 1029/531 mln/2005
11:30 am : The major indices have fallen back into negative ground. Their losses, however, are slight.
The financial sector (-0.7%) remains clouded by uncertainty. It has fallen back into negative territory. Earnings estimates and price targets were cut for Bank of America (BAC 23.44, -0.43) and Wachovia (WB 15.14, -0.39) at Credit Suisse.
On the earnings front, Constellation Brands (STZ 20.88, +1.02) announced better-than-expected revenue and EPS results. However, Fortune Brands (FO 55.60, -6.81) issued a statement indicating its EPS results will be lower than expected and down from the prior year.DJ30 -31.99 NASDAQ -3.47 SP500 -3.18 NASDAQ Adv/Vol/Dec 1015/791 mln/1711 NYSE Adv/Vol/Dec 1113/441 mln/1875
11:05 am : The stock market has made its way into the green. Before the breakthrough, participants had been selling into strength as the stock market was repeatedly rebuffed at the neutral line.
Sentiment is less dour than earlier in the session; six of the economic sectors are trading with gains and decliners in the S&P 500 outnumber advancers by 3-to-2.
Utilities (+0.6%), favored for their defensive characteristics, are currently the best performing sector.DJ30 +13.60 NASDAQ +2.11 SP500 +1.33 NASDAQ Adv/Vol/Dec 1019/649 mln/1642 NYSE Adv/Vol/Dec 1068/352 mln/1883
10:35 am : After making a strong advance toward the unchanged mark, selling resumed to take the stock market deeper into negative ground.
The stock market continues to be influenced by the financial sector (+0.1%). The financial sector climbed from a loss to a gain of nearly 1%, leading the broader market higher. As the gains among financial holdings waned so too did the gains in the S&P 500.
Oil also remains an influence of market sentiment. Crude futures are currently trading at $142.50 per barrel, up 1.8% this session.DJ30 -23.12 NASDAQ -6.37 SP500 -2.55 NASDAQ Adv/Vol/Dec 900/478 mln/1666 NYSE Adv/Vol/Dec 926/288 mln/1975
10:00 am : Stocks are spiking higher after receiving a batch of fresh economic data.
The ISM Index for June was reported at 50.2, topping the 48.5 reading that was widely expected. The reading for May was unrevised at 49.6. ISM Prices Paid was reported at 91.5. Economists were expecting a reading of 87.0.
May construction spending fell 0.4% month-over-month. Economists forecast a 0.6% downturn. Sequential growth in the prior month was revised upward to a 0.1% decline.DJ30 -27.35 NASDAQ -9.62 SP500 -4.22 NASDAQ Adv/Vol/Dec 845/273 mln/1596 NYSE Adv/Vol/Dec 844/179 mln/2012
09:45 am : All three of the major indices have opened sharply lower. The stock market is now down close to 19% from its high reached last October. A 20% downturn is considered a bear market.
All ten of the major economic sectors are in the red. In contrast to yesterday's action, financials (-0.8%) are not underperforming the other sectors.DJ30 -99.49 NASDAQ -22.35 SP500 -11.77 NASDAQ Adv/Vol/Dec 634/151 mln/1668 NYSE Adv/Vol/Dec 534/107 mln/2205
09:15 am : S&P futures vs fair value: -16.3. Nasdaq futures vs fair value: -26.0. The mood in premarket trading remains decidedly pessimistic. Stock futures continue to lag fair value as traders find little motivation to buy stocks.
09:00 am : S&P futures vs fair value: -13.6. Nasdaq futures vs fair value: -21.0. Stocks remain on track for a downward open. Shares of Lehman Brothers (LEH) and Goldman Sachs (GS) were initiated with an Overweight rating at Morgan Stanley.
08:31 am : S&P futures vs fair value: -12.6. Nasdaq futures vs fair value: -22.2. Futures continue to indicate a lower start to Tuesday's trading. After yesterday's close Fortune Brands, makers of wine and spirits, housing and hardware goods, and golf equipment, announced it expects lower earnings per share results than previously stated.
08:00 am : S&P futures vs fair value: -14.6. Nasdaq futures vs fair value: -27.0. Stocks indicate a sharply lower start as traders continue to focus on escalating oil prices and news from the financial sector. Oil is up to more than $142 per barrel in early electronic trading. A New York Post article is suggesting Merrill Lynch (MER) could sell key assets.
06:17 am : S&P futures vs fair value: -12.9. Nasdaq futures vs fair value: -24.0.
06:16 am : FTSE...5499.90...-126.00...-2.2%. DAX...6310.34...NaN...-1.7%.
06:16 am : Nikkei...13463.20...-18.18...-0.1%. Hang Seng...Holiday.........
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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