CASH COW

[norristhecat]

gm cash cow....Before the bell: Futures lower amidst more earnings, ahead of Beige Book
Posted Jul 29th 2009 7:40AM by Melly Alazraki
Filed under: Before the bell, International markets, Earnings reports, Time Warner (TWX), Market matters, Sprint Nextel Corp (S), ConocoPhillips (COP), Economic data, Oil, Federal Reserve, General Dynamics Corp (GD)

More

U.S. stock futures edged lower Wednesday morning as more earnings are on tap and ahead of several economic indicators and the release of a Federal Reserve Beige Book in the early afternoon. This is the third day market observers expect stocks to give back gains made in the short and strong rally of the previous two weeks, only to find them quite resilient, at least on some level.

At 2:00 p.m. Eastern today, the Federal Reserve will release the Beige Book, its report on the state of the economy. Investors generally hope to find the mood more positive in this one, and indication of more progress made towards an economic recovery such as slower pace of declines and stabilization in some segments of the economy.

Much before the Beige Book is released, however, at 8:30 a.m., June durable orders data is due out and could also provide some direction.

Another slew of earnings are due out this morning including Sprint Nextel (NYSE: S), Time Warner (NYSE: TWX), which is the parent of this site, ConocoPhillips (NYSE: COP) and General Dynamics (NYSE: GD).

Overseas, Asian shares sold off, with Shanghai stocks losing 5%. European stock markets, however, rose Wednesday after generally positive corporate earnings from leading industrial companies.

Oil prices fell below $66 a barrel Wednesday, reflecting weak demand outlook and rising crude inventories. Inventories rose 4.1 million barrels last week, the American Petroleum Institute said late Tuesday, far more than expectations. Today, at 10:30 a.m., the Energy Department's Energy Information Administration will release its weekly inventory numbers.