09:15 ET: [BRIEFING.COM] S&P futures, at 1317, are 2 points above fair value; Nasdaq Pre-Market Indicator is up 12 points...
Accordingly, expectations for a mixed to modestly positive open for the cash market remain intact... Look for the ISP space to draw some
added attention from traders today in the wake of AOL Time Warner's (AOL 56.60) announcement that it will be raising its monthly billing
rate on its "Unlimited Use" plan for the first time in three years... In addition, retailers should remain a focus as reassuring earnings reports
from Talbots (TLB 48.80) and Target (TGT 37.75) should lend some added support to the group as well as expectations for an economic
rebound in 2H01... On that note, Philadelphia Fed President Santomero has acknowledged this morning that he doesn't think the U.S.
slowing will effect the long run expansion, and that we will get to growth rates consistent with that level by the end of the year.
08:40 ET: [BRIEFING.COM] S&P futures, at 1317, are 2 points above fair value; Nasdaq Pre-Market Indicator is up 11 points...
Subsequently, current expectations are for a mixed to modestly positive beginning for the cash market... Carryover interest from
yesterday's encouraging move, solid gains in European bourses, early weakness in the bond market, and a report that AOL Time Warner
(AOL 56.60) is raising its monthly billing for Web service by $1.95 to $23.90 are among the supportive factors... However, a UBS
Warburg downgrade of Walt Disney (DIS 34.28) and a Goldman Sachs downgrade of Lowe's (LOW 72.50)-- both of which were
linked to valuation concerns-- have acted as a restraining influence... Separately, retail sector is in the spotlight this morning with earnings
reports from the likes of Target (TGT 37.75), Talbots (TLB 48.80), Staples (SPLS 15.52) and BJ's Wholesale (BJ 80.25)... For more
details, be sure to visit Briefing.com's Earnings Calendar and Short Stories pages...
08:10 ET: [BRIEFING.COM] S&P futures, at 1317, are two points above fair value while the Nasdaq 100 futures, at 2072, are 13
points above fair value... Recent uptick follows on heels of report that AT&T (T 21.91) has successfully tested, certified and begun
deployment of CIENA's (CIEN 60.79) MultiWave Metro intelligent optical transport system.
07:50 ET: [BRIEFING.COM] S&P futures trading at 1315, in line with fair value, while the Nasdaq 100 futures, at 2058, are 1 point
below fair value... As indicated earlier, not much market moving news to this point in pre-open action... Separately, UBS Warburg has
downgraded Walt Disney (DIS 34.28) to BUY from Strong Buy after DIS reached the firm's intermediate price target.
07:25 ET: [BRIEFING.COM] This morning's fair value figures -- S&P 500 fair value: 1315; closed 1 pt below fair value. Nasdaq 100
fair value: 2059; closed 7 pts below fair value. Current indications: S&P 500 futures are unch, or 1 pt below fair value. Nasdaq 100 is +7,
or even with fair value... Investors come into today's session hoping to extend positive momentum in the technology sector. Like
yesterday, very little activity up to this point in pre-market.
06:12 ET: [BRIEFING.COM] S&P futures trading at 1314.70, 0.3 points below fair value, Nasdaq 100 futures trading at 2050, 9.0
points below fair value. The 30-year bond is down 7 ticks at 5.753%. The dollar is firmer against both the euro and the yen
06:11 ET: FTSE +0.56%, DAX +1.17%: [BRIEFING.COM] European equities higher despite a weaker than expected Ifo index of
German business confidence, which hit its lowest level since May of 1999. Technology outperforming with blue-chip names such as
Marconi, Deutsche Telekom, Ericsson, Philips all attracting better buying interest. Michelin the star performer on the day following Ford's
split with rival tire maker Bridgestone.
06:11 ET Nikkei -0.60%, Hang Seng +1.14%: [BRIEFING.COM] Asian stocks mostly higher with the notable exception of Japan.
Nikkei hit by profit taking on the back of an early tech rally. Also weighing heavily was a nearly 10% loss in Bridgestone after Ford
severed ties with the company's US subsidiary, Firestone. KoreaN shares closed a tad lower after touching eight month highs intraday.
Reports of a GM takeover bankrupt Daewoo provided support. Singapore and Hong Kong pushed higher following yesterday's Nasdaq
rally, while Taiwan was boosted by Monday's semiconductor rally and expectations for government intervention. |
