From Briefing.com: S&P futures vs fair value: -18.7. Nasdaq futures vs fair value: -23.0. U.S. equity futures are pointing to a lower open, following Europe's lead due to disappointing German economic data... All eyes will be on Intel (INTC) as it provides guidance after the close tonight. Many analysts have been lowering numbers this week. We expect semis to be mixed to lower today as traders should be cautious... Retailers will be another focus today as many are reporting August same store sales. For the few having reported thus far, the numbers appear a bit lower than expected.
National Semi, Micrel, Cypress Semi downgrades Following its warning that the co faces a lackluster Christmas season, Bear Stearns downgrades NSM to ATTRACTIVE from Buy and cuts their target to $28 from $32 due to the belief that NSM could lag the overall semi industry over the next few qtrs. Separately, CSFB downgrades NSM and MCRL to HOLD from Buy, saying that the combination of short lead-times, customer inventory reductions, reduced cycle times, and weak end-demand put 2H02 consensus ests at risk. In addition, Wachovia downgrades CY to HOLD from Buy based on increasing risk of a top-line shortfall as well as expectations that ests may have to come down.
7:26AM S&P futures vs fair value: -14.8. Nasdaq futures vs fair value: -19.5. U.S. equity futures follow European stocks lower, which are weak on the back of disappointing German economic data. Germany reported that the nation's unemployment rate rose to 9.9% and manufacturing orders fell by 0.9% following last month's read of 3.3%. Economists had been looking for a 0.5% increase. Bourses across the pond are off between 2-3% (FTSE through 4,000).
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