I agree when we invade Iraq should be a very good time to buy. Even if the invasion does not go fabulously well it is a war we should win quickly. At that time bearish readings should be high (maybe as high as 59%) and people selling stocks (high volume) in a panic (VIX well over 50) we should get some great buys from the long side.
biz.yahoo.com
Pre-Bell: Bank of New York, AMD Fall
Thursday October 3, 8:41 am ET
NEW YORK (Reuters) - Shares of Bank of New York (NYSE:BK - News) slumped in pre-market trading on Thursday after the bank warned of lower third-quarter earnings, citing $395 million in pretax charges for bad loans to telecommunications firms and losses on bank stock holdings.
Shares dropped to $23.15 on electronic trading system Instinet, down from their New York Stock Exchange close at $26.76 on Wednesday after the bank said the charges would likely slash earnings by 36 cents a share.
Excluding charges, Bank of New York expects to earn 47 cents a share in the third quarter, below an average analyst estimate of 50 cents, according to market data firm Thomson First Call.
Advanced Micro Devices Inc. (NYSE:AMD - News) traded at $5 in light volume on Instinet, down from its Wednesday close at $5.37 after the company, the chief rival of Intel Corp. (NasdaqNM:INTC - News) in the market for microprocessors, warned of a "substantial operating loss" and sharply lower-than-expected revenue in the third quarter, citing a weak personal computer market. Intel slipped to $14.15 from its close of $14.30.
Veritas Software (NasdaqNM:VRTS - News) fell to $13 on Instinet, down from its close at $14.50, after the software maker said its chief financial officer Kenneth Lonchar resigned after misstating educational credentials. The company also said it sees third-quarter earnings at 11 cents to 13 cents per share.
Marriott International Inc. (NYSE:MAR - News) rose to $29 on Instinet, from its NYSE close at $28.40 after the hotel operator reported a higher quarterly profit as results from its peripheral synthetic fuel production business offset a travel slump in the weak economy.
The company also raised its profit outlook for the rest of the year because of expected improvement in revenue per available room, a barometer of hotel industry health, and better-than-expected synthetic fuel production, a little known Marriott business that accounted for more than 20 percent of the company's third-quarter earnings.
Check Point Software Technologies Ltd. (NasdaqNM:CHKP - News) offered some support to technology shares, heading up to $13.60 after ending at $13 on Nasdaq. The Internet security software maker said its third-quarter results would be in line with its own prior guidance.
Transkaryotic Therapies Inc. (NasdaqNM:TKTX - News) tumbled to $16 on Instinet from its close of $33.25. The company said approval of its experimental drug Replagal to treat Fabry disease will likely be delayed following the postponement of a meeting by a government advisory panel to weigh the merits of the drug.
Wet Seal Inc. (NasdaqNM:WTSLA - News) fell to $8.10 in pre-open trade on Thursday after closing at $9.20. The trendy teen clothing retailer warned fiscal third-quarter earnings could fall far short of expectations if weak same store-sales persist.
Looking at the broad market, stocks were expected to dip at the open, as indicated by equity-index futures. The Standard & Poor's 500 December contract fell 4 points to 826.00 and the Nasdaq 100 contract declined 9 points to 848. |
