<FONT COLOR=BLUE>MARKET SNAPSHOT--Sturdy open in store
Will rebounds have staying power?
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 8:13 AM ET Sep 27, 2000
NEW YORK (CBS.MW) - U.S. shares are girding for a sturdy open Wednesday, though concerns over worries may challenge the bulls' resolve.
December S&P 500 futures gained 6.50 points, or 0.5 percent, and were trading roughly 3.20 points above fair value, according to HL Camp & Co. Nasdaq futures, meanwhile, climbed 42.50 points, or 1.2 percent.
Earnings warnings continue to trickle in, sapping enthusiasm from the marketplace.
Priceline.com (PCLN) said third-quarter revenue would come in below expectations. The company estimates revenue to come in at $360 to $380 million versus revenue of $152.2 million in the year-ago quarter. The company cited a shortfall in revenue from the sale of airline tickets, which is expected to be $20 to $25 million less than levels registered during the second quarter of 2000. First Call expects a one-cent loss for the quarter.
Over in the Treasury arena, prices struggled out of the chute, with the 10-year bond off 6/32 to yield ($TNX) 5.83 percent while the 30-year Treasury bond slipping 10/32 to yield ($TYX) 5.74 percent.
In economic news, Wednesday will see the release of August durable goods orders, seen rising by 2.4 percent, according to a survey of economists conducted by CBS MarketWatch.com .View Economic Preview, economic calendar and forecasts and historical economic data.
In the currency market, the euro climbed for a second straight session against the dollar, rising 0.3 percent to 0.8851. Dollar/yen added 0.1 percent to 107.70.
Julie Rannazzisi is markets editor for CBS.MarketWatch.com. |
