<font color=blue>Market Snapshot--8:29 AM--Futures point to firm open
By Julie Rannazzisi & Greg Morcroft, CBS.MarketWatch.com
Last Update: 8:29 AM ET Oct 10, 2000
NEW YORK (CBS.MW) - U.S. stocks were set to open higher Tuesday morning as the Nasdaq looked to carry forward Monday's dramatic rebound and the broader market positions itself for a slew of earnings reports.
Nasdaq futures (AH=ZO) rose 6.00 to 3355.50 and S&P futures (WP=ZO) rose 1.80 to 1418.30.
The Nasdaq staged a dramatic recovery Monday afternoon after losing more than 3 percent early, but volume was light, which exaggerated the market's move in both directions.
The Nasdaq Composite ($COMPQ) erased 5.45 points, or 0.2 percent Monday, to 3,355.56 after falling as much as 128 points at its nadir on Monday.
Companies reporting earnings today include Yahoo (YHOO), and Motorola (MOT).
Shares of Yahoo rallied in pre-market trading ahead of the Internet bellwether's third-quarter report. Yahoo rose $2.75 to $88.50 in Instinet. On Monday, the stock ended up $4.50, after being down as much $5.75 in intraday trading.
After the close Tuesday the Web portal is expected to report earnings of 12 cents a share, according to a First Call survey of analysts. Revenue is expected to be $280 million. See full story.
Qualcomm (QCOM)stepped 38 cents higher to $79.75 in Instinet. Irwin Jacobs, the company's chief executive, met with Chinese Premier Zhu Rongji this week, in attempt to convince state-owned mobile phone companies in China to license or use its CDMA wireless technology.
In corporate news this mornings, Ticketmaster Online-Citysearch (TMCS) said it was expanding its current agreement with Yahoo, making its local content available on additional Yahoo properties. The expanded version of the distribution agreement will begin in 2001. TMCS closed Monday down 69 cents at $14.38 and YHOO ended up $4.50 at $85.75.
Metromedia Fiber Network (MFNX) announced that it has agreed to acquire Internet infrastructure management services provider, SiteSmith, in an all-stock deal said to be valued at $1.36 billion, based on Monday's closing price of Metromedia's stock. MFNX closed down $1 at $21.81.
InSilicon (INSN) said it has agreed to license its communications technology to Texas Instruments (TXN) for use in TI's system-level integration products. Financial terms of the agreement were not disclosed. INSN rose 38 cents to $10.81 on Monday, while TXN slipped $1.50 to $45.38.
Economic focus
The bond market was closed Monday in observance of the Columbus Day Holiday. On Friday, the 10-year Treasury note ended up 14/32 to yield ($TNX) 5.80 percent while the 30-year bond put on 24/32 to close at a yield ($TYX) of 5.845 percent.
On the economic front, the week's highlights include the release of the September producer price index and retail sales report; both slated to hit the market on Friday. View Economic Preview, economic calendar and forecasts and historical economic data.
Crude prices continued to rise in London Tuesday amid fears that rising tension in the Middle East could disrupt oil supplies.
November Brent traded up 66 cents at $31.46 a barrel on the International Petroleum Exchange in London.
On the New York Mercantile Exchange Monday, November crude rose by $1 to settle at $31.86 a barrel.
International Markets
European markets firmed by mid session on Tuesday with energy stocks such as BP(BP) and Repsol (REP) overtaking an early tech recovery after the price of crude climbed. Bank stocks were the biggest fallers.
Tokyo stocks closed down Tuesday as investors returned from the holidays with selling in mind after one of Japan's leading insurers announced it was filing for bankruptcy.
In Japan, the Nikkei Average dropped 1.04 percent, or 166.52 points, to close at 15,827.72. The broader TOPIX closed down 1.36 percent at 1,482.57. Japan's financial markets were closed on Monday for a national holiday.
Julie Rannazzisi is markets editor for CBS.MarketWatch.com.
Greg Morcroft is New York news editor of CBS.MarketWatch.com. |
