8:55AM: Upward revision to Q4 GDP has been a supportive factor for the market as it is consistent with the understanding that the U.S. economy is on the rebound... Presently, the S&P futures are 3.80 points above fair value while the Nasdaq 100 PMI is up 7 points... The improvement in Q4 GDP came from consumer and govt. spending, a thinner trade deficit, and a less severe decline in residential spending. Business investment, though, was revised lower...
In corporate news, retailers should be an active bunch today as a number of companies, including TIF, CLE, PLCE, IBI, LTD, MW, TGT, NMG.A and KCP are reporting their quarterly earnings results... For more detail, be sure to visit Briefing.com's In Play and Earnings Calendar pages... Story stocks of note include Gateway (GTW 4.60 -0.83; issued Q1 and FY02 warning), Genesis Microchip (GNSS 31.70 -9.30; downgrades from Prudential and CIBC after a business update call), and eBay (EBAY 51.02 +1.91; upgraded by Morgan Stanley to STRONG BUY from Outperform). |
