From Briefing.com: S&P futures vs fair value: +13.3. Nasdaq futures vs fair value: +18.0. Bullish bias in pre-market action with the better than expected economic data acting as the key catalyst... Recent announcement from Intel (INTC) that its board has authorized the purchase of an additional 480 mln shares under its repurchase program, along with decent earnings news out of the retail sector and IBM reiterating its FY03 outlook, are lending further support
INTC Intel adds 480 mln shares to buyback program (18.12) Co's board has authorized the purchase of an additional 480 mln shares as part of the co's existing stock repurchase program. From the beginning of the program in 1990 through Q3 of 2002, Intel has repurchased approx 1.7 billion shares at a cost of about $29 bln. During Q3, Intel repurchased approx 57 mln shares at a cost of roughly $1 bln.
7:30AM Taiwan DRAM makers to ramp up DDR ratios to 90% by January - Digitimes : Digitimes reports that "the much-acclaimed" DDR DRAM shortage of recent months may be fading out, as Taiwan DRAM makers gear up to pump DDR ratios to 90% by Jan. (In Sept, Taiwanese DRAM makers were expected to reach an avg DDR output ratio of 70% by year-end; meanwhile, DDR prices have soared on the shortage of the past few months, but spot prices have recently showed signs of dipping down from the high.)
S&P futures vs fair value: +8.7. Nasdaq futures vs fair value: +8.5. Good news in the economic data as the initial claims and retail sales reports were both better than expected... The inferences drawn from the data are that the job market is getting better and that the consumer remains alive and well... Futures market has caught a bid on the data, and now, the cash market is poised to make a decent push to the upside when trading begins
MU Micron downgraded at Prudential; target $11 (13.07) Prudential downgrades to Hold from Buy based on the belief that DRAM prices will come under pressure at a faster pace than the mkt anticipates, and that the opportunity to buy Hynix's DRAM assets has been missed; cuts price target to $11 from $21.
Retail Sales better than expected; Jobless Claims lower Two good reports for the economy - a strong 0.7% ex-auto retail sales increase managed to overcome already reported weakness in auto sales to keep total sales unchanged on the month. We already knew about the post-incentive weakness in auto sales, so the continued strength in ex-auto sales is good news that indicates consumers are still spending at a healthy clip. Jobless Claims fell to 388K, getting a bit further below the 400K level that has been an anchor in recent months. It's too early to call this a trend, but it is an encouraging number nevertheless.
RFMD RF Micro Device CEO to resign (7.88) Co announces that Bob Bruggeworth will succeed David Norbury as CEO in January. Mr. Norbury, who is retiring, plans to continue as a member of co's board of directors.
finance.yahoo.com^SOXX+ALTR+AMAT+AMD+BRCM+INTC+KLAC+LLTC+LSCC+LSI+MOT+MU+MXIM+NSM+NVLS+RFMD+TER+TXN+XLNX+^VIX+^IXIC+^SPX+SMH&d=t
RtS |
