To: IQBAL LATIF who wrote (25058 ) 4/8/1999 8:35:00 AM From: LABMAN Respond to of 50167
FROM REUTERS Home - Yahoo! - Help Yahoo! Mail - Get your free @yahoo.com email address - click here [ Business | US Market | By Industry | IPO | AP | S&P | International | PRNews | BizWire ] Thursday April 8, 8:14 am Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) Wall Street hoping for Q1 earnings boost at open By Jennifer Shaw NEW YORK, April 8 (Reuters) - Wall Street -- with the Dow at a record high -- is hoping General Electric Co. (NYSE:GE - news) will light up the big board Thursday morning with strong results. Techs could cheer Yahoo! Inc.'s (Nasdaq:YHOO - news) strong quarter. ''There's a divergence here,'' said Larry Wachtel, market analyst at Prudential Securities. ''We got the the good news out of Yahoo, and GE reports today. The turn-on for the averages could be the quarterly earnings reports''. GE is the second Dow 30 stock to report earnings for the first quarter of 1999. A favorable report on Wednesday from blue chip Alcoa (NYSE:AA - news) set a positive tone for the Dow, which rallied 121.83 points, or 1.22 percent, to a record 10085.31. Alcoa was the first blue chip to post first-quarter earnings. But market breadth was negative and the Nasdaq finished lower. ''It looks like we'll open on a relatively firm note,'' said Bill Meehan, chief market analyst at Cantor Fitzgerald. ''A lot will depend on whether we see some bidders in the technology area.'' Financial stocks, up sharply on Wednesday, are another potential source of market strength, analysts say. ''There's still a lot of excitement there,'' said Meehan, who said the sector was getting a hand from ''a more sanguine outlook for emerging markets,'' as well as a strong IPO market and positive earnings reports. On Wedneday investors remained glued to Yahoo! Inc. (Nasdaq:YHOO - news) which after the close reported first quarter earnings that surpassed analysts' estimates. The portal giant said it earned $0.11 a share before acquisition charges. Most analysts had expected $0.08 a share. Yahoo shares closed Wednesday at 208-7/16 after a volatile session. ''I think (Yahoo) will have a marginally positive impact,'' said Meehan. ''I wouldn't be surprised if after the initial strength we didn't see some institutional selling (in Yahoo) coming in.'' At 0800 EDT/1200 GMT, March S&P futures were down 0.90 percent. Standard & Poor's 500-stock index also set a new high on Wednesday rising nine points, or 0.68 percent. The military conflict in Yugoslavia remains a potential cloud over the stock market. On the data front, jobless claims for the week ended April 3 are due at 0830 EDT/1230 GMT. (Note: this article is ''in progress''; there will likely be an update soon.) More Quotes and News: ALCOA Inc (NYSE:AA - news) DJ INDU AVERAGE (Dow Jones & Company, Inc) (^DJI - news) General Electric Co (NYSE:GE - news) Yahoo Inc (Nasdaq:YHOO - news) Related News Categories: mining/metals, US Market News Help Copyright © 1999 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. See our Important Disclaimers and Legal Information. Questions or Comments?