Weak Wednesday Open
Stocks are looking weak at the open Wednesday, as enthusiasm for stocks
continues to wane following Tuesday’s Federal Reserve announcement of no change
in interest rates.
The Dow futures are down 35 points while the Nasdaq futures are down 30
points.
The S&Ps look to open down 4.4 points, and the yield on the 10-year
Treasury is holding at 5.75%.
Wednesday Focus
Dillards Department Stores
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as it reported lower-than-expected second quarter earnings of 15 cents per
share. First Call/Thomson Financial had expected earnings of 19 cents per share.
Dillards closed Tuesday up 1/2 to 14 1/16.
Biotechs look to build on Tuesday’s gains, with Amgen
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higher in early-morning trading. Amgen closed Tuesday up 1 13/16 to 69 1/16 and
is trading up almost 2 points to 71 1/4 in pre-market activity.
In the genomic arena, Cell Genesis
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of positive pre-clinical gene therapy studies. Cell Genesis closed Tuesday at 23
1/16 and is trading up to 28 in pre-market trading.
From Tuesday
Tax and financial planning software leader Intuit
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PowerRating)
posted narrower-than-expected losses of 4 cents per share for the company’s
fiscal fourth quarter. Analysts polled by First Call/Thomson Financial had
expected an 8 cent per share loss. Intuit closed Tuesday down 1/16 to 46 1/16
and is trading up to 49 in pre-market activity.
Albertsons Stores
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PowerRating) warned that a slowdown in
same-store sales will cause its second quarter earnings to fall short of analyst
expectations. First Call/Thomson Financial was looking for 62 cents per share,
but the Boise, Idaho-based chain expects earnings of just 46 cents per share. On
Tuesday, Albertsons fell 4 13/16 to 26 7/16.