Dow Takes A Hit
An earnings warning from Kodak is weighing on the Dow Tuesday while the rest
of the market appears headed for a flat open.
The Dow futures are down 56 points, and the Nasdaq futures are unchanged.
The S&Ps look to open up a half of a point while the yield on the 10-year
Treasury is steady at 5.85%.
In economic news, the consumer confidence numbers for September will be
released at 10:00 AM ET, and analysts expect a figure of 141.1, which is
slightly lower than August’s 141.2.
Tuesday Movers
Dow component Eastman Kodak
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PowerRating) said its third-quarter earnings would
fall short 20 to 25 cents per share in the third quarter, which would put a dent
in the $1.60 per share that analysts had expected. Kodak closed Monday up 1 to
59 but was trading down to $54.50 on Instinet.
Lehman Brothers initiated coverage of Fuel Cell
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PowerRating) with a buy rating
and that is helping the stock in Tuesday trade. Fuel Cell closed up 13/16 to 83
3/8 on Monday, and it is currently trading up to 86 in pre-market activity.
Incyte Pharmaceuticals
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PowerRating) is benefiting from an analyst upgrade.
After closing Monday down 1 1/8 to 38 1/8, Incyte is trading up to 40 in
pre-market activity.
Monday Follow-up
Broadcom
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PowerRating) avoided Monday’s tech selloff and finished up 3 1/2 to
252 1/4. Broadcom announced the release of a new secure e-commerce chip, and that may be helping Broadcom trade up to 256 3/4 in pre-market activity.