Greenie Takes The Stand
Stocks are set to open modestly higher Thursday, as traders keep an open ear
to Alan Greenspan’s congressional testimony that starts at 10:00 AM ET. On the
economic front, new housing starts for June came in at 1.55 million, which was
slightly less than the 1.57 million that analysts had predicted.
The Nasdaq futures are up 33.5 points, and the Dow futures are up 40 points.
The S&Ps look to open flat while the yield on the 10-year Treasury has
edged down to 6.14%.
In other economic news, the weekly jobless claims fell by 9000 jobs or 2.6%
to 311,000, suggesting that the economy is still remaining stubbornly robust.
Morning Movers
News that Standard & Poor’s has chosen optical networker JDS Uniphase
(
JDSU |
Quote |
Chart |
News |
PowerRating)
to replace Rite Aid
(
RAD |
Quote |
Chart |
News |
PowerRating) in the S&P 500 has sent JDS Uniphase sharply
higher in pre-market activity. JDSU closed Wednesday at 106 3/4 and is trading
up to 126 1/8 in pre-open action. The company will join the S&P 500 at the
close on July 26.
JDS Uniphase acquisition SDL Inc.
(
SDLI |
Quote |
Chart |
News |
PowerRating) is up on the S&P news as
well. After closing Wednesday at 359 5/8, SDLI is trading up to 422 1/2 in
pre-market action.
First Union
(
FTU |
Quote |
Chart |
News |
PowerRating), the nation’s sixth largest bank, announced earnings of
73 cents per share which beat First Call/Thomson Financial estimates by a penny.
First Union closed Wednesday up 5/16 to 26 13/16.
Last Night
Internet security leader Check Point Software
(
CHKP |
Quote |
Chart |
News |
PowerRating) posted second
quarter profits of 50 cents per share, trouncing First Cal/Thomson Financial
estimates of 42 cents per share. After closing Wednesday at 224 7/8, Check Point
is trading up to 234 in pre-market action.
Computer giant IBM
(
IBM |
Quote |
Chart |
News |
PowerRating) posted second quarter earnings of $1.06 per
share, beating Street estimates of $1.00 per share. IBM closed Wednesday up 5
7/16 to 108 3/4.