Lackluster Open
Following Monday’s broad-based light-volume rally, stocks are set for a weak
open Tuesday in advance of the July industrial production report.
The Dow futures are down 30 points, and the Nasdaq futures are down 9 points.
The S&Ps look to open down 2.4 points while the yield on the 10-year
Treasury note has inched up to 5.81%.
Due out at 9:15 AM ET is July’s industrial production report, and Street
estimates look for a 0.4% increase.
This Morning
Office supply retailer Staples
(
SPLS |
Quote |
Chart |
News |
PowerRating) announced second-quarter earnings
of 10 cents per share, topping First Call/Thomson Financial estimates of 9 cents
per share. Staples closed Monday at 18 1/8 and has traded at 18 3/32 in
pre-market activity.
Dow component Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating) posted second-quarter earnings of 36 cents
per share, which were in line with analyst estimates for the home product
producer. Home Depot closed Monday up 4 to 59.
In a sign of what could be interpreted as evidence of a slowing economy, J.C.
Penney
(
JCP |
Quote |
Chart |
News |
PowerRating) posted second-quarter earnings of a penny a share, which was
significantly below the 40-cents-per-share earnings for the same year-ago
quarter. Analysts polled by First Call/Thomson Financial expected break-even
earnings for the current second quarter. J.C. Penney closed Monday up 1/16 to 17
7/8.
Monday Follow-Up
On Monday, data storage device maker Network Appliance
(
NTAP |
Quote |
Chart |
News |
PowerRating) posted
first-quarter earnings of 9 cents per share, beating First Call/Thomson
Financial estimates of 8 cents per share. Despite topping analyst estimates,
Network Appliance is trading down to 85 in pre-market activity after closing
Monday at 90 3/4.
Electronic Arts
(
ERTS |
Quote |
Chart |
News |
PowerRating) announced a 2-for-1 stock split after the bell
Monday, and after finishing the day at 89 9/16, Electronic Arts is trading up to
92 1/4 in pre-market activity.
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