More Cool Numbers
New jobless claims increased by 5000 to 302,000 for the week, which was a
greater increase than analysts expected. The figure moves the 4-week moving
average of jobless claims up to 300,500, its highest level since July, 1999.
The jobless claims serve as yet another small piece of evidence that the
economy may be continuing to cool, and that has helped stock futures reverse
some of their pre-market losses, although the major indexes still look to open
slightly in the red.
The Nasdaq futures are down 1.50 points, and the Dow futures are down 15
points.
The S&Ps look to open down 2.60 points while the yield on the 10-year
Treasury note has eased to 6.09%.
This Morning
Morgan Stanley Dean Witter
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PowerRating) announced better-than-expected second
quarter earnings of $1.26 per share, beating First Call/Thomson Financial
estimates of $1.13 per share. Morgan Stanley closed Wednesday up 1/8 to 85 9/16.
After gaining 5 3/4 to 80 11/16 on Wednesday, Microsoft
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PowerRating) is
trading up to 81 1/4 in pre-market activity. The company is set to announce its
new Internet strategy at a highly publicized presentation today at the company
headquarters in Redmond, Washington.
Last Night
e-Business software provider Tibco
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PowerRating) reported earnings of 4 cents
per share for the company’s second quarter, topping First Call/Thomson Financial
estimates of a 5 cent per share loss. After closing Wednesday up 7/16 to 83
1/16, the Palo Alto, Calif.-based Tibco is trading up to 86 in pre-market
activity.
Internet software testing company Mercury Interactive
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PowerRating) was chosen
to join the S&P 500 after the bell. After closing down 2 1/16 to 97 7/8,
Mercury is trading up more than ten points to 110 1/2 in pre-market activity.
Bed Bath & Beyond
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PowerRating) announced first quarter earnings of 16
cents per share, beating Street estimates by a penny according to First
Call/Thomson Financial. Bed Bath & Beyond closed up 3/4 to 35 11/16 on
Wednesday but is trading down to 32 in pre-market activity.