More Cooling
Despite a weaker-than-expected May retail sales report, stocks look to
open slightly lower in Tuesday trading as Fed watchers ponder whether or not
this additional sign of a slowing economy will ward off another Fed rate hike
when it meets in two weeks.
Retail sales fell 0.3% in May while the Street had expected sales to remain
flat.
The Nasdaq futures are down 4.50 points, and the Dow futures are off 21
points.
The S&Ps look to open 1.50 points lower while the yield on the 10-year
Treasury note remains unchanged at 6.07%.
Traders will be keeping an ear to an early afternoon speech by Alan Greenspan
that is scheduled for 1:10 PM ET for any additional clues as to the Fed’s frame
of mind regarding interest rates. Greenspan is addressing the New York
Association for Business Economics.
This Morning
Computer electronics maker KEMET Corp.
(
KEM |
Quote |
Chart |
News |
PowerRating) said it expects to top First
Call/Thomson Financial earnings estimates of 48.50 cents per share by about 50%
when it releases fiscal 2001 first quarter earnings on July 24. KEMET closed
Monday down 2 13/16 to 29 3/16.
NBC’s Internet tracking stock NBC Internet
(
NBCI |
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Chart |
News |
PowerRating) is down sharply after
announcing that it expects lower-than-expected results for its second quarter.
After closing Monday at 24 5/8, NBCI is trading down to 16 5/8 in pre-market
activity.
Internet consulting firm Agency.com
(
ACOM |
Quote |
Chart |
News |
PowerRating) said it expects to join the
Russell 2000 index when it rebalances on July 1. Agency.com closed Tuesday down
1 7/16 to 19 5/8.
Last Night
Circuit board maker Solectron
(
SLR |
Quote |
Chart |
News |
PowerRating) reported third quarter earnings of 21
cents per share which was in line with First Call/Thomson Financial estimates.
Solectron closed Monday up 1 5/8 to 37 1/16.