More Robust Numbers
New jobless claims fell 12,000 to 296,000 for the week, which means fewer
people were put out of work than the 301,000 analysts expected. The weekly
figures can fluctuate, so today’s number really has not had much market moving
impact other than showing that the economy remains robust.
The Dow futures are up 14 points, and the Nasdaq futures are up 10.5 points.
The S&Ps look to open 2.3 points higher while the yield on the 10-year
Treasury note is holding steady at 6.01%.
In other economic news, the May factory orders report is due out at 10:00 AM
ET, and Street estimates look for a 3.7% increase.
This Morning
Sears
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PowerRating) said its same store sales rose 2.3% in June and that it expects
its second quarter earnings will top analyst estimates. Sears closed Wednesday
up 13/16 to 33 13/16, and its strong sales again show that consumers have not
yet been corralled by an economic slowdown.
International hotel giant Marriott
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PowerRating) posted second quarter diluted
earnings of 50 cents per share, beating the 48 cents per share that analysts
expected, according to First Call/Thomson Financial. Quarterly sales rose to
$2.4 billion from $2.0 billion in the same year-ago quarter. Marriott closed
Wednesday up 1/2 to 36 3/4.
Orthopedic medical product maker Biomet
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PowerRating) announced fourth quarter
earnings of 42 cents per share, and that topped analyst estimates of 41 cents
per share. The Indiana-based company also announced a 3-for-2 stocks split.
Biomet closed Wednesday down 1 3/4 to 38 and is trading up to 40 in pre-market
activity.
Last Night
The Salomon Smith Barney chip downgrade pummeled semis on Wednesday, but some
of the chip-makers are indicating positive opens. Altera
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PowerRating) closed at
92 7/16 and is trading up to 94 in pre-market action, and Applied Materials
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PowerRating)
which closed at 83 7/16 is trading up to 84 3/4.
Silicon Storage Technology
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PowerRating) fell 15 1/16 to 83 15/16 Wednesday and
was also a victim of a Salomon Smith Barney down grade. The stock is bouncing
back a tad and is trading up to 86 7/8 in pre-market activity.