No Tiger At This Open
Ahead of a thin week for economic news, stocks are set to open quiet and mixed, with
traders keeping their ears open as earnings warning season kicks into high gear.
The Dow futures are up 25 points, and the Nasdaq futures are down 19.50
points.
The S&Ps look to open down a point while the yield on the 10-year
Treasury note has eased slightly to 5.98%
This Morning
Business software maker and service provider MicroStrategy
(
MSTR |
Quote |
Chart |
News |
PowerRating)
announced that it has secured $125 million from an institutional offering of
convertible preferred stock. MicroStrategy, which had traded as high as 333 as
recently as March, closed at 38 9/16 on Friday and is trading up to 46 3/4 in
pre-market activity.
Seagram
(
VO |
Quote |
Chart |
News |
PowerRating) is set to open higher on news the entertainment and spirits
giant is in final merger talks with Vivendi SA and Canal Plus. Seagram, which
owns and operates Universal Studios, closed Friday down 1 15/16 to 61 7/16.
In the pre-warnings department, New York-based Magic Software
(
MGIC |
Quote |
Chart |
News |
PowerRating)
said it expects that second quarter earnings will not meet analysts’
expectations. The company cites slowing North American and Japanese sales as the
reason. Magic Software closed Friday down 7/16 to 14 7/8 as is trading down to
10 1/2 in pre-market activity.
On Friday
Chemical and construction material maker Vulcan Materials
(
WMC |
Quote |
Chart |
News |
PowerRating) said it
expects second quarter earnings to increase 20% from its 61 cent per share first
quarter earnings. First Call/Thomson Financial expects second quarter earnings
of 77 cents per share. Vulcan closed Friday down 7/16 to 44 1/2.
Following a 4-for-1 spilt on Thursday, chip maker Rambus
(
RMBS |
Quote |
Chart |
News |
PowerRating) was
Friday’s big winner, trading up more than 25 points to 81 7/16. Rambus is set to
start the week up slightly and is trading at 82 1/2 in pre-market activity.