Number Crunching
Stocks look to open marginally lower Tuesday following the first round of a
full day of economic numbers. Personal spending for June rose 0.5%, which was
slightly higher than the expected 0.4% rise, and personal income rose 0.4%,
which was lower than the expected 0.5% increase.
The Dow futures are down 8 points, and the Nasdaq futures are down 17 points.
The S&Ps look to open down 1 point while the yield on the 10-year
Treasury note has edged up to 6.01%.
Due out at 10:00 AM ET is June’s new construction figure, which is expected
to show a 0.1% increase, as well as the National Association of Purchasing Managers
number, which analysts expect to be 52.4.
Both figures should offer more
evidence as to whether the economy is continuing to slow as well as offer more
insight into what the Fed may do with rates later this month.
Wednesday will see the release of the index of leading economic indicators as
well as June’s new home sales, and then on Friday, traders will be eye-balling
the much anticipated jobs report.
Tuesday Spotlight
Procter & Gamble
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PowerRating) is set to announce earnings after the bell, and
analysts will be watching the consumer product giant closely. P&G has
pre-warned about earnings in both of the last two quarters. The stock, which
traded as high as 116 15/16 on January 18, fell 2 3/16 to 57 on Monday and was
one of the worst performers in the Dow on Monday.
Monday Follow-up
Semiconductors were the top-performing sector Monday, as the SOX
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PowerRating)
rose 3.9% and was led by Linear Technology
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PowerRating), up 9.5%, and Novellus
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PowerRating),
up 5.8%. Both stocks are trading flat from Monday’s close in pre-market
activity. Also in the chips, post-split Intel
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PowerRating) is trading down 1/8 to
66 5/8 in pre-market activity.
Data storage company StorageTek Corp.
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PowerRating) announced second quarter
earnings of 9 cents per share, beating First Call/Thomson Financial estimates of
5 cents per share. StorageTek jumped 2 3/4 to close at 12 7/8 on Monday.