Post-Fed Slippage
First quarter GDP was revised upward to 5.5%, which was slightly higher than
the 5.4% analysts expected, but that news has had little effect on a market that
has been indicating a negative open all morning.
The Dow futures are down 62 points, and the Nasdaq futures are down 55
points.
The S&Ps look to open 9 points lower while the yield on the 10-year
Treasury note is 6.07%.
In other economic news, the report for May’s new home sales is due out at
10:00 AM ET, and estimates look for a figure of 900,000.
This Morning
In the earnings warning department, information services and technology
provider Unisys
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PowerRating) said its second quarter earnings would fall short of
analyst expectations. First Call/Thomson Financial expects Unisys to earn 37
cents per share for the June 30th-ending quarter. Unisys closed Wednesday down
13/16 to 23 1/8.
Consumer food giant ConAgra
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PowerRating) matched Wall Street earnings estimates
of 46 cents per share for its fiscal fourth quarter. Shares of ConAgra closed
Wednesday down 1/16 to 19 13/16.
Last Night
3Com
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PowerRating) spin-off Palm
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PowerRating) posted fourth quarter earnings of
3 cents per share, beating analyst estimates by 2 cents, according to First
Call/Thomson Financial. Palm closed Wednesday at 26 3/8 and is trading up to 29
3/8 in per-market activity.
Computer networker Cabletron Systems
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PowerRating) reported a 2 cent per share loss
for its fiscal first quarter ending May31, and that topped the First
Call/Thomson Financial estimates of a 3 cent loss by a penny. Cabletron closed
Wednesday up 11/16 to 22 1/2.