Pre-Home Sales, Stocks Higher
Following the Nasdaq’s two-day 5.4% drop, stocks look to open higher Monday,
just a day ahead of the Federal Reserve FOMC meeting.
The Nasdaq futures are up 44 points, and the Dow futures are up 41 points.
The S&Ps are up 6 points, while the yield on the 10-year Treasury note is
6.17%.
On the economic front, May’s existing home sales are due out at 10:00 AM ET
and could serve as a barometer to the Fed’s frame of mind going into Tuesday’s
meeting. Analysts expect the number to be 4.83 million sales.
This Morning
Tobacco and food giant Phillip Morris
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PowerRating) is trading up to 25 1/4, up
from Friday’s close of 23 7/16, on news that the company will buy Nabisco
Holdings
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PowerRating) for $14.9 billion. Nabisco closed Friday at 51 5/8.
Payroll service provider Paychex
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PowerRating) announced fiscal fourth quarter
earnings of 14 cents per share, topping First Call/Thomson Financial estimates
of 13 cents per share. After closing Friday at 37 13/16, Paychex is trading up
to 39 in pre-market activity.
Yahoo!
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PowerRating) announced plans to team up with Internet software maker
TIBCO
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PowerRating) to provide corporations with personalized Internet services.
TIBCO closed Friday at 89 1/16 and is trading up to 94 in pre-market activity,
while Yahoo! is trading at 125 3/4, up from Friday’s close of 126 9/16.
On Friday
Analyst comments about credit quality weakness in online e-tailer Amazon
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PowerRating)
sent the stock down 8 1/8 to 33 /8 on Friday. Amazon is bouncing back somewhat
in Monday pre-market action and is trading up to 34 7/8 in pre-market activity.
Last week’s rocket Rambus
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PowerRating), which gained more than 30 post-split
points for the week, is again trading higher in Monday pre-market activity.
Rambus closed Friday at 114 11/16 and is trading up to 118 3/4 in pre-market
action.