Productivity As Expected; Stocks Flat
Stocks look to open flat following yet another economic report that shows
very little in the way of inflationary pressure in the economy. The first
quarter productivity number came in at the expected 2.4%, while the labor cost
component actually was revised downward from a 1.8% to 1.6% increase.
The Nasdaq futures are up 1 point, and the Dow futures are down 25 points.
The S&Ps look to open down 1.50 points, while the yield on the 10-year
Treasury note have edged up to a 6.15% yield.
This Morning
Intel
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PowerRating) said it would face delays in launching its new Timna
microprocessor until the first quarter of next year. Intel said the delay would
not affect sales or earnings. In pre-market trading, Intel is down a dollar from
Monday’s close to 131 9/16.
Recently renamed electronics retailer Radio Shack
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PowerRating), formerly known
as Tandy, reported a 7% increase in same store sales for the year. Computer
sales were credited with the increase. Radio Shack closed Monday at 44 1/4.
Satyam Infoway
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PowerRating), the largest Internet service provider and portal
for India, announced an alliance with SBC Communications
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PowerRating), and that has
moved the stock higher in pre-market trading. Satyam Infoway closed Monday up 4
1/16 to 29 3/4 and is trading up 3 1/4 to 33 in pre-market activity.
Last Night
News that Starbucks Coffee
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PowerRating) will be added to the S&P 500 has
the coffee giant up sharply in pre-market activity. After closing Monday at 35
5/8, Starbucks is trading up to 39 13/16. Starbucks will join the index on June
7.
Albertsons Stores
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PowerRating) reported first quarter earnings of 53 cents per
share, which was in line with analyst estimates, according to First Call/Thomson
Financial. Albertsons closed Monday down 13/16 to 34 13/16.