Stocks To Open Mixed to Lower
U.S. shares appeared set to open mixed
to lower Friday after Dell and Agilent turned in disappointing fundamentals. Energy
stocks, however, appear to look strong in pre-opening trades.
In other news, the U.S. Commerce
Department reported that the trade deficit rose sharply in March, posting the
biggest month-to-month gain in at least nine years. The trade shortfall rose
16%p to $31.2 billion in March from $26.9 billion in February as imports rose
and exports fell.
Agilent
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PowerRating) posted an operating
profit of 26 cents per share — 11 cents per share after the inventory write-off
charges — vs. 35 cents in the quarter a year ago. That compares to
analyst estimates averaging of 27 cents per share, according the First
Call/Thompson Financial.Â
Dell
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PowerRating) reported Q1 net
income 17 cents per share vs. or 17 a year earlier and matching analyst
estimates. Sales rose 10% to $8 billion. The company said Q2 earnings would come
in flat at best. Dell appeared headed lower at the open.Â
Lucent
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PowerRating) surged in Instinet
electronic trading on a report that Alcatel was in talks to buy the company at a
20% premium. Alcatel declined to comment on the report. The New York Times,
citing executives close to the talks, reported in its online edition on Friday
that a decision about whether to proceed with formal negotiations was expected
within the next week.
The Electronic Communications Network
Instinet Group debuts on the Nasdaq market on Friday after raising $464 million
in the first stock offering by an alternative trading network. Instinet, a unit
of news and financial data company Reuters Group Plc, plans to use about $150
million of the proceeds to repay debt to Reuters.
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