Stocks Waffle
With no major economic news on the docket until Thursday, stocks look to open
soft and sluggish Wednesday as earnings season continues in earnest.
The Dow futures are down 20 points, and the Nasdaq futures are down 36
points.
The S&Ps look to open down 5 points while the yield on the 10-year
Treasury is steady at 6.02%.
Morning Spotlight
Insurance broker and owner of Putnam Mutual Funds, Marsh & McLennan
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PowerRating)
posted second quarter earnings of 96 cents per share, which was right in line
with analyst estimates. MMC closed Tuesday at 114 15/16 and continues to improve
from its recent March 9th intraday low of 70 1/2.
Internet software maker Vignette
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PowerRating) announced second quarter losses
of a penny a share Tuesday, which failed to live up to First Call/Thomson
Financial estimates of a breakeven quarter. Vignette closed Tuesday at 43 5/8
and is trading down 7 to 36 in pre-market activity.
Optical giant JDS Uniphase
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PowerRating) is set to be added to the S&P 500
after the bell Wednesday. The stock closed Tuesday at 130 3/16 and is trading
down to 128 1/4 in pre-market activity.
Tuesday Follow-up
Online auctioneer eBay
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PowerRating) said it earned 5 cents per share for the
fiscal second quarter, and that topped First Call/Thomson Financial estimates of
3 cents per share. The company also said its user base had doubled during the
past year. eBay closed Tuesday up 1 1/8 to 56 1/4 but is trading down to 53 in
pre-market activity.
Digital solution provider Razorfish
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PowerRating) posted second quarter
earnings of 8 cents per share, beating Street estimates of 7 cents per share by
a penny. Razorfish closed Tuesday at 20 15/32 and is trading at 20 in pre-market
activity.