Lower Open
We are looking to see a
flat to slightly lower open ahead. After taking a beating yesterday,
the markets may initially consolidate, before once again making a directional
move. Yesterday’s action included the S&P 500 plunging to its lowest level in
four years. One thing to keep in mind, as Tony Saliba reminded us yesterday, is
that the VIX jumped 5.10 which was its highest close since November 2001. This
reflects the fear that is gripping Wall Street and it is out of high levels of
fear that lows can take shape. Keep your eyes on
Market Bias Page to avoid getting caught in a short squeeze.
The S&P Futures are down 6.20, the Nasdaq-100
Futures are down 3.50, and the Dow Futures are up 13.00.
Jobless claims were higher than expected.
According to the Labor Department new claims came in at 403,000 in the week
ending July 6 vs. lower expectations from analysts.
Kodak
(
EK |
Quote |
Chart |
News |
PowerRating) expects an increase in second
quarter earnings, from a range of 60 to 70 cents per share to 85 cents per
share.
Bristol-Myers
(
BMY |
Quote |
Chart |
News |
PowerRating) is under investigation
by the U.S. government for overstating sales figures by $1 billion last year.
Yahoo
(
YHOO |
Quote |
Chart |
News |
PowerRating)Â is expecting to exceed its
earlier estimates for the second quarter.
Pre-market activity – NASDAQ Big Caps:
Dell Computer (DELL)
dn 0.31 at 23.36
Cisco Systems (CSCO)
dn 0.118 at 13.392
Intel (INTC)
up 0.07 at 16.88
Microsoft (MSFT)
dn 0.88 at 52.152
Oracle (ORCL)
dn 0.08 at 8.90
Sun Micro (SUNW)
up 0.02 at 5.07
Yahoo (YHOO)
dn 1 at 11.19
Qualcomm (QCOM)
up 0.83 at 27.24