Morning Coffee with TradingMarkets
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Good Morning! |
Futures Point to Brutal Open…Oil Teases $100 (Again)…Credit Crunch Continues…S&P Financial Worst Since 94…Countrywide Denies Bankruptcy Rumors…Hip Retailers ANF, GPS Report…Fed Lowers 08 Growth Forecast…Traders Bet On More Rate Cuts…
Another weak open awaits traders on the day before Thanksgiving. Even with the occasional bounce, stocks continue to meltdown on credit concerns and a "let them eat cake" attitude from the Fed. First the bears came for the financials – are tech stocks next? Yahoo!
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TradingMarkets 5 Business Stories You Need to Know |
Treasuries Surge, Stocks Suffer – Wall Street Journal
Futures point to nasty open on day before Thanksgiving. Ten-year yields drop below 4% for the first time in two years as traders bum rush the bond market for safety.
Oil Rallies Toward $100 – BBC News
Weakening dollar and in-fighting among OPEC members combine to drive oil prices higher. Expensive oil expected to continue into 2008.
Mortgage Woes, Poor Sales Hurt GM – Wall Street Journal
CEO Rick Wagoner feels the heat as auto sales continue to disappoint. A big bet on subprime mortgage lending isn’t helping matters either. Is the Wagoner honeymoon over?
The S&P’s Punk Earnings – Reuters
You may not have noticed, but corporate earnings projections for the third quarter are now negative. Year-over-year, this marks the first negative quarter since 2001.
Ericsson Warns of Weak Sales – CNN Money
Sales are expected to be at the "lower end of the range" for the quarter. Lowered forecast leads to lower levels for shares of wireless networking giant.
» For more stories as they happen, go to our Breaking News section.
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TradingMarkets 7 Stocks You Need To Know for Today |
Here are 7 stocks for traders for Thursday from TradingMarkets.com:
- Abercrombie & Fitch
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PowerRating), the hip retailer is scheduled to report before the open on Wednesday. Analysts are expecting third quarter EPS of 1.28. - Whole Foods Market
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PowerRating), is also slated to provide earnings news to investors on Wednesday. Expectations for Gap point to EPS of 0.29. - Analysts are expecting earnings of 0.46 per share from The Children’s Place
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PowerRating), which will report before the bell on Wednesday. - Patterson Dental
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PowerRating) is expected to announce earnings per share of 0.40 when they report Wednesday morning before the market opens. - Footlocker
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PowerRating) reported third quarter 2007 losses of 22 cents per share after the bell on Tuesday. - Pacific Sunwear of California
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PowerRating) announced losses of 29 cents per share after the close on Tuesday, citing store-related writedowns and other charges.
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For a list of today’s highest PowerRating stocks, click here.
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TradingMarkets 5 Top PowerRatings Stocks for Today |
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Company
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Symbol | PowerRatings |
| TBS International | TBSI | 10 |
| NetScout Systems | NTCT | 10 |
| Euroseas | ESEA | 10 |
| ENGlobal | ENG | 10 |
| Alabama National Bancorp | ALAB | 10 |
| » View More Stocks |
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TradingMarkets Playbook |
There’s no fading the ugliness the market is set to start the day with. European shares were weaker overnight, and futures for the U.S.
market were down by more than 1% in the hour leading up to the open.
Negativity toward General Motors
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PowerRating) and Juniper Networks
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PowerRating).
Our Daily Market Bias remains conflicted, with a bullish read on the lows in the S&P 500 running into bearish take on the VIX. With regard to the Nasdaq 100, sell signals are starting to build.
The TradingMarkets HeatMap continues to point toward Manufacturing as the source of the best bargains in a battered market.
David Penn is Senior Editor at TradingMarkets.com.