Action Insight | Written by ActionForex.com | Jun 05 07 14:19 GMT | Forex Mid-Day Technical Report Dollar Sent Lower by Bernanke but Drawing Support from ISM Dollar’s sell off resumes in early US session after comments from Bernanke which said that housing market’s drag on the economy could persist somewhat longer than expected even though the slump has not spilled over into other parts of the economy yet. He said in his speech “http://www.federalreserve.gov/boarddocs/speeches/2007/20070605/default.htm...
Stocks Set For Bad Open
Posted in finance | Thursday, July 26th, 2007 | Trackback
Stock futures pointed to a sharply lower open Thursday as credit market fears spooked financial markets. Nasdaq futures were down 16 points vs. fair value S&P down 16 points and Dow down 121.
There’s lots of earnings news, but that’s not the focus. Investors are very nervous about credit conditions with investment banks, lenders and home builders falling hard before the open. Oil prices are soaring toward record highs. Treasury yields are at their lowest levels since May.
A couple of big-cap leaders bucked the trend. Apple () traded higher by about 8% in the premarket. Late Wednesday, the iPhone maker delivered a 70% jump in fiscal Q3 profit, smashing views, on strong Mac and iPod sales. For the current quarter, Apple gave a very conservative outlook. But the company has a history of low-balling its guidance.
Baidu.com () was sharply higher after it continued its streak of triple-digit growth. Late Wednesday, the Chinese Internet search firm said second-quarter profit surged 128% to 57 cents a share, easily beating analysts’ estimates of 43 cents. According to Beijing-based research firm Analysys International Baidu had 58% of China’s search revenues in the second quarter vs. Google’s () 23%.
Meanwhile, Dow component Exxon Mobil () reported second-quarter income of $1.83 a share, missing views of $1.96. Shares edged lower in pre-market trading.
Fellow Dow member 3M () beat views and raised its full-year outlook. The Scotch tape maker now sees earnings between $5.40 and $5.60 per share, well ahead of views of $4.86 a share.
Intercontinental Exchange () delivered Q2 profit excluding charges ahead of views. But the stock slipped in pre-market trading.
Online real estate information provider LoopNet () beat views for the fifth straight quarter since coming public last June. The company also guided Q3 and full-year guidance mostly in line with estimates.
On the economic front, durable goods orders rose 1.4% in June, the biggest gain in three months. But that was below expectations of a 2% rise. Orders ex transportation fell 0.5%, while core capital goods orders also fell.
New home sales for June will be out at 10:00 a.m. ET. Economists expect 900,000 units. Pulte Homes (), D.R. Horton (), Beazer Homes () and Ryland () all swung to quarterly losses.
