Reply #21: pre-open blather [View All]

[ozymandius]

9:15AM: S&P futures vs fair value: +1.2. Nasdaq futures vs fair value: +3.0. Futures trading has held steady, still indicating a flattish start for the stock market. Treasuries, meanwhile, have gotten a modest bid from the slight downward revision to Q2 GDP; the 10-year note is up six ticks and yielding 4.067%.

8:56AM: S&P futures vs fair value: -0.4. Nasdaq futures vs fair value: +2.0. Futures trade has lost steam following the slight downward revision to Q2 GDP and is signalling a relatively flat start for the market... In some coporate developments of note, Novellus (NVLS) provided a somewhat disappointing Q3 mid-quarter update after the close that is expected to act as a restraint on the semiconductor group; meanwhile, Tiffany & Co. (TIF) provided some welcome good news for the retail group, having posted better than expected Q2 results and raising its FY06 EPS guidance