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Market Preview: Thar She Blows!

Friday's economic reports include the producer price index for June at 8:30 a.m. ET and the first University of Michigan consumer sentiment reading for July. The consensus is calling for all-in PPI to decline 0.6% and for the core number, excluding food energy, to rise 0.2%, according to The U of Michigan survey is seen ticking up to 73.5 from a final reading of 73.2 in June.

And finally, shares of Acme Packet (APKT), which warned last week, were gaining in late trades on Thursday after the Bedford, Mass.-based data delivery technology company said its board has approved the buyback of up to $200 million worth of its common stock over the next year.

The shares were last quoted at $16.56, up 6%, on volume of more than 105,000, according to Based on Thursday's regular session close at $15.61, the stock is down nearly 50% so far in 2012.

Acme Packet plans to release its second-quarter results on July 26, and the company said on July 6 that it expects to report a non-GAAP profit of 12 to 13 cents a share for the June-ended period on revenue of between $66 million to $68 million.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
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