On Tap Today: The Purchasing Managers' Non-Manufacturing Index

The lone economic release for today is the Purchasing Managers' Non-Manufacturing Index , which has very little impact on the market due to its short lifespan. (The earliest data go back only to July 1997.)

On the earnings front, Comverse Technology(CMVT), a maker of telecommunications software, is scheduled to release its quarterly profit results today. According to research firm Thomson Financial/First Call the Woodbury, New York-based company is expected to post first-quarter earnings of 42 cents a share, up from 33 cents a share in the year-ago quarter. Ahead of earnings, the company said it was slashing 6% of its workforce due to the current economic climate. As a result, it said it would take a restructuring charge of about $9 million.

Shares closed up $2, or 3.5%, to $59.59 on Friday.

Economic Data

(Forecasts are from Reuters. Times are Eastern. For a longer-term economic calendar and more, see TSC's Economic Databank.)

• 10 a.m.: Purchasing Managers' Non-Manufacturing Index for May. Source: National Association of Purchasing Managers. Forecast: n.a. Previous: 47.1.

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