After getting battered on Friday, traders expect a bit of a respite this morning.
"The oversold condition is allowing some relief here, so we'll have a little firming here," says one trader.
The market should be relatively quiet today, heating up tomorrow as the
Consumer Price Index
, and more earnings reports, come out.
As things stand now, the
futures, up about 1.50, are signaling a weak open. To reach fair value, they need to be up 3.95. The 30-year Treasury bond is down 1/32 at 93 11/32, driving the yield to 7.17%.
announced that it will acquire
in a stock deal worth about $1.7 billion.
The Wall Street Journal
is in talks with
. Continental could become the third airline to buy airplanes exclusively from Boeing.
reported first-quarter earnings of $2.30 a share, well above
expectations of $2.09.
came in with first-quarter earnings of 40 cents a share, two cents above First Call estimates.
announced first-quarter earnings of $1.09, two cents above First Call estimates.
reported first-quarter earnings of $1.00 a share, nine cents better than First Call estimates.
reported first-quarter earnings of 91 cents a share, two cents better than First Call estimates. The company said that it planned to appeal patent infringement verdict that
won against it. Novellus warned that the damages that could be assessed against it could have a "material adverse impact on the company's financial condition."
Bank of New York
BK posted first-quarter earnings of 65 cents a share, two cents above First Call expectations.
Tokyo stocks dipped, prompted by Wall Street's declines on Friday. Despite more gains in the dollar, international blue-chips fell. Brokerages also fell on reports in the
scandal has spread. The paper said that
were searched recently. Banks, led by
Nippon Credit Bank
fell 154.41 to close at 17,692.47.
With their fortunes tied so closely to the U.S. market, Hong Kong stocks got battered badly. Leading the plummet were interest rate-sensitive property stocks. Those issues have already been under pressure -- investors have become concerned that the government may step in to curtail speculation in the territory's frothy real-estate market. The
fell 220.63 to close at 12,295.97.
Frankfurt stocks also took their cues from Wall Street, trading down. Despite a stronger dollar, even export-oriented stocks posted losses. The
closed at 3279.89, down 60.15
In London, stocks fell sharply at the open, with the
touching a low of 4,232.9. Since then, the market's taken back some of those losses. The
is down 23.4 at 4247.30.