Preopen Trading: Investors Set to Push Stocks Higher at Open
Looks like investors are in a generous mood. They're shaking off the latest warnings, which come from
Intel
(INTC) - Get Intel Corporation Report
and
Coca-Cola Enterprises
(CCE)
, setting up to push stocks higher when the market opens.
Intel last night said its fourth-quarter revenue won't meet expectations. This is the second quarter in a row the chipmaker has warned that it would have an earnings disappointment.
TheStreet.com
wrote a
separate story on Intel's problems.
And Coca-Cola Enterprises, which makes and distributes products for
Coca Cola
(KO) - Get Coca-Cola Company Report
, said its volume in the fourth quarter would be lower than its previous guidance because of weakness in its Canadian business. It also said fiscal 2001 earnings would be lower than current expectations because of currency exchange problems.
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Despite other recent warnings that have knocked down the market, investors don't seem to be letting last night's news keep them down. Futures for the large-cap
Nasdaq 100
trading on the
Globex
exchange, for example, were up 92.50 to 2815, putting them about 46 points above
fair value.
S&P 500 futures were up 13.3 to 1369.8, giving them an advantage of almost 7 points above fair value. Fair value helps gauge how stocks will trade in early action, and today they point to positive territory for both tech and the broad market.
All eyes, however, will be on the
jobs report when it comes out at 8:30 a.m. EST to see what it says about the current state of the employment rate. The November edition of the jobs report -- which contains information about both job and wage growth -- is expected to confirm that the economy is slowing.
TheStreet.com
wrote a
preview of what the report will mean for the markets.
Overseas markets were mostly higher. In Paris, the
CAC-40
was gaining 65.95 to 6050.64 and the German
DAX
was up 114.97 to 6681.05. In London, the
FTSE
was adding 97.20 to 6328.60. Asian markets were mixed, with the
Hang Seng
in Hong Kong moving 177.81 higher to close at 15189.33. In Japan, the
Nikkei 225
lost 64.72 to close at 14655.64.
For Thursday's postclose trading, see The Night Watch.
