Yesterday certainly wasn't pretty for stocks. So today, on the day after what turned out to have more bad news for already beaten up markets, investors are looking for a breather.
After falling to its lows of the year, the tech-heavy
is set to bounce when the market opens this morning.
At 7:15 a.m. EST,
futures were up 46.50, about 33 points above
fair value as calculated by
. The broader market looks like it will also get a boost.
S&P 500 futures were up 6.50 to 1385.30, almost 8 points above fair value, as calculated by
. Both point toward a positive mood for stocks since fair value is a good gauge of what direction the market will take in early action.
Afraid you're going to hear more bad news about earnings? Not from Corning
. The former glassworks company that has emerged as a leader in the optical-networking area, last night said it expects third-quarter earnings to beat analyst estimates. Analysts surveyed by
First Call/Thompson Financial
expect Corning to earn 30 cents a share. Corning said it now expects pro forma earnings to come in at 34 cents or 35 cents per share. The company also said it expects the fourth quarter to be strong and it raised its full-year earnings guidance to $1.15 to $1.17 per share.
Advanced Micro Devices
, a semiconductor manufacturer, after the close of trading yesterday said its third-quarter earnings were at the high end of Wall Street's projections. AMD was lately trading at $24 on
, up from its $23.50 close in composite trading and higher still from its close in
New York Stock Exchange trading.
took a close look at AMD's earnings in a
AMD was giving a boost to
, which last traded at $36.44 on
, up from its close yesterday at $35.38.
was traded at $23.75 this morning in before-the-bell action, up from its close at $23.
On the downside, home improvement retailing giant
this morning lowered its earnings outlook. It was trading at $41 in preopen action, down from its $48.94 close.
Trading in Asia, ended on a mixed note. The
finished 0.4% lower, while the
gained 0.2%. In Europe, investors are boosting stocks in morning trading. The Paris-based
is up 1.6%, the German
is gaining 1% and the
in London is up 1.1%.
wrote extensively about Asian trading in a
For Wednesday's postclose trading, see The Night Watch.