Heading into another day of trading, markets tentatively were set to open higher while overseas markets crumbled, reacting to Monday's disappointing finish in the U.S. markets. And the euro, the bane of fiscal existence? It continued to pop up in company warnings.
Speech recognition outfit
Lernout & Hauspie
continued to be recognized by investors this morning. The company, which
Monday disputed a
Wall Street Journal
report that its overseas start-ups weren't producing much, traded at $14 on
, a gain of $1.50 from where it closed last night.
Meanwhile, other tech names were higher. Just not much higher.
, still reeling from last week's warning, edged up 13 cents to $45.50, while
, mired in a three-day slump, gained 31 cents to $57.50.
Look for traders to respond to news from two names in the computer gadget market.
first-quarter results were overwhelmingly positive, with sales more than doubling and its per-share earnings beating analyst estimates by two cents. But not all is golden in the land of gizmos. Last night,
, the inkjet and laser-printer maker, warned about the second half of its fiscal year, citing slowing sales and that dastardly euro.
didn't make such a pretty picture, warning about its third-quarter earnings. The reasons are the same ones everybody's been complaining about -- the weak euro and higher materials costs. Analysts polled by
First Call/Thompson Financial
expected Kodak to earn $1.60 per share. Kodak is now saying it expects earnings to be 20 cents to 25 cents lower per share than expectations.
Shares of Kodak lately were trading at $54.50 in preopen action on
, down from yesterday's close at $59.
Futures were firmly, but faintly, positive this morning. The
were up about 1.20 to 1462.20, about 6.17 points above fair value, which is a fairly good gauge of how well stocks will do in the opening moments of trading. Meanwhile, after an early pop into the plus side, the
futures were off 5.00 points to 3670.50, about 4.83 points below fair value, as calculated by
Looks like we're going to have a mixed open. Earlier futures were solidly higher, but they've weakened heading into the bell.
Asian markets faltered after churning out a stellar Monday. Hong Kong's
gave back some of yesterday's huge 816-point gain and fell 138 to 15,291. Toyko's
was last off 64 to 15,929. (For more, see the
Asian Markets Update.)
Across the pond, European markets were mushy and mixed. France's
and the U.K.'s
were both softer, with French markets off 24 to 6312 and the Brits down 45 to 6212. Germany's
was better, up 25 to 6814.
And the euro was still mired below 90 cents, last worth 87.79 cents.
For Monday's postclose trading, see The Night Watch.