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Stocks Set to Open Down Ahead of Data
By THE ASSOCIATED PRESS August 3, 2005 Filed at 6:51 a.m. ET
NEW YORK (AP) -- U.S. stocks are expected to open lower Wednesday as some profit-taking is projected and investors wait for non-manufacturing and oil inventory reports later in the day.
Dow Jones futures were recently down 10 points, while Nasdaq futures were down 2 points and S&P futures were down 0.8 points.
In London, the FTSE 100 fell 0.3 percent to 5312, despite U.K. services PMI data staging a surprise rebound for July. Economist Alan Castle at Lehman Brothers had been expecting a fall, as had others, given the weaker message from other recent data such as BCI figures.
In Japan, the Nikkei ended up 0.4 percent at 11981.80, the highest close since April 2004, as multiyear highs in U.S. stocks and Japanese firms' positive earnings results spur buying of blue chips such as Honda Motor.
In U.S. corporate news, Time Warner Inc. reported a second-quarter loss of 7 cents a share, compared with earnings of 17 cents a share a year earlier. The company's revenue fell 1 percent in the quarter to $10.7 billion, with declines at the filmed entertainment and AOL units offset by growth in cable, networks and publishing. The company had charges of 25 cents a share in the quarter, bringing its operating income to 18 cents a share, a penny shy of analysts' estimates.
Time Warner also announced that it has reached an agreement in principle to resolve its primary securities class action litigation and established reserves of $3 billion related to this and other related securities litigation matters.
XM Satellite Radio reached a deal, expected to be announced today, to carry news, information and music programming from New York Times Co.'s newly established radio unit, according to the Times. Under the agreement, XM will place news, features, reviews and commentary from newspaper and radio employees of the Times company on its satellite channels.
BMC Software Inc. was the toast of late traders as it beat the Wall Street view with its fiscal first-quarter results - despite swinging to a loss - and boosted views for the fiscal year. Borland Software swung to a second-quarter loss and warned that it would miss the Street earnings target for the third quarter. CIBC said it would settle with Enron shareholders for $2.4 billion.
Energy heavyweights report early. Analysts expect Duke Energy to log second-quarter earnings of 38 cents a share, while Noble Energy is expected to log $1.82 a share in second-quarter profit. Drug-store chain CVS Corp. is expected to post second-quarter earnings of 31 cents a share.
Economists look for a minimal falloff to a reading of 62.0 in ISM's July non-manufacturing business activity index from 62.2 in June. ISM is expected to release its non-manufacturing report at 10:00 a.m. EDT on Wednesday.
The Nasdaq Composite Index hit a fresh four-year high Tuesday with help from a strong semiconductor group propelled by Maxim Integrated Products. But strength was broad-based, with Kinder Morgan, TRW Automotive and Herbalife all upsiders.
The Nasdaq Composite Index gained 22.77, or 1.04 percent, to 2218.15. The Dow Jones Industrial Average rose 60.59, or 0.57 percent, to 10683.74, and the Standard & Poor's 500 Index added 8.77, or 0.71 percent, to 1244.12, a new four-year high.
Stocks Set to Open Down Ahead of Data
By THE ASSOCIATED PRESS August 3, 2005 Filed at 6:51 a.m. ET
NEW YORK (AP) -- U.S. stocks are expected to open lower Wednesday as some profit-taking is projected and investors wait for non-manufacturing and oil inventory reports later in the day.
Dow Jones futures were recently down 10 points, while Nasdaq futures were down 2 points and S&P futures were down 0.8 points.
In London, the FTSE 100 fell 0.3 percent to 5312, despite U.K. services PMI data staging a surprise rebound for July. Economist Alan Castle at Lehman Brothers had been expecting a fall, as had others, given the weaker message from other recent data such as BCI figures.
In Japan, the Nikkei ended up 0.4 percent at 11981.80, the highest close since April 2004, as multiyear highs in U.S. stocks and Japanese firms' positive earnings results spur buying of blue chips such as Honda Motor.
In U.S. corporate news, Time Warner Inc. reported a second-quarter loss of 7 cents a share, compared with earnings of 17 cents a share a year earlier. The company's revenue fell 1 percent in the quarter to $10.7 billion, with declines at the filmed entertainment and AOL units offset by growth in cable, networks and publishing. The company had charges of 25 cents a share in the quarter, bringing its operating income to 18 cents a share, a penny shy of analysts' estimates.
Time Warner also announced that it has reached an agreement in principle to resolve its primary securities class action litigation and established reserves of $3 billion related to this and other related securities litigation matters.
XM Satellite Radio reached a deal, expected to be announced today, to carry news, information and music programming from New York Times Co.'s newly established radio unit, according to the Times. Under the agreement, XM will place news, features, reviews and commentary from newspaper and radio employees of the Times company on its satellite channels.
BMC Software Inc. was the toast of late traders as it beat the Wall Street view with its fiscal first-quarter results - despite swinging to a loss - and boosted views for the fiscal year. Borland Software swung to a second-quarter loss and warned that it would miss the Street earnings target for the third quarter. CIBC said it would settle with Enron shareholders for $2.4 billion.
Energy heavyweights report early. Analysts expect Duke Energy to log second-quarter earnings of 38 cents a share, while Noble Energy is expected to log $1.82 a share in second-quarter profit. Drug-store chain CVS Corp. is expected to post second-quarter earnings of 31 cents a share.
Economists look for a minimal falloff to a reading of 62.0 in ISM's July non-manufacturing business activity index from 62.2 in June. ISM is expected to release its non-manufacturing report at 10:00 a.m. EDT on Wednesday.
The Nasdaq Composite Index hit a fresh four-year high Tuesday with help from a strong semiconductor group propelled by Maxim Integrated Products. But strength was broad-based, with Kinder Morgan, TRW Automotive and Herbalife all upsiders.
The Nasdaq Composite Index gained 22.77, or 1.04 percent, to 2218.15. The Dow Jones Industrial Average rose 60.59, or 0.57 percent, to 10683.74, and the Standard & Poor's 500 Index added 8.77, or 0.71 percent, to 1244.12, a new four-year high.
