Good morning. Happy Thursday.
The Asian/Pacific markets had a good day. India rallied 3.7%, China 2% and Singapore and Taiwan more than 1%. Only Indonesia lost ground (down 0.90%).
Europe is mixed with a bullish slant, but there are no big movers. France is down, Germany up and London is flat.
Futures here in the States indicate a small gap up open. 30 min before the open, Nas 100 futures are flat and trading at 1229.25 while SPX futures are up 6.25 (0.69%) to trade at 909.25.
The German business confidence index dropped more than expected to its lowest level since 1982.
Finland has lowered their 2008 growth forecast to 1.5%, says 2009 is too uncertain to predict.
The Obama team is weighing an $850 billion stimulus package.
MEMC Electronics (WFR) reduced its Q4 sales guidance below analyst consensus.
Lennar’s (LEN) Q4 loss narrowed on smaller charges to write down land values; revenue declined.
Chrysler is closing all its North American manufacturing plants for at least a month as they wait word about government loans.
FedEx (FDX) reported a higher quarterly net profit that was lifted by falling fuel costs, but they warned 2009 would be a tough year. The company said this is the worst economic condition in their 35-year history.
Rite Aid’s (RAD) Q3 loss nearly tripled due to costs of closing 229 stores and continuing struggles for its Brooks Eckerd pharmacies.
Coca-Cola Enterprises (CCE) boosted its full-year outlook Thursday, saying stronger-than-expected volume in North America and moderating costs for commodities would boost results.
Avery Dennison (AVY) says sales have fallen more than expected so they may not hit their guidance they lowered just two months ago.
FormFactor (FORM) has lowered its Q4 profit and sales outlook, saying demand from its memory chip customers is weakening.
Winnebago (WGO) posted a Q1 loss due to some potential customers staying away from dealerships altogether and others not being able to get financing.
Standard & Poors is adding SL Green Realty (SLG) to the S&P 400 index.
Ingersoll-Rand (IR) is cutting its Q4 earnings forecast by more than half due to a sharp drop-off in revenue.
Advertising Age says Omnicom (OMC) may cut as much as 3,500 jobs.
Alliance Imaging (AIQ) has maintained its 2008 outlook and adjusted pretax profit and revenue generally beyond Wall Street estimates.
CIT Group (CIT) is taking further steps to become a bank holding company.
Autozone (AZO) has approved a wider stock repurchase program.
Covance (COV) lowers full-year profit outlook due to lower demand for early drug development services.
Discover Financial (DFS) posted a Q4 profit as it receives $863 million from a lawsuit.
Gold is down 0.46% and silver is down 2.29%
Crude oil is 42 cents to trade at 40.48.
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| UPGRADES | WTNY, AACC, CAKE, NTRS, SBAC, CYN, STLD, XLNX, ALTR |
| DOWNGRADES | MDZ, LVS, CCRT, CTXS, ELY, FSRV, FLR, TTWO, HOT, BK, CCI, AMT, BUCY, JOYG, HCP, MT, TXN, SIMG, NYX, NSR, NSM, MLNX, ITLN, ISIL, INTC, CY, CNXT, ATHR, AMD, ROCK, ALGT |
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| EARNINGS | |
| before the open | ATU, CCL, DFS, FDX, LEN, MCS, PIR, PRGS, RAD, SCHL, VOL, WGO, WOR |
| during trading | none |
| after the close | COMS, ACN, DRI, FSII, ORCL, PALM, PLAB, ZQK, RIMM, RICK, SHFL, SMOD, TK |
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ECONOMIC RELEASES
8:30 Initial Jobless Claims
10:00 Leading Indicators
10:00 Philadelphia Fed
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