SAN FRANCISCO (Thomson Financial) - TF North America Daybook - Monday, March
17, 2008
MAJOR U.S. EQUITY INDEXES:
Wall Street is looking at a lower open Monday as concerns over the health of
the financial markets linger following the collapse of Bear Stearns Cos. and
amid reports that Goldman Sachs Group Inc. is set to reveal further write-downs.
Investment bank Bear Stearns completed an emergency deal Sunday to be bought
by JPMorgan Chase & Co. Bear Stearns was forced into a government-led bailout on
Friday after finding itself unable to meet the demands of lenders and customers
trying to pull their cash out.
According to spread bettors IG Index, the Dow Jones industrial average is
expected to open 189 points lower at 11,920. S&P 500 futures fell 27.50 points
to 1,265.50.
Wall Street plunged Friday after a near meltdown at Bear Stearns handed
investors the unwelcome confirmation that the credit market's troubles are far
from over. Word that the investment bank needed rescuing touched off a wave of
selling that left each of the major indexes down more than 1.5% on the day.
The Dow Jones industrial average tumbled 194.65 points, or 1.6%, to
11,951.09, while the Nasdaq composite index fell 51.12, or 2.26% to 2,212.49.
The S&P 500 index fell 27.34, or 2.08%, to 1,288.14.
The yield on the benchmark 10-year Treasury note fell to 3.42% from 3.53%
late Thursday, and light, sweet crude fell 12 cents to settle at $110.21 per
barrel on the New York Mercantile Exchange.
ECONOMIC DATA:
- Empire State manufacturing index for March, 8:30 a.m. ET, -7.80 estimate
- Fourth-quarter current account deficit, 8:30 a.m. ET, $184.9 billion
- Industrial production for February, 9:15 a.m. ET, -0.1% estimate
- Capacity utilization for February, 9:15 a.m. ET, 81.3% estimate
- National Association of Home Builders index for March, 1 p.m. ET, 20 estimate
EARNINGS HIGHLIGHTS:
Company Symbol Period Estimate Time
Conseco Inc. CNO 4Q $ .19 BMO
Jupitermedia Corp. JUPM 4Q .02 AMC
PMI Group PMI 4Q (2.42) BMO
WCI Communities WCI 4Q (.69) BMO
Figures in parentheses denote losses.
AFTER-HOURS ACTION:
After the closing bell Friday, Moody's Investors Service joined other
agencies Fitch Ratings and Standard & Poor's in downgrading ratings on Bear
Stearns; the SEC's division of trading and markets said Bear Stearns had more
than $17 billion in cash and unencumbered liquid assets as of March 11.
Deerfield Capital Corp. said its recent sale of its non-agency residential
mortgage backed securities and "a large portion" of its agency RMBS could impact
its ability to qualify as a real estate investment trust.
COMPREHENSIVE EARNINGS LIST:
ABMC (AMC-ET), ALSK (AMC-ET), ALXA (AMC-ET), APP (AMC-ET), BJCT (AMC-ET), BTN
(AMC-ET), CKEC (AMC-ET), CKNN (AMC-ET), CLNE (AMC-ET), COOL (AMC-ET), COSI
(AMC-ET), ELP (AMC-ET), ESC (AMC-ET), EXM (AMC-ET), FCSE (AMC-ET), HBM.TO
(AMC-ET), HYTM (AMC-ET), JUPM (AMC-ET), KTOS (AMC-ET), NTRZ (AMC-ET), PERY
(AMC-ET), SHFL (AMC-ET), TMTA (AMC-ET), YGA.TO (AMC-ET), BBEP (BMO-ET), BXXX
(BMO-ET), CNO (BMO-ET), FCFC (BMO-ET), FTK (BMO-ET), GMET (BMO-ET), HEPH
(BMO-ET), HWK (BMO-ET), KDE (BMO-ET), NAHC (BMO-ET), NRGN (BMO-ET), OPTT
(BMO-ET), PMI (BMO-ET), PODD (BMO-ET), RPRX (BMO-ET), SUI (BMO-ET), SWWC
(BMO-ET), USBE (BMO-ET), WCI (BMO-ET), ACUS (NTS), AZK (NTS), BWTR (NTS), CNTY
(NTS), ENCY (NTS), EPG (NTS), FIGI (NTS), GFSI (NTS), HOLL (NTS), HWCC (NTS),
INGN (NTS), MBRX (NTS), MDTL (NTS), PBSO.PK (NTS), PRKR (NTS), RAMR (NTS), SDTH
(NTS), SYNM (NTS), UGNE (NTS), VICR (NTS), VQ (NTS)
BMO - Before market opens
AMC - After market closes
NTS - No time supplied
Gabriel Madway
jw/gm/jw/jw/jw/kh/jw
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