SAN FRANCISCO (Thomson Financial) - Thomson Financial North America Daybook
- Friday, June 27, 2008
MAJOR U.S. EQUITY INDEXES:
Wall Street is on track Friday to open higher after heavy prior-session
losses and record high crude-oil prices stoked concern about the impact of
rising energy costs on an already sluggish U.S. economy.
According to spread bettors IG Index, the Dow Jones industrial average is
expected to open up 5 points at 11,467. S&P 500 futures were up 2.90 to
1,287.30, while Nasdaq 100 futures rose 2.00 to 1,868.50.
A barrage of bad news sent Wall Street plunging Thursday. The Dow Jones
industrial average fell 358.41, or 3.03%, to 11,453.42, its lowest finish since
Sept. 11, 2006. The Nasdaq composite index slid 79.89, or 3.33%, to 2,321.37,
and the Standard & Poor's 500 index dropped 38.82, or 2.94%, to 1,283.15. The
yield on the benchmark 10-year Treasury note fell to 4.03% from 4.1% late
Wednesday, and light, sweet crude closed up $5.09 at a record high of $139.64 a
barrel on the New York Mercantile Exchange.
ECONOMIC DATA:
- Personal income for May, 8:30 a.m. ET, 0.4% estimate
- Consumption for May, 8:30 a.m. ET, 0.7% estimate
- Reuters/University of Michigan final June consumer sentiment index, 9:55 a.m.
ET, 56.9 estimate
EARNINGS HIGHLIGHTS:
Company Symbol Period Estimate Time
KB Home KBH 2Q $ (.94) BMO
Figures in parentheses denote losses.
COMPREHENSIVE EARNINGS LIST:
SJR (8 a.m. ET), KBH (BMO-ET), SCS (BMO-ET), AZZ (NTS)
AFTER-HOURS ACTION:
After Thursday's close of trading, Micron Technology Inc. reported a
slightly wider net loss for its fiscal third quarter as the selling prices of
certain flash memory products declined. In other after-hours action,
Anheuser-Busch Cos. rejected an unsolicited $46 billion purchase offer from
InBev; Paychex Inc. said its fiscal fourth-quarter profit rose 12%; Accenture
Ltd. said its fiscal third-quarter earnings jumped 36%; and Intuit Inc. said it
plans to slash about 7% of its work force.
Gabriel Madway
gm/jw/jw/gm/jw/jw/gm/jw
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