SAN FRANCISCO (Thomson Financial) - Thomson Financial North America Daybook
- Tuesday, June 24, 2008
MAJOR U.S. EQUITY INDEXES:
Stocks in the U.S. are likely to open lower Tuesday after United Parcel
Service Inc., the world's largest shipping carrier, lowered its earnings
forecast for the second quarter because of slowing U.S. economic growth and high
fuel costs.
Dow Jones industrial average futures fell 57 points to 11,774, Nasdaq
futures tumbled 13.25 to 1,904.75, and futures on the Standard & Poor's 500 fell
7.10 to 1,311.20.
On Monday, stocks ended mostly lower after rising oil prices and ongoing
worries about the financial sector gave investors little reason to buy a day
ahead of a Federal Reserve meeting. The Dow Jones industrial average slipped
0.33, or less than 0.01%, to close at 11,842.36, the Nasdaq composite index fell
20.35, or 0.85%, to 2,385.74, and the Standard & Poor's 500 index edged up 0.07,
or 0.01%, to 1,318.00. The yield on the benchmark 10-year Treasury note was
unchanged at 4.17%, and light, sweet crude rose $1.38 to settle at $136.74 per
barrel on the New York Mercantile Exchange.
ECONOMIC DATA:
- Consumer confidence index for June, 10 a.m. ET, 56.5 estimate
- Two-day meeting of the Federal Open Market Committee begins
EARNINGS HIGHLIGHTS:
Company Symbol Period Estimate Time
Darden Restaurants DRI 4Q $ .75 AMC
Jabil Circuit JBL 3Q .20 4 p.m. ET
Kroger Co. KR 1Q .55 NTS
Sonic Corp. SONC 3Q .31 AMC
Figures in parentheses denote losses.
COMPREHENSIVE EARNINGS LIST:
JBL (4 p.m. ET), AVAV (AMC-ET), COMS (AMC-ET), DRI (AMC-ET), FSII (AMC-ET), FUL
(AMC-ET), SONC (AMC-ET), APOG (AMC-CT), SMA (BMO-ET), KR (NTS)
BMO - Before market opens
AMC - After market closes
NTS - No time supplied
AFTER-HOURS ACTION:
After Monday's close of trading, United Parcel Service said it expects
earnings per share for the second quarter to be within a range of 83 cents to 88
cents, compared with the 97 cents to $1.04 the company originally anticipated.
Analysts surveyed by Thomson Reuters forecast second-quarter earnings of 97
cents a share.
In other after-hours action, Cooper Tire & Rubber Co. said it lowered
second-quarter production at its North American facilities, blaming lower tire
demand and expected shortages of certain raw materials.
Joseph Woelfel
jw/gm/jw/jw/gm/jw
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