Wall Street is Set for a Firm Open Today
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Wall Street is Set for a Firm Open Today
Wall Street is Set for a Firm Open Today
Wednesday, July 23, 2003 8:43 a.m. ET
By Vivian Chu
NEW YORK (Reuters) - U.S. stocks are poised to open flat to slightly higher on Wednesday, as investors seek evidence that a rebound is under way in the U.S. economy in a barrage of corporate earnings.
Upbeat forecasts from biotech firm Amgen Inc. <AMGN.O> and Internet retailer Amazon.com Inc. <AMZN.O> on Tuesday are seen lifting the technology-heavy Nasdaq.
Standard & Poor's 500 stock index futures for September rose 2.40 points to 989.20, while Nasdaq futures for the same month were up 4.50 points to 1,267. Futures for the Dow industrials rose 20 points to 9155.
"The market is looking at earnings as a whole. When all is said and done, the market will evaluate the earnings season and reflect that in price direction," said Harry Michas, stock index futures trader at manmarketmonitor.com.
"The most important feature of the market now is the Nasdaq 100 futures, which have been leading the rally since March. Tech stocks will continue to lead us higher or force a setback to the recent rally."
On Tuesday, Amazon.com, the No. 1 Internet retailer reported a narrower quarterly loss due to cost cuts and higher revenue, driven by free shipping offers and lower prices. Its shares jumped about 7 percent in pre-market trade.
Amgen, the world's largest biotechnology company, reported a spike in quarterly earnings, driven by strong sales of drugs used by cancer and arthritis patients.
Both Amazon.com and Amgen raised their earnings forecasts for the year.
Amid a light economic calendar, Wall Street's focus will be squarely on companies' quarterly results.
Stocks in the earnings spotlight include AOL Time Warner Inc. <AOL.N>. Before the open, the world's largest media company reported a sharp increase in its second-quarter earnings driven by hit films such as The Matrix Reloaded " and strength at its popular cable TV networks.
But Eastman Kodak Co. <EK.N>, the world's top maker of photographic film, reported a sharp drop in second-quarter earnings, hurt by slack sales of film in Asia and the increased usage of digital cameras. It also said it would cut between 4,500 to 6,000 jobs to trim costs, or between 6 percent and 9 percent of its work force.
Copyright © 2003 Reuters Limited.
Wednesday, July 23, 2003 8:43 a.m. ET
By Vivian Chu
NEW YORK (Reuters) - U.S. stocks are poised to open flat to slightly higher on Wednesday, as investors seek evidence that a rebound is under way in the U.S. economy in a barrage of corporate earnings.
Upbeat forecasts from biotech firm Amgen Inc. <AMGN.O> and Internet retailer Amazon.com Inc. <AMZN.O> on Tuesday are seen lifting the technology-heavy Nasdaq.
Standard & Poor's 500 stock index futures for September rose 2.40 points to 989.20, while Nasdaq futures for the same month were up 4.50 points to 1,267. Futures for the Dow industrials rose 20 points to 9155.
"The market is looking at earnings as a whole. When all is said and done, the market will evaluate the earnings season and reflect that in price direction," said Harry Michas, stock index futures trader at manmarketmonitor.com.
"The most important feature of the market now is the Nasdaq 100 futures, which have been leading the rally since March. Tech stocks will continue to lead us higher or force a setback to the recent rally."
On Tuesday, Amazon.com, the No. 1 Internet retailer reported a narrower quarterly loss due to cost cuts and higher revenue, driven by free shipping offers and lower prices. Its shares jumped about 7 percent in pre-market trade.
Amgen, the world's largest biotechnology company, reported a spike in quarterly earnings, driven by strong sales of drugs used by cancer and arthritis patients.
Both Amazon.com and Amgen raised their earnings forecasts for the year.
Amid a light economic calendar, Wall Street's focus will be squarely on companies' quarterly results.
Stocks in the earnings spotlight include AOL Time Warner Inc. <AOL.N>. Before the open, the world's largest media company reported a sharp increase in its second-quarter earnings driven by hit films such as The Matrix Reloaded " and strength at its popular cable TV networks.
But Eastman Kodak Co. <EK.N>, the world's top maker of photographic film, reported a sharp drop in second-quarter earnings, hurt by slack sales of film in Asia and the increased usage of digital cameras. It also said it would cut between 4,500 to 6,000 jobs to trim costs, or between 6 percent and 9 percent of its work force.
Copyright © 2003 Reuters Limited.
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