Stocks Set to Open Higher
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Stocks Set to Open Higher
Stocks Set to Open Higher
9/16/2004 6:35:00 AM
NEW YORK, Sep 16, 2004
(AP Online via COMTEX) -- U.S. stocks are seen chalking up small gains at the open Thursday following Wednesday's pullback but the release of August's CPI data and weekly jobless claims could ultimately decide direction.
Dow Jones futures rose 19 points recently, while Nasdaq futures were up 3.50 points and S&P futures climbed 2.40 points.
In London, the FTSE rose 3.20 points to 4551.6 after August retail sales come in at positive 0.6 percent versus expectations of a decline.
In Japan, the benchmark Nikkei 225 Stock average slipped 19.22 points, or 0.2 percent, to 11139.36 with tech stocks unable to recover from early falls triggered by weakness in U.S. counterparts. Investors are cautious about buying back techs ahead of the U.S. semiconductor book-to-bill ratio for August due later Thursday.
In U.S. corporate news, Coca-Cola Co. warned Wednesday that profits in the second half of the year would be significantly below Wall Street's expectations and it would take some time to turn around its business.
Coke's results are being hurt by a number of challenges in key markets such as Germany as well as by poor weather in Europe. In North America, the company's largest market, Coke "did not react quickly or well enough" to stem adverse volume and value share trends for its brands, said Chairman and Chief Executive E. Neville Isdell, speaking to investors.
Delta Air Lines Inc. said it received a notice from its auditor that questioned its ability to continue as a going concern, even as the company launched an effort to exchange as much as $2.6 billion of its debt and said it was hopeful for a deal to avert scheduling problems stemming from the early retirements of hundreds of its senior pilots.
JP Morgan Chase & Co. plans to undo a technology-outsourcing deal with International Business Machines Corp., taking back about 4,000 employees and contractors from the computer company.
The New York bank's technology operations, including data centers, help desks and telephone networks, were outsourced to IBM in April 2003. The seven-year deal was valued at $5 billion when it was signed in December 2002.
Herman Miller Inc. fell in post-market activity after the maker and supplier of office-systems products said its second-quarter earnings-per-share range would be below Wall Street's consensus. Herman Miller said it expects earnings per share in its second quarter of between 19 cents and 24 cents a share, below a mean estimate of Wall Street analysts who expect the company to earn 25 cents a share. The company also said it expects second-quarter sales to come in between $360 million to $380 million, at the low end of three analysts' consensus estimate of $368.31 million in sales.
Boating equipment retailer West Marine Inc. cut its third-quarter view, citing softer sales. The company said September same-store sales will decrease by between 3 percent to 6 percent, with earnings per share in the quarter ending in the range of 33 cents to 35 cents a share on sales of $119 million to $121 million.
For Thursday, 3Com Corp. is expected to report after the bell Thursday. Analysts expect a net loss of 7 cents a share for the first quarter. Also expected to report are Biomet Inc., Chattem Inc., Progress Software Corp. and Verity Inc.
The Labor Department is due to release the August CPI report and jobless claims data at 8:30 a.m. EDT Thursday. Economists expect jobless claims to increase by 26,000 to 345,000 in the week ended Sept. 11.
The Federal Reserve Bank of Philadelphia is to release its regional manufacturing survey for September at noon EDT. Economists look for the index to slip to a reading of 25.0 from 28.5 in August.
Stocks ended their string of advances, weighed by earnings warnings from Coca-Cola and Celestica Inc., although Oracle Corp. served as a strong standout.
The Dow Jones Industrial Average fell 86.80 points, or 0.84 percent, to 10231.36, after gaining for the past three sessions. The Nasdaq Composite Index dropped below 1900 after a two-day stay, by losing 18.88, or 0.99 percent, to 1896.52. The Standard & Poor's 500 Index declined 7.96, or 0.71 percent, to 1120.37, bringing to an end a four-session upward run.
Copyright 2004 Associated Press, All rights reserved
9/16/2004 6:35:00 AM
NEW YORK, Sep 16, 2004
(AP Online via COMTEX) -- U.S. stocks are seen chalking up small gains at the open Thursday following Wednesday's pullback but the release of August's CPI data and weekly jobless claims could ultimately decide direction.
Dow Jones futures rose 19 points recently, while Nasdaq futures were up 3.50 points and S&P futures climbed 2.40 points.
In London, the FTSE rose 3.20 points to 4551.6 after August retail sales come in at positive 0.6 percent versus expectations of a decline.
In Japan, the benchmark Nikkei 225 Stock average slipped 19.22 points, or 0.2 percent, to 11139.36 with tech stocks unable to recover from early falls triggered by weakness in U.S. counterparts. Investors are cautious about buying back techs ahead of the U.S. semiconductor book-to-bill ratio for August due later Thursday.
In U.S. corporate news, Coca-Cola Co. warned Wednesday that profits in the second half of the year would be significantly below Wall Street's expectations and it would take some time to turn around its business.
Coke's results are being hurt by a number of challenges in key markets such as Germany as well as by poor weather in Europe. In North America, the company's largest market, Coke "did not react quickly or well enough" to stem adverse volume and value share trends for its brands, said Chairman and Chief Executive E. Neville Isdell, speaking to investors.
Delta Air Lines Inc. said it received a notice from its auditor that questioned its ability to continue as a going concern, even as the company launched an effort to exchange as much as $2.6 billion of its debt and said it was hopeful for a deal to avert scheduling problems stemming from the early retirements of hundreds of its senior pilots.
JP Morgan Chase & Co. plans to undo a technology-outsourcing deal with International Business Machines Corp., taking back about 4,000 employees and contractors from the computer company.
The New York bank's technology operations, including data centers, help desks and telephone networks, were outsourced to IBM in April 2003. The seven-year deal was valued at $5 billion when it was signed in December 2002.
Herman Miller Inc. fell in post-market activity after the maker and supplier of office-systems products said its second-quarter earnings-per-share range would be below Wall Street's consensus. Herman Miller said it expects earnings per share in its second quarter of between 19 cents and 24 cents a share, below a mean estimate of Wall Street analysts who expect the company to earn 25 cents a share. The company also said it expects second-quarter sales to come in between $360 million to $380 million, at the low end of three analysts' consensus estimate of $368.31 million in sales.
Boating equipment retailer West Marine Inc. cut its third-quarter view, citing softer sales. The company said September same-store sales will decrease by between 3 percent to 6 percent, with earnings per share in the quarter ending in the range of 33 cents to 35 cents a share on sales of $119 million to $121 million.
For Thursday, 3Com Corp. is expected to report after the bell Thursday. Analysts expect a net loss of 7 cents a share for the first quarter. Also expected to report are Biomet Inc., Chattem Inc., Progress Software Corp. and Verity Inc.
The Labor Department is due to release the August CPI report and jobless claims data at 8:30 a.m. EDT Thursday. Economists expect jobless claims to increase by 26,000 to 345,000 in the week ended Sept. 11.
The Federal Reserve Bank of Philadelphia is to release its regional manufacturing survey for September at noon EDT. Economists look for the index to slip to a reading of 25.0 from 28.5 in August.
Stocks ended their string of advances, weighed by earnings warnings from Coca-Cola and Celestica Inc., although Oracle Corp. served as a strong standout.
The Dow Jones Industrial Average fell 86.80 points, or 0.84 percent, to 10231.36, after gaining for the past three sessions. The Nasdaq Composite Index dropped below 1900 after a two-day stay, by losing 18.88, or 0.99 percent, to 1896.52. The Standard & Poor's 500 Index declined 7.96, or 0.71 percent, to 1120.37, bringing to an end a four-session upward run.
Copyright 2004 Associated Press, All rights reserved
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