Friday May 9, 12:14 PM
Thomson Financial North America Daybook - Friday, May 9, 2008
SAN FRANCISCO (Thomson Financial) - Wall Street is on track to open lower Friday as concern mounted over the impact on the economy of a seemingly inexorable rise in oil prices, with a larger-than-expected quarterly loss at American International Group (NYSE: AIG - news) further undermining sentiment.
A news report that Citigroup (NYSE: C - news) is considering selling $400 billion in non-core assets in order to restore profit growth also unsettled investors.
According to spread bettors IG Index, the Dow Jones industrial average is expected to open down 105 points at 12,762. Separately, S&P 500 futures were off 6.90 points at 1,385.10, while Nasdaq 100 (NASDAQ: news) futures fell 6.75 points to 1,958.25.
'One story that could rumble into today is the poor first quarter numbers from insurance giant AIG. News that it is going to raise $12 billion has left investors worried about the state of the company's finances,' said Claire Collingwood, a dealer at CMC Markets.
Wall Street closed a quiet session with a moderate advance Thursday, with energy and other commodities companies leading the market as oil prices extended their record-breaking run. The Dow Jones Industrial average rose 52.43 points, or 0.41%, to close at 12,866.78, the Nasdaq composite (NASDAQ: news) index gained 12.75, or 0.52%, to 2,451.24, and the Standard & Poor's 500 index added 5.11, or 0.37%, to 1,397.68. The yield on the benchmark 10-year Treasury note fell to 3.78% from 3.85% late Wednesday, and light, sweet crude for June delivery rose 16 cents to reach a settlement record of $123.69 a barrel on the New York Mercantile Exchange.
ECONOMIC DATA:
- International trade for March, 8:30 a.m. ET, -$60.8 billion estimate
EARNINGS HIGHLIGHTS:
Company Symbol Period Estimate Time
Clear Channel Commun CCU 1Q $ .21 BMO
Clear Channel Outdoor CCO 1Q .05 BMO
Windstream Corp. WIN (LSE: WNN.L - news) 1Q .25 NTS
Figures in parentheses denote losses.
COMPREHENSIVE EARNINGS LIST:
MBT.TO (7:30 a.m. ET), BIOD (8 a.m.), EIS_UN.TO (8 a.m.), CESP (AMC-ET), CLCT (AMC-ET), FCP.TO (AMC-ET), GGAL (AMC-ET), ORGN (AMC-ET), ACET (BMO-ET), AER (BMO-ET), AFN_UN.TO (BMO-ET), ANL (BMO-ET), AYR (BMO-ET), BECN (BMO-ET), CAPA (BMO-ET), CCO (BMO-ET), CCOI (BMO-ET), CCU (BMO-ET), CNK (BMO-ET), CRN (BMO-ET), CV (BMO-ET), CYTX (BMO-ET), EBR.TO (BMO-ET), GHS (BMO-ET), HH (BMO-ET), HUN (BMO-ET), IMP (IMPX.PK - news) .TO (BMO-ET), LSE (BMO-ET), NVAX (BMO-ET), OMRI (BMO-ET), PCAP (BMO-ET), PMFG (BMO-ET), PRST (BMO-ET), QC.TO (BMO-ET), REXX (BMO-ET), SJI (BMO-ET), SMHG (BMO-ET), STRL (BMO-ET), SUG (BMO-ET), SUP (BMO-ET), TDSC (BMO-ET), TMR (BMO-ET), WCRX (BMO-ET), WR (BMO-ET), XNS.TO (BMO-ET), XSC_UN.TO (BMO-ET), LNY (BMO-CT), ROSE (BMO-CT), ACE (NYSE: ACE - news) -A.TO (NTS), AER_UN.TO (NTS), BID (NTS), BWR.TO (NTS), CIA (Milan: CIA.MI - news) (NTS), CLN (NTS), CPG_UN.TO (NTS), CRR_UN.TO (NTS), DRAX (NTS), ENLV (NTS), ERF (NTS), FTGX (NTS), GEOY (NTS), GFI (NTS), GMP_UN.TO (NTS), GROW (NTS), GTN (NTS), GZM_UN.TO (NTS), HR-UN.TO (NTS), INN-UN.TO (NTS), MEQ.TO (NTS), MRLN (NTS), MTEX (NTS), NADX (NTS), NUCO (NTS), OSIR (NTS), OYOG (NTS), PHH (NTS), PZE (NTS), REF-UN.TO (NTS), RTK (NTS), STON (NTS), TRMD (NTS), WIN (NTS), WTL.TO (NTS), MIKL (NTS)
BMO - Before market opens AMC - After market closes NTS - No time supplied
AFTER-HOURS ACTION:
After Thursday's close, American International Group Inc. said it swung to a first-quarter loss of $7.81 billion because of losses tied to credit swaps and mortgage-related operations, and that it plans to raise $12.5 billion in capital. In other after-hours action, Nvidia Corp.'s first-quarter profit rose 34%, but missed analyst estimates; and VeriSign Inc. reported first-quarter adjusted earnings of $44 million, or 21 cents a share, exceeding the mean estimate of analysts surveyed by Thomson Reuters (TRI.TO - news) of 20 cents a share.
Joseph Woelfel
jw/gm/pc
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
NNNN
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
