Friday January 11, 12:04 PM
TF North America Daybook - Friday, Jan. 11, 2008
NEW YORK (Thomson Financial) - TF North America Daybook - Friday, Jan. 11, 2008
MAJOR U.S. EQUITY INDEXES:
Wall Street is expected to open sharply lower Friday on renewed credit concerns following a profit warning from American Express Co. and a report that Merrill Lynch (NYSE: MER - news) & Co. is facing a bigger-than-expected write-down over its exposure to the subprime mortgage market.
According to spread bettors IG Index, the Dow Jones Industrial Average is expected to open down 113 points at 12,740. Separately, S&P 500 futures were off 9.50 points at 1,411.50, while Nasdaq 100 (NASDAQ: news) futures dropped 6.75 points to 1,954.
On Thursday, a volatile Wall Street advanced for the second day in a row, as investors found renewed confidence in a report that Bank of America Corp. is close to buying struggling mortgage lender Countrywide Financial Corp.
The industrials rose 17.78 points, or 0.92%, to 12,853.09, while the Nasdaq composite (NASDAQ: news) index rose 13.97, or 0.56%, to 2,488.52. The S&P 500 index rose 11.20, or 0.79%, to 1,420.33. The yield on the benchmark 10-year Treasury note rose to 3.88% from 3.83% late Wednesday, and crude oil fell $1.96 to $93.71 a barrel on the New York Mercantile Exchange.
ECONOMIC DATA:
- International trade for November (Frankfurt: A0S9N7 - news) , 8:30 a.m. ET, -$58.3 billion estimate
- Import prices for December, 8:30 a.m. ET, 1.5% estimate
- Treasury budget for December, 2 p.m. ET, $36 billion estimate
EARNINGS HIGHLIGHTS:
Company Symbol Period Estimate Time
- None expected.
AFTER-HOURS ACTION:
After the closing bell Thursday, American Express (NYSE: AXP - news) said it expects slower spending and more missed payments on credit card bills to hamper its profit throughout 2008. Chevron Corp (NYSE: CVX - news) . predicted it will earn a bigger profit in the fourth quarter than it did in the third because of higher energy prices. Microsoft Corp (NASDAQ: MSFT - news) . said Jeff Raikes, president of its business software division, will retire in September, while AllianceBernstein Holding LP slashed its full-year profit outlook.
COMPREHENSIVE EARNINGS LIST:
PEDH (AMC-ET), SJR (BMO-ET), TITN (BMO-ET)
BMO - before market opens
AMC - after market closes
NTS - no time supplied
Joseph Woelfel
jw/gm/jw/jw/gm/jw
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