Daily Rundown, July 20

| July 20, 2009 | 0 Comments More

Stocks are set to open steady, but with little new information to guide the market one way or the other Monday morning. Thirty minutes before the opening bell on Wall Street, stock index futures indicate that both the Dow and the NASDAQ would start the day with modest gains.

Stock index futures were helped higher by news CIT Group (CIT), which was slammed last week on bankruptcy fears, has received a private sector bailout. The company will get $3 billion in financing from small and medium-sized firms, according to today’s Wall Street Journal.

Meanwhile, after strong results from Goldman Sachs (GS) and Intel (INTC) helped spark rallies in the major averages last week, investors brace for another flood of earnings reports in the day’s ahead.

Texas Instruments (TXN), Boston Scientific (BSX), and Legg Mason (LM) report after the closing bell.

Hasbro (HAS) is out with quarterly earnings of 26 cents per share, which beat Street estimates by 3 cents. Johnson Controls (JCI) earned 25 cents, 6 cents better than expectations. Eaton (ETN) posted a quarterly profit of 23 cents, and 7 cents better than analyst estimates.

Human Genome Sciences (HGSI) is up more than 200 percent after announcing positive Phase 3 trials of its lupis drug.

The oil drillers might see early strength after Halliburton (HAL) reported 30 cents for the quarter, which was 3 cents better than expectations, and crude oil gained 80 cents to $64.36 a barrel.

Meanwhile, bonds are seeing early weakness ahead of the release of the leading economic indicators. The report, due out at 10:00 eastern time, is expected to show an increase of .5 percent for June.

The dollar gained .20 to 94.52 on the yen. The euro is up .0106 to 1.4221 on the greenback.

Gold is up $15.60 to $953.10 an ounce.

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About the Author (Author Profile)

Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.