Stocks futures are pointing to a lower open following weakness in overseas markets. Energy is also getting the figure of blame with NYMEX crude showing a 61-cent drop. Now, say the pundits, the slide in crude has become too much of a good thing for Mr. Market, with oil patch stocks suffering too much. Chevron (CVX) last night warned it's profits will be hurt by the sliding commodities price (read, oil). Be sure to tune into my friend Stephen Schork of the Schork Report on CNBC today at 11 for indepth analysis of the energy markets! Crude is down again, but has bounced to back above $55. These inventory figures at 10:30 will likely either confirm what almost looks like a highly concentrated triple bottom, or give the bears license to have their way with the market later today.
Aloca (AA) is one bright spot in the market following better than expected earnings, sporting a gain of 4%.
Results are anxiously awaited this evening from Genentech (DNA). 56-cents a share is expected. More on them later.
US Airways has thrown $2 bln more on the table for Delta, raising its bid to $10.2 bln. Wall Streeet likes this idea, bidding LCC shares higher by another 4% this morning.
Imclone says Erbitux plus chemo is an effective 1st line treatment of colorectal cancer. (Click Here). The stock is up 7%, though cautious since I can't find the top line numbers... hmmm. (I am on long here).
On the economic front, the trade deficit narrowed a bit once again.. (Click Here)