S&P futures have been on the plus side this morning by as much as 5 points indicating a higher open. What futures don't tell us is whether the market can make it past the May S&P highs whic is the 1540 area.
The economic calendar is quite today, aside from the release of the weekly MBA data showing a slide in activity: Ahead of the Bell: Mortgage Applications.
Some of the positive factors for the stock market include Morgan Stanley: Morgan Stanley's Net Jumps 40%.
Some expected a blow up out of Fedex (FDX), and they did lower guidance, but the company still managed post results that avoided a crash and burn scenario: FedEx Profit Falls Short as Economy Slows. FDX actually a little less than $1 in pre market.
MGM is sliding by better than 9%: Kerkorian's Tracinda Ends MGM Talks. The question now, what else might Kerkorian target?
Bristol-Meyers (BMY) is 20-cents higher after Citi reiterated a buy on BMY saying that following the Plavix court victory the company could be a more attractive takeover target. SNY, GSK and PFE could be potential acquirers. However, Leerink Swann, maintains a market perform saying any price on BMY above $30 is hard to justify. Leerink says BMY is relying too much on Plavix has had recently lackluster drug launches and a lack of pipeline surprises.
Medtronic (MDT) could be active today. It is holding an analysts day.
The pencils are sharpened today against Anheuser Busch. AG Edwards downgraded on valuation. Bernstein thinks a merger is already priced into the stock and maintains a $53 target.
Crude down 28-cents at 68.82. The 10 year treasury is down 6/32nds, yield at 5.116%.
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