The Dow Jones Industrial Average's (DJIA) seven-day winning
streak came to an end at seven days in a row on Thursday, despite
an impressive late-session rally back from a triple-digit loss that
nearly pushed the Dow positive for the session. The DJIA managed to
hold support in the 10,300 area, with longer-term support at the
10,250 region kicking in as well. However, the Dow is still locked
below 10,400, which continues to be a thorn in the bulls' side.
Still, the blue-chip barometer is on pace for a weekly gain of
1.5%, which complements the prior week's gain of 5% rather nicely.
Elsewhere, the S&P 500 Index (SPX) has been unable to overcome
its own technical demon in the 1,100 region, though support at
1,080 is holding firm. Heading into the open, futures on the DJIA
and the SPX are pointing toward a flat start to the regular session
of trading, as Wall Street digests the latest round of earnings
reports from the likes of Bank of America Corp. (
) and General Electric Co. (
Speaking of earnings, Bank of America Corp. (
) said that its second-quarter profit fell to $3.1 billion, or 27
cents per share. Net income applicable to common shareholders was
$2.8 billion, while total revenue net of interest expense was $29.2
billion. Analysts had expected earnings of 22 cents per share on
revenue of $29.6 billion. BAC shares were last seen lower by 0.84%
in pre-market trading.
Meanwhile, General Electric Co.'s (
) second-quarter profit rose 16% to $3.11 billion, or 28 cents per
share, even as revenue fell 4% to $37.44 billion. GE Capital saw
segment profit jump 93%, with NBC Universal profits growing 13%. On
a continuing operations basis, GE earned 30 cents per share,
topping analyst expectations for a profit of 27 cents per share. GE
shares have edged 0.26% higher in pre-market trading.
Finally, Keefe, Bruyette & Woods upgraded its 2010 earnings
outlook for JPMorgan & Chase Co. (
), a day after the banking giant released its quarterly earnings
report. The brokerage firm now expects JPM to earn $3.69 per share
in fiscal 2010, up from its previous forecast for $2.97 per share.
The firm reiterated its "outperform" rating on JPM, with a target
price of $57 per share. Separately, analysts at FBR Capital Markets
reiterated its "outperform" rating and $45 target per-share price
target for JPM.
On the earnings front, Citigroup Inc. (
), Gannett Co. Inc. (
), and Mattel Inc. (
) are scheduled to release their quarterly earnings report today.
Keep your browser at
for more news as it breaks.
We finish off a week packed full of data with June's consumer
price index (
), the core CPI, and the University of Michigan's consumer
sentiment index for July.
Equity option activity on the Chicago Board Options Exchange (
) saw 1,266,977 call contracts traded on Thursday, compared to
766,551 put contracts. The resultant single-session put/call ratio
arrived at 0.61, while the 21-day moving average held at 0.64.
**The volume data shown above is from the Nasdaq and NYSE
exchanges only. It does not include regional volume activity,
which means that other daily volume quotes you see may be
Every morning, our research staff analyzes the prior day and
the overnight markets, and monitors the morning wires to give you
an accurate preview of the day to come. If you enjoyed today's
edition of Opening View, sign up
for free daily delivery, straight to your inbox, before the
Overseas trading is mixed this morning, as only six of the 10
foreign indexes that we track are in positive territory. The
cumulative average return on the collective stands at a gain of
0.03%. In Asia, stocks closed mostly lower. European stocks rallied
as investors positioned themselves ahead of U.S. banking giants
Bank of America and Citigroup. Overseas market information comes to
you courtesy of
Schaeffer's Daily Bulletin
Currencies and Commodities
Persistent concerns about economic growth in the U.S. are
keeping pressure on the dollar, even as the euro rebounds from near
annual lows and the Japanese yen benefits from safe-haven buying.
As a result, the U.S. Dollar Index has dropped 0.34% to trade at
82.28, setting the index on course for a week-over-week loss of
nearly 2%. Commodities, meanwhile, are struggling to maintain a
positive bias this morning, despite the weaker greenback. For
instance, gold futures are off $2.50 at $1,205.80 in London.
Finally, crude oil has added a mere nine cents to trade at $77.10
per barrel in electronic trading.
Unusual Put and Call Activity:
For an explanation of how to use this information, check out our
Open Interest Configurations
Click here for the new spring issue of
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.