The Dow Jones Industrial Average (DJIA) clawed its way back
above the 11,200 level on Friday, but the blue chip barometer's
victory may be short-lived. Specifically, futures on the DJIA and
the S&P 500 Index (SPX) are trading 19.5 points and 1.6 points
below fair value, respectively, pointing toward a weak start to the
regular session of trading. European debt concerns remain front and
center, as some on Wall Street believe that a bailout of Ireland
will not be enough to stabilize the region. Additionally, Moody's
Investors Service said that a "multi-notch downgrade" of Ireland's
Aa2 rating is now the "most likely" outcome of its credit review.
Technically, the DJIA should find support near 11,100, with
resistance holding firm in the 11,200-11,250 area. The SPX,
meanwhile, should trade between the 1,200 and 1,190 levels.
In equity news, Tyson Foods Inc. (
) reported fourth-quarter net income of $208 million, or 57 cents
per share, compared to a loss of $457 million, or $1.23 per share a
year ago. Adjusted earnings were 64 cents per share. Sales rose to
$7.44 billion from $7.24 billion last year. Analysts were expecting
a profit of 56 cents per share on sales of $7.71 billion.
Elsewhere, Green Mountain Coffee Roasters Inc. (
) announced that it will restate its financial performance for
fiscal years 2007 to 2009 and the first three quarters of fiscal
2010 due to errors. The errors were found while the company
prepared for its year-end audit and conducted an internal
investigation prompted by the Securities and Exchange Commission.
The adjustments are expected to lower cumulative net income by 4
cents to 5 cents per share, the company said. In pre-market
trading, GMCR shares were last seen up nearly 12%, as investors
were expecting the adjustments to be much worse.
On the earnings front, Analog Devices Inc. (
), Brocade Communications Systems Inc. (
), Focus Media Holding Limited (
), Hewlett-Packard Company (HPQ), Jack in the Box Inc. (JACK),
La-Z-Boy Inc. (LZB), and Pacific Sunwear of California Inc. (PSUN)
will release their quarterly reports today. Keep your browser at
for more news as it breaks.
There are no reports slated for release today, while tomorrow
offers up the second estimate on third-quarter gross domestic
product, accompanied by October's existing home sales and the
minutes from the most recent Federal Open Market Committee (FOMC)
meeting. The Street will be drenched in data on Wednesday, with
October's personal income and spending reports, October durable
goods orders, weekly initial jobless claims, November's University
of Michigan consumer sentiment index, October's new home sales, and
weekly U.S. petroleum supplies. The market is closed for
Thanksgiving on Thursday, and there are no economic reports slated
for release on Friday.
Equity option activity on the Chicago Board Options Exchange
(CBOE) saw 1,692,728 call contracts traded on Friday, compared to
975,261 put contracts. The resultant single-session put/call ratio
arrived at 0.58, while the 21-day moving average held at 0.58.
**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
Overseas trading is struggling this morning, as only three of
the 10 foreign indexes that we track are in positive territory. The
cumulative average return on the collective stands at a loss of
0.01%. In Asian trading, Japanese stocks logged their fourth
consecutive winning session, as the yen weakened against the U.S.
dollar. Meanwhile, Chinese stocks declined slightly after the
country's central bank indicated that there is room for the yuan to
appreciate against the greenback. In Europe, regional indexes are
trading in the red, but are off their session lows after Ireland
petitioned the European Union and the International Monetary Fund
Currencies and Commodities
The U.S. dollar is trading lower this morning, after China's top
banking official said that there is room for appreciation in the
yuan versus the dollar, while Ireland finally petitioned for aid.
As a result, the U.S. Dollar Index has slipped 0.24% to 78.32 in
premarket trading. Against this backdrop, gold futures have added
$3.30 to trade at $1,355.60 an ounce London, while crude for
December delivery had risen 43 cents to $82.41 per barrel.
Unusual Put and Call Activity:
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