Traders are hoping to finish the week on the right foot this morning and keep up Thursday's positive momentum, which saw the Dow Jones Industrial Average log its third strongest session of 2010. By the end of trading, the Dow had added 273 points and reclaimed both its 20-day moving average and the 10,000 level. Nonetheless, the S&P 500 Index ( SPX ) is still looking up at potentially stiff resistance at the 1,100 leve1. The CBOE Market Volatility Index, meanwhile, is sitting right at the round-number 30 level following Thursday's nearly 10% decline. Looking ahead to today, traders will be focused on the release of May retail sales, business inventories, and the preliminary consumer sentiment report from the University of Michigan. Overseas trading is holding strong this morning, although U.S. index futures indicate a relatively flat open.
Dell Inc. ( DELL ) revised its first-quarter earnings to 17 cents a share, from 22 cents, due to $100 million in liability that it has to record in relation to a Securities and Exchange Commission investigation, the computer giant said Thursday. The revised figure was provided in a regulatory filing submitted to explain why Dell was unable to file its 10-Q for the first quarter by June 9.
National Semiconductor ( NSM ) reported fiscal fourth-quarter income of $79.2 million, or 33 cents a share, compared with a loss of $63.7 million, or 28 cents a share, in the year-earlier period. Revenue was $398.5 million, up from $280.8 million. Analysts had expected the chip company to report earnings of 28 cents a share, on revenue of $384.4 million.
On the earnings front, there are no major reports slated for release today. Keep your browser at SchaeffersResearch.com for more news as it breaks.
The economic calendar finishes the week with May retail sales, the preliminary University of Michigan consumer sentiment report, and April business inventories. Looking ahead to next week, Monday has no reports scheduled, while Tuesday brings the release of the Empire State Manufacturing Index for June along with import/export data. Wednesday brings the release of weekly crude inventories, May housing starts, the May Producer Price Index ( PPI ) and core PPI, and May industrial production data. Thursday will be chock full of economic data. Traders will get a look at initial jobless claims, the May Consumer Price Index ( CPI ) and core CPI, the Conference Board's leading indicators index for May, and the Philadelphia Fed Index for June. There are no major economic reports next Friday.
Equity option activity on the Chicago Board Options Exchange ( CBOE ) saw 1,221,362 call contracts traded on Thursday, compared to 809.936 put contracts. The resultant single-session put/call ratio arrived at 0.66, while the 21-day moving average came in at 0.66.
**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 higher.**
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Overseas trading is strong this morning, as all 10 markets that we follow are in positive territory. The cumulative average return on the group stands at a gain of 1.17%. Stocks rallied in both Asia and Europe on optimism over global growth. BP recovered on hopes its dividend might be deferred rather than cut. Overseas market information comes to you courtesy of Schaeffer's Daily Bulletin .
Currencies and Commodities
The U.S. dollar is down slightly this morning as the euro gains ground on hopes of a strengthening global economy. The U.S. Dollar Index is down 0.05% in pre-market trading. Elsewhere, crude futures are down in electronic trading, with the most active contract was losing 58 cents to sit at $74.90 per barrel. Finally, gold has retreated this morning, losing 40 cents to rest at $1,221.80 an ounce in London.
Unusual Put and Call Activity:
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