Reply #45: 9:54 EST numbers and blather [View All]

[UpInArms]

Dow 10,241.08 -44.18 (-0.43%)
Nasdaq 2,044.26 -11.74 (-0.57%)
S&P 500 1,171.92 -6.22 (-0.53%)
10-Yr Bond 4.445 -0.36 (-0.80%)

NYSE Volume 231,498,000
Nasdaq Volume 202,878,000

9:45AM: As expected, the equity market has started the session in the red. Despite a round of solid Q3 earnings reports, relatively disappointing Q4 sales guidance issued by Intel (INTC) last night - the company forecasts $10.2 to $10.8 bln vs. the $10.65 bln consensus estimate - has given traders a reason to extend selling action today. This morning is one of the heaviest day for earnings reports, and, as usual, about two-thirds of companies are exceeding Wall Street's expectations. Amongst the upside reporters are Honeywell (HON), Alria (MO), EMC Corp. (EMC), Teradyne (TER), JP Morgan (JPM), and Bank of America (BAC); last night, Yahoo (YHOO) and Motorola (MOT) each beat estimates by $0.02. While the data is good and as fundamentals remain much better than recognized, the underlying market tone remains poor and dominated by inflation and interest rate concerns.

9:15AM: S&P futures vs fair value: -4.2. Nasdaq futures vs fair value: -8.0.