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0936 ET 16June2009-Monday's stock market slide was overdone: DA Davidson
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DA Davidson on Tuesday wrote that a steep decline in the stock market in
Monday's session "felt extreme," noting that there hadn't been many one-day
declines of 2 percent over the past three months.
"We wouldn't be surprised to see yesterday's dip quickly disappear from the
minds of investors in the same way other single day declines seen over the last
three months have," the firm wrote. "Investors should be aware that this is a
quadruple witching expirations week when options, commodities, options on
commodities and individual equity futures all expire."
The firm noted that there were typically "wild swings" on a week with four
expirations.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0930 ET 16June2009-Markets open higher after data
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Major U.S. indexes opened higher on Tuesday, lifted after a steep decline
in Monday's session, and after data showed that housing starts rebounded in May
and that producer prices in the month rose less than expected, suggesting that
inflationary pressures were contained.
The Dow Jones industrial average .DJI rose 0.2 percent to 8,633.67 while
the S&P 500 .SPX gained 0.3 percent to 926.13 and the Nasdaq .IXIC was up
0.5 percent to 1,825.20.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0909 ET 16June2009-Best Buy down after results, RadioShack falls
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Shares of Best Buy Co Inc (BBY.N) fell in premarket trading on Tuesday
after the electronics retailer reported lower first-quarter profit and a drop
in quarterly same-store sales. The company affirmed its full-year outlook.
For details, see [ID:nN16210900]
Shares of Best Buy fell 3.1 percent to $37.47 while peer company RadioShack
(RSH.N) edged 0.5 percent lower to $14.50 before the bell.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0902 ET 16June2009-GFT sees lower open for markets
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GFT on Tuesday forecast a lower open for U.S. markets, "as traders remain
wary of increasing their exposure to a fragile-looking market."
The firm wrote that a steep slide in Monday's session could be a buying
opportunity for investors, "or it could be the start of a severe sell-off if
investors conclude that equity prices have got ahead of economic reality."
The firm expects the Dow Jones industrial average .DJI to open down 12
points while the S&P 500 .SPX opens down 2 points.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0857 ET 16June2009-Genzyme off, interrupts production at plant
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Shares of Genzyme Corp (GENZ.O) fell in premarket trading on Tuesday, after
the company temporarily interrupted production at it Allston Plant to sanitize
it after a virus was found.
The company expects the plan to be fully operational by the end of July.
For details, see [ID:nWNAB0138]
Shares fell 6.9 percent to $51.76 in premarket trading.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0852 ET 16June2009-Futures add to gains after data
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U.S. index futures extended their gains on Tuesday, after government data
showed housing starts rebounded in May, and producer prices in the month rose
less than expected, showing inflationary pressures were contained.
For details, see [ID:nN16267550]
Dow Jones industrial average futures DJc1 rose 33 points while S&P 500
futures SPc1 gained 4.1 points and Nasdaq 100 futures NDc1 were up 7.75
points.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
