- Pre-Market Indications

Thursday, March 20, 2008

Pre Market - Trader Talk with Bob Pisani -

Pre Market Trader Talk with Bob Pisani -

Dollar rallying again today, up 1.7 percent since the close on Monday. The bold analyst call of the day (week, month, year?) goes to Richard Bove, who last night titled his piece, "The Financial Crisis is Over," calling the Bear Stearns


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[BSC Loading... (%) ] sale the watershed event, and concluded by saying "this is a once in a generation opportunity" to buy financial stocks.



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[FDX Loading... (%) ] beat, but by a narrow margin. Guidance for the current (4th) quarter at $1.60-$1.80 is below analyst expectations of $1.98. They see "limited earnings growth" in fiscal 2009. Down about 2 percent pre-open.



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[NKE Loading... (%) ] reported strong numbers, well above analyst expectations. Again, growth was outside the U.S. U.S. up 5 percent, Europe up 23 percent, Asia Pacific up 27 percent. Up 5 percent pre-open.

Credit Suisse


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[CS Loading... (%) ] down nearly 8 percent pre-open, they say they are unlikely to be profitable in the first quarter, and took a valuation reduction in asset backed securities that resulted in a reduction of 2007 profit. After an internal probe revealed misspricings from a small number of errant traders (!).

Book news:

a) Barnes and Noble


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[BKS Loading... (%) ] beat, revenues in line. Guidance was good.

b) Borders Group


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[BGP Loading... (%) ] has suspended its dividend and hired JP Morgan and Merrill to explore options. The problem? They can't raise capital because of the credit crunch, and (in hindsight) the decision to go heavy into music a few years ago was not the right one. Book sales up 3.2 percent for the quarter, but music sales were down 14.2 percent. Up 20 percent pre-open on belief a sale is likely.

i disagree with Bove. fortune magazine and cnn feel the same way as stated in my latest youtube video. -st0ckman

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