- Pre-Market Indications

Wednesday, May 7, 2008

PreMarket - Trader Talk with Bob Pisani -

Dollar finally rallying today after a couple of down days. Metal commodities lower, but energy commodities flat.

Modest pop in futures as first quarter productivity rose a better than expected 2.2% vs expectations of 1.5%.

What we need here is more DEMAND; we need heavier volume on up days, and a clearer rotation into techs (already evident), industrials, and financials. It's not enough to just say, "Well, we haven't really seen any serious selling in a month." That's true, but not enough. Necessary, but not sufficient.


Sprint Nextel Corp

9.19 UNCH 0%

[S 9.19 --- UNCH (0%) ] up 7 percent on word of a $12 billion joint venture with Clearwire; [CLWR 16.46 --- UNCH (0%) ] they are merging their wireless broadband units. They will be trying to roll out the first high speed mobile unit using the WiMAX network. Financing is being provided by Comcast[CMCSA 21.85 --- UNCH (0%) ] , Intel [INTC 23.58 --- UNCH (0%) ] , Time Warner Cable [TWC 29.41 --- UNCH (0%) ] , and Google [GOOG 586.36 --- UNCH (0%) ] , and Bright House Networks , for a total of $3.2 billion. Google will be Sprint's preferred mobile search provider.

Increased oil and gas production, as well as higher oil and natural gas prices, helped Devon

Devon Energy Corp

120.33 UNCH 0%

[DVN 120.33 --- UNCH (0%) ] and Transocean [RIG 157.85 --- UNCH (0%) ] reported earnings well above expectations. Transocean up 4 percent, Devon 3 percent.

What Does The Market Need? More Demand - Trader Talk with Bob Pisani -

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