- Pre-Market Indications

Wednesday, June 4, 2008

Opening View: Guess Reports Earnings, Bank of America's Price Target Cut

In equity news, The Wall Street Journal reports that Lehman Brothers (LEH: View sentiment for LEHsentiment, chart, options) bought back some of its own stock on Tuesday in an attempt to staunch the 17%, two-day slide in the shares. Also in financials, J.P. Morgan ( JPM: View sentiment for JPMsentiment, chart, options) estimated another 9.5 billion euros in write-downs for European banks, saying that the group hasn't detailed their exposure to bond insurers as aggressively as Merrill Lynch (MER) has. Finally, Merrill Lynch trimmed its price target on Bank of America ( BAC: View sentiment for BACsentiment, chart, options) to $28 from $29 and reiterated the shares at "underperform." It also cut 2008, 2009, and 2010 earnings estimates by 20 cents per share for each year.

In earnings news, Guess (GES: View sentiment for GESsentiment, chart, options) reported a first-quarter profit of $47.8 million, or 51 cents per share, up from $35.5 million, or 38 cents, in the year-ago period. Revenue rose 30% to $465.7 million. Analysts expected earnings of 46 cents per share on sales of $451.9 million.

Finally, the Yahoo! (YHOO: View sentiment for YHOOsentiment, chart, options) saga continues, with the company setting its annual shareholder meeting for August 1. The company had already delayed the event from early June to late July after fallout from Microsoft's ( MSFT: View sentiment for MSFTsentiment, chart, options) acquisition bid. The meeting is expected to receive a great deal of attention as a forum for shareholders disappointed with the way the company handled Microsoft's offer.

Opening View: Guess Reports Earnings, Bank of America's Price Target Cut

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