MarketWatch.com - Pre-Market Indications

Tuesday, November 23, 2010

Indications: U.S. futures drop on Korean tensions

Stock Assault 2.0 - Artificial Intelligence Stock Market Software

By Barbara Kollmeyer and Nick Godt, MarketWatch

NEW YORK (MarketWatch) â€" U.S. stock futures fell sharply Tuesday, as investors fretted over news of an exchange of fire between North and South Korea, while concerns about Ireland's debt problems continued.

Dow Jones Industrial Average futures /quotes/comstock/21b!f:dj\z10 (DJZ10 10,983, -182.00, -1.63%)  slid 106 points, or 1%, to 11,059, while those for the S&P 500 /quotes/comstock/21m!f:sp\z10 (SPZ10 1,177, -20.70, -1.73%)  fell 13.70 points, or 1.1%, to 1,184.

Futures for the Nasdaq 100 index /quotes/comstock/21m!f:nd\z10 (NDZ10 2,109, -45.50, -2.11%)  slumped 20.75 points, or 1%, to 2,133.75.

North, South Korea exchange fire

North Korea fires artillery shells at buildings on a South Korean island, prompting an exchange of fire. Video courtesy of Reuters.

Investors were unsettled by reports that North Korea launched dozens of rounds of artillery at a South Korean island near the two nations’ western border. South Korean forces then reportedly fired back. According to Reuters, South Korea’s military is now at its highest level of peacetime alert. See full story on the Korean conflict.

“As this unfolds during the day, it may be one of the major talking points in the week, especially in the American market, where everyone is not focused on what’s going on and focused on the holidays,” said Will Hedden, sales trader at IG Index.

He said volumes are thinning out ahead of Thursday’s U.S. Thanksgiving holiday. “With the fact that it is quiet, we’ve still got these wide economic topics,” he said. “It could still be quite choppy, but there’s not much out there to suggest American investors would be interested in buying ahead of the Thanksgiving holiday.”

TODAY'S TOP MARKET STORIES

S&P 500 (1 YEAR)

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/conga/story/misc/markets.html 84614

U.S. stocks closed mostly down Monday, although they bounced off earlier lows amid worries over Ireland’s debt woes and news of a fresh insider-trading investigation at three hedge funds.

The Nasdaq Composite index /quotes/comstock/10y!i:comp (COMP 2,488, -44.47, -1.76%)  managed a small gain.

European stocks were deep in negative territory Tuesday, also rattled by unrest on the Korean Peninsula. Also weighing was political instability in Ireland, with fears that Prime Minister Brian Cowen may have trouble pushing austerity measures â€" required for a rescue package â€" through parliament. Cowen said he would call for early elections in January once the budget is passed.

“The focus today is where the political situation sends the market there. If it is to descend into disorder in the political situation, that’s going to definitely help markets decide where the contagion will go,” said Hedden. “If that happens, Portugal, maybe Spain, will be next in line to be sold.”

In premarket trade, U.S.-listed shares of Bank of Ireland /quotes/comstock/13*!ire/quotes/nls/ire (IRE 1.72, -0.50, -22.53%)   /quotes/comstock/30b!bir (IE:BIR 0.29, -0.10, -24.94%)  tumbled 29%. Patrick Honohan, governor of the Central Bank of Ireland, said selling Ireland’s banks to foreign buyers may be desirable, according to a report by Dow Jones Newswires.

Stock futures held onto sharp losses ever after the U.S. government revised its estimate of economic growth to a 2.5% annual rate in the third quarter, compared with 2% previously. Economists were predicting a revision to about 2.4%. Read more on the GDP.

Still ahead, October existing-home-sales data are due for release at 10 a.m. Eastern, and minutes of the Federal Open Market Committee meeting held earlier this month will be released at 2 p.m. Eastern.

A handful of companies reported their quarterly results before the market open. Campbell Soup Co. /quotes/comstock/13*!cpb (CPB 34.20, -0.63, -1.81%) said it earned 82 cents a share in the first quarter, down from 87 cents a share in the year-ago period, on sales of $2.17 billion. The company said it sees 2011 earnings-per-share growth of 2% to 4%.

Hormel Foods Corp. /quotes/comstock/13*!hrl (HRL 49.39, +1.46, +3.05%)  reported fourth-quarter earnings of 90 cents a share, compared with 77 cents a share in the year-ago period, on sales of $2.1 billion.

Shares of J. Crew Group Inc. /quotes/comstock/13*!jcg/quotes/nls/jcg (JCG 43.85, +6.20, +16.47%)  jumped 22% in preopen trade on a report in The Wall Street Journal that private-equity firms are near a deal worth $43.50 a share in cash, or $3 billion, to take the clothing retailer private. A deal could be announced as soon as Tuesday.

Brown Shoe Co. /quotes/comstock/13*!bws (BWS 14.20, +2.01, +16.49%)  shares moved up 11% in premarket trading. The St. Louis footwear firm reported fiscal third-quarter net income reached 42 cents a share from 38 cents a share in the year-earlier period. Adjusted earnings in the latest quarter were 45 cents a share versus 42 cents. The company forecast 2010 adjusted profit of $1 to $1.05 a share.

Health-care giant Johnson & Johnson /quotes/comstock/13*!jnj/quotes/nls/jnj (JNJ 62.81, -0.81, -1.27%)  said it’s recalling children’s-strength Motrin and Benadryl products, owing to manufacturing issues. The company also said the products are safe for consumers to use.

Shares of Hewlett-Packard Co. /quotes/comstock/13*!hpq/quotes/nls/hpq (HPQ 43.53, +0.28, +0.65%)  rose 2% in premarket trading after the company late Monday reported strong fiscal fourth-quarter results. Its outlook was better than expected. Read about Hewlett-Packard’s results.

Stocks in Hong Kong closed off 2.6%, partly on fears that big banks may curb lending, notably to the property sector. Korean worries also crept in, with China’s Shanghai Composite losing 1.9%.

The dollar was stronger across the board, while gold futures for December fell $3.20, or 0.2%, to $1,361.30 an ounce. January crude-oil futures fell $1.28 to $80.46 a barrel.

Barbara Kollmeyer is an editor for MarketWatch in Madrid. Nick Godt is MarketWatch's markets editor, based in New York.

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Indications: U.S. futures drop on Koreas, Europe debt concerns

Stock Assault 2.0 - Artificial Intelligence Stock Market Software

By Barbara Kollmeyer, MarketWatch

MADRID (MarketWatch) â€" U.S. stock futures fell sharply on Tuesday, as investors fretted over news of an exchange of fire between North and South Korea, and amid ongoing concern about Ireland's debt problems.

Losses for futures accelerated, with Dow Jones Industrial Average futures /quotes/comstock/21b!f:dj\z10 (DJZ10 11,064, -101.00, -0.90%)  trading down 100 points, or 0.9%, to 11,065, while those for the S&P 500 /quotes/comstock/21m!f:sp\z10 (SPZ10 1,184, -14.10, -1.18%)  fell 13.10 points, or 1.1%, to 1,185.

Futures for the Nasdaq 100 index /quotes/comstock/21m!f:nd\z10 (NDZ10 2,134, -20.25, -0.94%)  slumped 20.75 points, or 1%, to 2,134.

North, South Korea exchange fire

North Korea fires artillery shells at buildings on a South Korean island, prompting an exchange of fire. Video courtesy of Reuters.

Stock futures were unsettled by reports that North Korea launched dozens of rounds of artillery at a South Korean island near the two nations’ western border. South Korean forces then reportedly fired back. According to Reuters, South Korea’s military is now at its highest level of peacetime alert. See full story on the two Koreas

“As this unfolds during the day, it may be one of the major talking points in the week, especially in the American market where everyone is not focused on what’s going on and focused on the holidays,” said Will Hedden, sales trader at IG Index.

He said volumes are thinning out ahead of Thursday’s U.S. Thanksgiving holiday. “With the fact that it is quiet, we’ve still got these wide economic topics. It could still be quite choppy, but there’s not much out there to suggest American investors would be interested in buying ahead of the Thanksgiving holiday.”

TODAY'S TOP MARKET STORIES

S&P 500 (1 YEAR)

• Market Snapshot: U.S. stocks in focus • Today's biggest advancing, declining stocks • Sign up for free, breaking-news email alerts

Earnings Watch | Earnings, updates, warnings

THE MARKET BY SECTOR | Industries • Tech Stocks | Energy Stocks | Retail Stocks • Financials | Airline Stocks | Pharma and Biotech

EXPANDED MARKETS NEWS • Bonds | Oil news | Gold news • Currencies | Market Data | Economic Calendar • See all the latest markets video

/conga/story/misc/markets.html 84614

U.S. stocks closed mostly down in the prior session, but bounced off earlier lows amid worries over debt woes in Ireland, along with news of a fresh insider-trading investigation at three hedge funds.

The Nasdaq Composite index /quotes/comstock/10y!i:comp (COMP 2,532, +13.90, +0.55%)  managed a small gain.

European stocks were deep in negative territory on Tuesday, also rattled by unrest in the Koreas. Also weighing was political instability in Ireland, with fears Prime Minister Brian Cowen may have trouble pushing austerity measures â€" required for a rescue package â€" through parliament. Cowen said he would call for early elections in January once the budget is passed.

“The focus today is where the political situation sends the market there. If it is to descend into disorder in the political situation, that’s going to definitely help markets decide where the contagion will go,” said Hedden. “If that happens, Portugal, maybe Spain, will be next in line to be sold.”

In pre-opening trade, U.S.-listed shares of Bank of Ireland /quotes/comstock/13*!ire/quotes/nls/ire (IRE 2.22, -0.45, -16.85%)   /quotes/comstock/30b!bir (IE:BIR 0.28, -0.11, -27.51%)  tumbled 30%. Patrick Honohan, governor of the Central Bank of Ireland, said selling Ireland’s banks to foreign buyers may be desirable, according to a report by Dow Jones Newswires.

Economic data on the schedule for Tuesday include a third-quarter revision of U.S. gross domestic product, due at 8:30 a.m. Eastern time.

October existing-home-sales data are due for release at 10 a.m. Eastern and minutes of the Federal Open Market Committee meeting held earlier this month will be released at 2 p.m. Eastern.

A handful of companies reported ahead of the market open. Campbell Soup Co. /quotes/comstock/13*!cpb/quotes/nls/cpb (CPB 34.83, +0.18, +0.52%) said it earned 82 cents in the first quarter against 87 cents in the year-ago period on sales of $2.17 billion. The company said it sees 2011 EPS growth of 2% to 4%.

Hormel Foods Corp. /quotes/comstock/13*!hrl/quotes/nls/hrl (HRL 47.93, +0.29, +0.61%)  reported fourth-quarter earnings per share of 90 cents against 77 cents in the year-ago period on sales of $2.1 billion.

Shares of clothing retailer J. Crew Group Inc. /quotes/comstock/13*!jcg/quotes/nls/jcg (JCG 37.65, +1.16, +3.18%)  jumped 22% in pre-opening trade on a report in The Wall Street Journal that a couple of private equity firms are nearing a deal worth $43.50 in cash, or $3 billion, to take the firm private. A deal could be announced as soon as Tuesday.

Brown Shoe Co. /quotes/comstock/13*!bws/quotes/nls/bws (BWS 12.19, -0.16, -1.30%)  shares moved up 11% in premarket trading. The St. Louis footwear firm reported fiscal third-quarter net income reached 42 cents a share from 38 cents a year earlier. Adjusted earnings were 45 cents versus 42 cents. The company estimated adjusted profit at $1 to $1.05 a share for 2010.

Health-care giant Johnson & Johnson /quotes/comstock/13*!jnj/quotes/nls/jnj (JNJ 63.62, -0.21, -0.33%)  said it’s recalling children’s-strength Motrin and Benadryl products owing to manufacturing issues. The company also said that products are safe for consumers to use.

Shares of Hewlett-Packard Co. /quotes/comstock/13*!hpq/quotes/nls/hpq (HPQ 43.25, +0.76, +1.79%)  rose 2% in premarket trading after the company late Monday reported strong fiscal fourth-quarter results. Its outlook was better than expected.

Stocks in Hong Kong closed off 2.7%, partly on fears big banks may curb lending, notably to the property sector. Korean worries also crept in, with China’s Shanghai Composite losing 1.9%.

The dollar was stronger across the board, while gold futures for December rose 40 cents to $1,358.10 an ounce. January crude oil futures fell $1.10 to $80.64 a barrel.

Barbara Kollmeyer is an editor for MarketWatch in Madrid.

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NYSE Arca Morning Update - 08:30:00 ET

NYSE Arca Morning Update for Tuesday, Nov 23, 2010 :

STOCKS TRADING ON NYSE Arca AT A PRICE 15% OR MORE AWAY FROM
THE PREVIOUS TRADE DAY'S CONSOLIDATED CLOSE PRICE (AS OF 08:30:00 ET)

Stock Monday's Close Current Price Pct Change Current NYSE ARCA Vol
IRE $2.22 $1.58 (28.8%) 1,796,679
JCG $37.68 $45.00 19.4% 1,263,478


10 MOST ACTIVE STOCKS ON NYSE ARCA AS OF 08:30:00 ET

BASED ON DOLLARS TRADED: | BASED ON SHARES TRADED:
Stock $ Volume Price PctChg | Stock Share Vol Price PctChg
SPY $199376644 $119.02 ( 0.9%) | C 2,045,036 $4.13 ( 1.4%)
JCG $57,652,384 $45.00 19.4% | IRE 1,796,679 $1.58 (28.8%)
QQQQ $21,084,984 $52.54 ( 0.7%) | SPY 1,675,158 $119.02 ( 0.9%)
AAPL $18,522,236 $311.62 ( 0.6%) | JCG 1,263,478 $45.00 19.4%
GLD $15,810,591 $133.00 ( 0.3%) | DYN 938,340 $5.08 ( 1.0%)
IWM $13,282,257 $72.08 ( 1.0%) | BAC 447,813 $11.16 ( 1.2%)
SDS $10,593,375 $26.99 1.9% | NOVL 435,400 $5.96 0.2%
LVS $9,322,460 $49.39 ( 3.3%) | QQQQ 401,358 $52.54 ( 0.7%)
C $8,430,742 $4.13 ( 1.4%) | SDS 391,783 $26.99 1.9%
HPQ $7,909,073 $44.20 2.2% | BRCD 205,235 $5.22 ( 8.4%)


Price changes may be affected by symbol splits and dividends.

Consolidated close price is the last print (excluding prints with trade
conditions) prior to 4PM ET.

This information is also updated on our web page every morning at 8:35ET:
http://www.tradearca.com/data/volume/daily_update.asp

This material is for informational purposes only.
NYSE Euronext and its affiliates ("NYSE Arca") are not soliciting any action based upon it.
This material is not to be construed as an offer to buy or sell any security in any jurisdiction where such an offer or solicitation would be illegal.
Any opinions expressed in this material are NYSE Arca opinions only.
NYSE Arca undertakes no obligation to update any of the information contained in this material in light of new information or future events.
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NYSE ARCA DISCLAIMS ALL WARRANTIES INCLUDING THE IMPLIED WARRANTIES OF MERCHANTIBILITY, TITLE, AND FITNESS FOR A PARTICULAR PURPOSE AS TO THIS MATERIAL.
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OF THIS MATERIAL, ANY DELAY OR INTERRUPTION OF SERVICE OR OMISSIONS OR INACCURACIES IN THE MATERIAL) WITH RESPECT TO THIS MATERIAL.

Copyright [2010] by NYSE Euronext. All rights reserved. Reproduction and redistribution prohibited without prior express consent.

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