Pre Market Movers Bob Pisani - CNBC.com
This has been a good week, with the stimulus package on its way, a 75 bp cut in rates from the Fed, and some hope that bond insurers may be getting some help from insurance regulators. S&P 500 up 2 percent.
Today Ambac
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On top of that, we have a better tone to earnings than earlier in the week from two key Dow components:
1) Caterpillar
[CAT 65.25 --- UNCH (0%)
Caterpillar IncCAT65.25 UNCH 0%NYSE] met expectations; while guidance for 2008 was kept, it is still below Street consensus. Strong sales in Europe. Up 3 percent pre-open.
Caterpillar's conference call this morning will certainly emphasize recession probabilities. This is not a trivial issue. As traders have noted, because the degree of slowdown is a moving target, future guidance now, bullish or bearish, has less predictive value than usual and investors must keep this in mind.
2) Honeywell
[HON 58.06
Honeywell International IncHON58.06 1.86 +3.31%NYSE1.86 (+3.31%)
] in line, forecasting double digit earnings growth, up 4 percent pre open.
Elsewhere:
3) You think we have problems? Gold Fields
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4) Asian economies may be humming along, but there are signs that the IPO business is slowing down. Maoye International, a Chinese department store chain, has shelved its $905 million IPO listing in Hong Kong due to adverse market conditions. The deal was supposed to be priced last night.
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