The dollar is weak again; Band of England lowered rates, but Europe has been weak right from the open and that weakness has spilled over into our futures.
Elsewhere:
1) March retail sales were again fairly sluggish, one third beat estimates, two third missed, according to RetailMetrics. A couple standouts: discounters like Wal-Mart
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Wal-Mart's same store sales for March were up 0.7 percent from a year earlier, below expectations of a 1 percent gain. However, they boosted guidance for the first quarter to $074 to $0.76, from $070 to $0.74, so it's up fractionally pre-open.
Men's Wearhouse
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2) DuPont
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3) Lehman
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More important is Deutsche Bank's Mike Mayo, who met with Lehman's CFO and put out a widely-discussed note this morning. Mayo said his meeting was somewhat downbeat and sober: "Conditions remain tough, whether it relates to client flows, activity, or even hedging." He concluded by saying "Lehman's strategy is evolving to take on less risk to better hunker down in tough times and to generate lower risk earnings growth longer-term. This new harsh reality is sobering to those looking for a quick fix for the financial sector."
Pre Market - Trader Talk with Bob Pisani - CNBC.com
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