Option Investor
Market Updates

Stock futures mixed to lower

Printer friendly version

Stock futures are mixed this morning with S&P 500 futures showing a fractional gain of 1.2 points. NASDAQ futures are lower by 2 points and Dow futures are off 8 points. Fair value for the S&P 500 today is $5.11. HL Camp & Company has computer buy programs set for buying at $6.53 and set for selling at $3.82. Fair value for the NASDAQ-100 today is $11.

Amazon.com trading lower

Shares of Amazon.com (NASDAQ:AMZN) are trading at $14.17 in the pre-market after yesterday's close at $16.03. We've had a fitted retracement on the stock from $8.40 to $16.14 and this gives bearish traders a target of $13.18 to be shooting for. The 50- day MA is flat at $15.02.

Lucent reports losses

Lucent Technologies (NYSE:LU) reported a 3rd quarter loss of $0.35 a share, which was much larger than the average estimate of analysts looking for the company to lose $0.21. Year ago quarter earnings showed a gain of $0.23. Revenues fell 21.5% to $5.82 billion from year ago revenues of $7.41 billion. The company plans to further reduce headcount by an additional 15-20k. Yesterday, shares of Lucent (LU) finished the trading session at $7.90.

Openwave trades higher

Shares of Openwave (NASDAQ:OPWV) are trading higher in the pre- market to $20.75, well above yesterday's close of $19.30. The maker of IP-based communications software and applications announced late yesterday that 4th quarter revenues increased approximately 11 percent to $144.7 million from $130.0 million in the 3rd quarter and 153% from $57.3 million in the year ago quarter. Pro forma earnings for the 4th quarter were $19.2 million, or $0.11 a share and earnings for the fiscal year were $45.4 million, or $0.25 a share. Net loss for the 4th quarter including merger related items and stock based compensation was $142.2 million, or $0.84 per basic diluted share, compared to a net loss of $177.4 million, or $1.13 per basic diluted share for the 4th quarter a year ago.

I have a fitted retracement bracket on OPWV from $14.10 to $41, which gives bulls a preliminary target of $24.37 to be shooting for.

Jeff Bailey
Senior Market Technician

Intraday Update Archives