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Stock futures in the green

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Stock futures are showing some gains this morning with S&P futures trading higher by 1 point, NASDAQ futures are up 8 points and Dow futures are bid higher by 17 points. Fair value for the S&P 500 today is $8.48. HL Camp & Company has their computers set for program buying at $5.65 and set for selling at $2.81. Fair value for the NASDAQ-100 today is $9.48.

PeopleSoft upgrade

Shares of PeopleSoft (NASDAQ:PSFT) are being upgraded this morning at CIBC World Markets to "buy" from "hold." Last week, PeopleSoft reported earnings that beat expectations. Yesterday, shares of PSFT finished the session at $41.09 and are trading at $42.15 in pre-market trading.

Prudential downgrades wireless

This morning, Prudential has downgraded the following wireless stocks to "hold" from "buy:" NXTL, NXTP, PCS, TPCS, WWCA and TLCP.

Verizon gives further guidance

Verizon (NYSE:VZ) reported second quarter earnings of $0.77 a share, in line with estimates and showed bottom line growth versus year-ago earnings of $0.72. Verizon said it sees 2001 earnings of $3.07-$3.12 versus previous target of $3.13-$31.17. The company also lowered revenue growth targets to 5-6% from 7%. Yesterday, shares of Verizon (VZ) finished the session at $56.02, but are indicating a $55 open.

Jeff Bailey
Senior Market Technician

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