Yesterday's comeback for stocks is going to be erased at the open of trading as S&P futures are down 12 points, NASDAQ futures are off 36 and Dow futures are down 113 points. Traders should remember that today is option expiration. Check your accounts to make sure there are not any outstanding options in your account that may be in the money that will offer a surprise call from your broker Monday morning.
Dell Computer among most active
Shares of Dell Computer (NASDAQ:DELL) are among the most actively traded stocks in the pre-market. After yesterday's close, DELL reported earnings of $0.16 per share, which met analysts estimates, but the company warned for its 3rd quarter. DELL executives said they expect earnings to come in closer to $0.15- $0.16 per share vs the estimate of $0.17. On Thursday, shares of DELL closed at $25.38 and are trading near $24 this morning.
Gap Stores get downgraded
Clothing retailer Gap Stores (NYSE:GPS) beat estimates for its latest quarter, but guided down for current quarter ending in October. The company said that its October quarter results may fall below $0.21 vs consensus of $0.26. Shares of GPS finished yesterday's session at $23.35. Several firms have come looking for blood on this one and a host of downgrades will most likely put further pressure on this stock at the open.
Fair value for the S&P 500 today is $2.96. HL Camp and Company has their computers set for program buying at $4.54 and set for program selling at $1.38. Fair value for the NASDAQ-100 today is $6.18.