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Stock futures show fractional gains ahead of Fed

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Stock futures are fractionally positive this morning with S&P futures up 1.3 points. NASDAQ futures are higher by 2 points and Dow futures are up 15 points. Fair value for the S&P 500 today is $2.78. HL Camp & Company has their computers set for program buying at $4.04 and set for program selling at $1.12.

Agilent drops on poor results

Agilent (NYSE:A) dropped more that $2, to $24 in Instinet trading after the company said that it lost $0.24 per share in its fiscal third quarter, but easily beat consensus estimates that had analysts looking for a $0.34 cent a share loss. Agilent added that it will be cutting 4,000 jobs by mid-2002 in an effort to return the company to profitability.

Dive like an eagle

Shares of American Eagle Outfitter (NASDAQ:AEOS) took a hit in yesterday's after-hours trading to $28.25 and are trading $28.05 this morning after finishing yesterday's session at $32.27. The apparel retailer reported second-quarter earnings of $0.21 per share, which was in line with analyst expectations. However, the company said it now expects third quarter earnings in the range of $0.45-$0.47 per share, compared to analysts estimates of $0.49.

Fed meeting begins today

The FOMC meets today to make a decision on interest rates. Many market participants are looking for a 25 basis point rate cut. Look for trading to be rather calm ahead of today's announcement, which is expected to come at approximately 02:15 PM EST.

Jeff Bailey
Senior Market Technician

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