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Stock futures mixed

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Stock futures are mixed this morning with S&P futures (SP01U) down just fractionally (-0.20) to 1,180. NASDAQ futures (ND01U) are lower by 3 points to 1,581 and Dow futures (DJ01U) are up 15 points to 10,405. Fair value for the S&P 500 today is $2.28. HL Camp and Company has their computers set for program buying at $4.04 and set for program selling at $0.52. Fair value for the NASDAQ-100 today is $4.25.

Goldman lowers estimates for Sun Microsystems

Goldman Sachs is lowering numbers this morning for Sun Microsystems (NASDAQ:SUNW). Analyst Laura Conigliaro cut the September quarter revenue numbers to $3.7 billion from $3.8 billion and cut her EPS estimate to 1 cent from 2 cents for the period. Yesterday, shares of SUNW went out at $14.50 and are trading $14.08 in the pre-market.

Merrill raises Lowe's

Brokerage firm Merrill Lynch is raising home improvement retailer Lowe's (NYSE:LOW) to its "Focus 1" stock list this morning. The brokerage firm believes Lowe's superior inventory management skills and same-store sales trends that outperform Home Depot (NYSE:HD) are just two reasons for investor's to focus on the shares of Lowe's.

Look for continued light volume

Traders should look for continued light volume ahead of the Labor Day weekend. We continue to see broader market light volume and stocks are getting pushed around relatively easily on the lighter volume. Should an institution come into a stocks (buy or sell) with a large order, we are seeing some stocks show short-term price swings.

Jeff Bailey
Senior Market Technician

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