Stock futures are mixed this morning. S&P futures (sp01z) are down 1 point to 1,006, NASDAQ futures (nd01z) are higher by 3 points to 1,197 and Dow future (dj01z) are down 25 points to 8,600. Fair value for the S&P 500 today is $3.76. HL Camp & Company has their computers set for program buying at $5.08.
Conference Board numbers out at 10:00 AM EST
Stocks may get some news at 10:00 from consumer confidence numbers released from the Conference Board later this morning. Current estimate is for a reading of 108.0 for September, which follows a previous reading of 114.3. Also to be released are the leading indicators from August. Estimates there are for a reading of -0.1%, which was lower than the previous +0.3% reading.
AOL warns on sales and cash flow
Shares of AOL Time Warner (NYSE:AOL) are indicating for a lower open at the $31.25 level this morning (finished yesterday's trading at $32.50) after the company said sales and cash flow would not meet its own expectations for 2001. AOL executives said that the September 11th terrorist attacks helped weaken the advertising climate. Earlier this year, AOL said it would conclude 2001 with revenues of $40 billion and cash flow of $11 billion. As the year progressed and the advertising climate showed little signs of a rebound, AOL executives stood by their projections. Yesterday afternoon, AOL did say that it now expects 2001 pre-tax cash flow growth would rise about 20% and revenue would grow 5-7%. AOL Time Warner's list of assets include America Online, Time Inc. magazine group, Home Box Office and Warner films and music.