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Stock futures mixed

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Stock futures are mixed this morning with S&P futures (sp01z) showing a gain of 2 points to 1,067. NASDAQ futures (nd01z) are down 2.5 points to 1,283.50, but Dow futures (dj01z) are higher by 34 points to 9,095. Fair value for the S&P 500 today is $2.68. HL Camp & Company has their computers set for program buying at $4.08 and set for program selling at $1.08. Fair value for the NASDAQ-100 today is $5.88.

Earnings in a bottle?

The Pepsi Bottling Group (NYSE:PBG) reported earnings this morning of $1.02 per share. Excluding a one-time tax benefit, the bottler posted earnings of $0.96 a share, which was a penny better than the average estimate compiled by Thomson Financial/First Call. Yesterday, shares of PBG finished the session at $47.82, have just recently traded at a 52-week high of $48.63 on October 2nd.

NTAP says EMC is vulnerable

Network Appliance (NASDAQ:NTAP) CEO Dan Warmenhoven said he hopes his company can maintain its profit margins for the computer storage company in the current technology downturn, but added that he didn't think EMC could do that with their current cost structure. Mr. Warmenhoven said that NTAP's margins are near the 55-60% level and expects them to stay there. Warmenhoven added "EMC products are fairly antiquated, 10-12 years old. The new modern storage architectures are much smaller." Both stock's price have fallen dramatically this year with Network Appliance's shares falling from a December 29th close of $64.21 to yesterday's closing price of $9.42 or 85% (indicated higher this morning at $10.25), while shares of EMC have fallen nearly $53.15 (79%) compared to yesterday's close of $13.35.

Jeff Bailey
Senior Market Technician
Option Investor

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