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Stock futures higher ahead of earnings

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With earnings season just beginning to ramp up, stock futures are on solid ground this morning and indicating a higher open. S&P 500 futures are up 5 points to 1,097, NASDAQ futures higher by 16 points to 1,405 and Dow futures are up 39 points to 9,385. Fair value for the S&P 500 is $2.52. HL Camp & Company has their computers set for program buying at $3.80 and set for programs selling at $0.98. Fair value for the NASDAQ-100 today is $5.42.

Technology bellwethers set to report

Two technology heavyweights are set to report earnings after today's close of trading with IBM (NYSE:IBM) and Intel Corp. (NASDAQ:INTC) reporting earnings after the bell. The average estimate for IBM has analysts looking for the company to report 90 cents a share for the latest quarter, which would be 18 cents less than year ago quarterly earnings of $1.08. Analysts are looking for Intel (INTC) to reporter quarterly earnings of 10 cents a share.

Already reported

Already this morning, traders and investors have been overwhelmed with earnings. American Standard (NYSE:ASD) reported earnings inline with expectations of $1.23, AmSouth Banc (NYSE:ASO) met estimates of $0.37, Biogen (NASDAQ:BGEN) beat estimates of $0.44 by earning $0.49, but Caterpillar (NYSE:CAT) fell short of analysts estimates of $0.62 with earnings of $0.59.

Other notables this morning have Charles Schwab (NYSE:SCH) beating estimates by a penny at $0.06, Johnson & Johnson (NYSE:JNJ) beating estimates by 2 pennies at $0.50 and Maytag (NYSE:MYG) reporting quarterly earnings of $0.45, which was better than analyst's estimates of $0.42.

Jeff Bailey
Senior Market Technician
Option Investor

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