Traders are looking at a mixed to fractionally higher open this morning as S&P futures trade up 1.2 points at 1,168. NASDAQ futures have been oscillating near the unchanged level, but currently trade down 1.5 points at 1,660. Dow futures are trading higher by 7 points, but they too are gravitating toward the unchanged level.
Fair value for the S&P 500 is $1.28. HL Camp & Company has their computers set for program buying at $2.31 and set for program selling at $-0.05. Fair value for the NASDAQ-100 is $5.90.
AOL Time Warner to take $40-$60 billion charge
Late yesterday, AOL Time Warner (NYSE:AOL) $32.60 told analysts it would take a charge of $40 billion to $60 billion in the first quarter to write down goodwill. The company also said it will acquire the remainder of Bertelsmann's stake in AOL Europe, for $6.75 billion in cash. Officials also added that they didn't expect to see an economic recovery in 2002 and forecasted continued difficult times for the advertising spending. Shares of AOL are being bid higher at $33.50, up $0.90 from yesterday's close.
Tiffany & Company guides higher
High end retailer Tiffany & Company (NYSE:TIF) $32.89 said it expects Q4 earnings to come in at the upper end of previously announced guidance of $0.49-$0.56 (consensus is $0.51) based on higher gross margins. The company also said it sees a mid-to- high single-digit percentage increase in net earnings for 2002.
Wendy's founder dead at age of 69
News just recently released is that Wendy's International (NYSE:WEN) founder and spokesman Dave Thomas died at his home in Florida early this morning.