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Stock futures in the red

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Last night's earning's from IBM (NYSE:IBM) and Microsoft (NASDAQ:MSFT) don't appear to have been strong enough to keep stocks headed higher as stock futures are trading lower and "big tech" is leading the move. IBM is currently indicating to open near the $114.65 level after finishing yesterday's trading session at $119.90, while Microsoft (MSFT) is edging lower at the $67.10 level, after closing yesterday at $67.10.

S&P futures are currently down 5.7 points at 1,128, NASDAQ futures are trading lower by 24 points at 1,568 and Dow futures are down 79 points at 9,730. IBM and MSFT are both Dow components.

Fair value for the S&P 500 today is $1.00. HL Camp & Company has their computers set for programs buying at $2.26 and set for programs selling at $-0.18. Fair value for the NASDAQ-100 today is $4.90.

Trade gap narrows

The U.S. trade deficit narrowed in November to $27.89 billion, down from a fractionally revised October deficit of $29.3 billion. For November, economists were expecting a trade gap of $28.5 billion. Today's smaller deficit number is largely contributed to a weaker U.S. economy and lacking demand for foreign-made goods.

3M beats by a penny

Dow component 3M (NYSE:MMM) reported pro-format net income of $387 million, or 98 cents a share, which was good enough to top estimates by analysts looking for earnings of 97-cents a share. Including charges, 3M said it earned $381 million or $0.96 a share. In the year-ago period, 3M reported earnings of $326 million or $0.82 a share.

Sun slips in pre-market

Shares of Sun Microsystems (NASDAQ:SUNW) are slipping to $11.50 in pre-market trading after finishing yesterday's session at $12.37. SUNW reported a second-quarter loss excluding items of $99 million, or -$0.03 a share, which was slightly better than a loss of $0.04 expected by analysts. In the year-ago period, SUNW reported earnings of $494 million, or $0.15 a share. In the latest quarter, SUNW said revenues fell 39% to $3.1 billion, from $5.1 billion in the same period last year.

Jeff Bailey
Senior Market Technician
Option Investor

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