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Stock future dip lower

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Stock futures are dipping lower this morning with S&P futures trading down 3.2 points at $1,092. NASDAQ futures are lower by 15 points at $1,472 and Dow futures are edging lower by 33 points at $9,650.

Fair value for the S&P 500 today is $0.38. HL Camp & Company has their computers set for program buying at $1.44 and set for program selling at $-1.08. Fair value for the NASDAQ-100 today is $2.92. For those subscribers that would like more information on fair value and its uses, please visit www.programtrading.com.

Oxford Health beats estimates

Oxford Health (NYSE:OHP) $36.03 reported upbeat earnings this morning with a 4th quarter profit of $0.85 a share (excluding items) and that was good enough to be consensus estimates of $0.78 a share. OHP said total revenues rose 7.9% to $1.12 billion.

Qwest files shelf registration for $2.5 billion

Telecom service provide Qwest Communications (NYSE:Q) $8.96 filed a shelf registration statement (a filing with the SEC in which the company most likely sells shares) covering the issuance of approximately $2.5 billion worth of debt and equity securities. The company said it plans to issue no more than $1.25 billion in equity or equity-linked convertible securities. Last week, Qwest's CEO Joseph Nacchio said, "We are committed to the health of our balance sheet and would take steps to reduce debt by $1.5 to $2 billion."

Ciena lowers 1st quarter guidance

Optical networking company Ciena (NASDAQ:CIEN) said it would report a wider first-quarter loss than analysts were expecting, saying several major customers were making significant reductions in equipment purchases, and said it would cut about 12% of its workforce. Ciena (CIEN) said it would report a loss before charges of between $-0.19 and $-0.22 a share on revenues of about $160 million. Analysts had expected Ciena (CIEN) to post a loss before items of $-0.11 a share on revenues of approximately $227.14. Yesterday, shares of CIEN closed at $10.12 and trade down 14.7% in pre-market action at $8.63.

Jeff Bailey
Senior Market Technician
Option Investor

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