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Stock futures hover near unchanged

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Stock futures are seeing some fractional upside this morning as early session earnings meet expectations. S&P futures currently show a fractional half-point gain to 1,110, NASDAQ futures are edging higher by 11 points at 1,418 and Dow futures are up 1 point at 10,150.

Fair value for the S&P 500 today is $0.10. HL Camp & Company has their computers set for program buying at $1.34 and set for program selling at $-1.04. Fair value for the NASDAQ-100 today is $2.10. Based on futures action, we are expecting a slightly higher open for stocks.

Retailers beat earnings

Two of the more widely known retailers in Federated Department Stores (NYSE:FD) $39.02 and Home Depot (NYSE:HD) $52.07 reported earnings this morning that were ahead of analyst's expectations. Federated Department Stores (FD) said they earned $1.90 a share, which was 3-cents better than estimates, while Home Depot (HD) said it earned $0.30 a share, which was 2-cents better than analyst's estimates polled by First Call.

Sprint PCS raises cash through spot offering

The AFX wire in London is reporting that Sprint PCS (NYSE:PCS) $9.42 has raised approximately $117.6 million in a spot offering of 13-million shares priced at $9.04, through Schroder Salomon Smith Barney. In overseas trading, shares of PCS were active at $9.18, down roughly -2.5% from Monday's close.

Consumer Confidence due out at 10:00 AM EST

Later this morning traders will get a pulse on the consumer to see how upbeat or cautious their outlook is on the future as Consumer Confidence numbers for February are expected to come in at 97.4. While a number at or near that level is not expected to have a major impact on today's market action, a number that exceeds or falls below that level by more than a couple of point could impact trading.

Jeff Bailey
Senior Market Technician
Option Investor

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