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Traders looking at mixed open

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Stock futures are edging higher this morning as June S&P 500 futures (sp02m) trade up 2 points at 1,154, while NASDAQ futures gain 1 point at 1,495 and Dow futures trade higher by 12 point at 10,480.

Fair value for the S&P 500 today is $2.45. HL Camp & Company has their computers set for program buying at $3.81 and set for selling at $1.39. Fair value for the NASDAQ-100 today is $7.70.

HL Camp notes that since 1985, Friday's a week prior to the Good Friday holiday have seen the Dow Industrials (INDU) post a negative close 76.4% of the time. The four exceptional bullish closes occurred in 1999, 1992, 1991 and 1985.

Currently, stock futures would open below fair value, thus indicating a slightly lower open for stocks.

Applied Materials sets 2 for 1 stock split

Shares of semiconductor equipment maker Applied Materials (NASDAQ:AMAT) are bid higher by 90-cents at $52.92 in pre-market trading after the company said its Board of Directors has approved a two-for-one stock split of its common stock in the form of a 100% stock dividend. New shares resulting from the split are expected to be distributed on or about April 16, 2002 to stockholders of record as of April 1, 2002.

Travelers Property IPO priced at $18.50

Travelers Property and Casualty (NYSE:TAP) priced 210 million shares at $18.50, near the upper-end of the $16-19 range; lead underwriter is Salomon Smith Barney. The Travelers (TAP) initial public offering is a spin off of Citigroup (NYSE:C).

Brocade Communications files S-3 registration

Shares of Brocade Communications (NASDAQ:BRCD) are edging down 33-cents at $25.40 in pre-market trading after the company filed S-3 registration with the Securities Exchange Commission registering currently outstanding 2% subordinated notes January 1, 2007 and the common stock issuable upon conversion of the notes. The notes, aggregate principal amount of $550 million, are convertible into shares of common stock at a conversion rate of $43.75 a share.

Jeff Bailey
Senior Market Technician
Option Investor

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