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Market Updates

Stocks edge higher in pre-market

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Stock futures are edging higher this morning as S&P futures gain 1.4 points to 1,139.80. NASDAQ futures are higher by 11 points at 1,425.50 and Dow futures are up 28 points at 10,341.

Fair value for the S&P 500 today is $2.00. HL Camp & Company has their computers set for program buying at $2.98 and set for selling at $0.62. Fair value for the NASDAQ-100 today is $6.62.

Oil/gas inventories rebound

UBS Warburg is saying that the 6.5 million barrel increase in crude inventories reported in yesterday afternoon's API data was expected and that the 3.9 million increase in gasoline inventories could erode some of the recent recovery in product price gains and refining margins. Yesterday, May Light, Sweet Crude Oil futures (cl02k) traded as high as $28.00/barrel. The May contract trades down 24-cents to $27.47 this morning.

Chemical giant Du Pont guides higher

Dow component Du Pont (NYSE:DD) $47.35 said it expects Q1 earnings to exceed the $0.51 a share high end of the current First Call earnings estimates (consensus is $0.49). The company said the higher guidance reflects lower fixed costs across most of its reporting segments, as well as somewhat stronger early season sales in its production agriculture biz.

Adelphia confirms SEC inquiry

Adelphia Communications (ADLAC) $11.83 said early this morning that the SEC is conducting an informal inquiry into its previously disclosed co-borrowing agreements and has asked ADLAC to provide clarification and related documentation. Shares of ADLAC are currently halted and last trade in pre-market action was at 08:30 AM EST at $10.75.

Jeff Bailey
Senior Market Technician
Option Investor

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