Stock futures were lower in early morning action, but computer giant IBM's (NYSE:IBM) $97.25 warning that earnings would be substantially less than consensus has futures under further pressure.
IBM warned that the company now expects to report Q1 earnings of $0.66-$0.70 a share, well below consensus estimates of $0.86 a share.
The news from IBM has S&P futures (sp02m) down 11.6 point at 1,113.60, while NASDAQ futures (nd02m) fall 33 points to 1,356 and Dow futures drop 115 points to 10,175.
Fair value for the S&P 500 today is $1.78. HL Camp & Company has their computers set for program buying at $2.54 and set for selling at $0.48. Fair value for the NASDAQ-100 today is $6.20.
Oil jumps after Iraq suspends exports
Oil futures are on the rise this morning after Iraq reportedly said it had suspended crude oil exports for 30 days starting today. Iraq said it will resume exports if Israel leaves Palestinian areas. U.S. Light, Sweet Crude Oil futures (cl02k) for May delivery jumped 2.4% to $26.84/barrel.
Intuit raises Q3 guidance
Shares of software maker Intuit (NASDAQ:INTU) $37.30 jumped by $1.00 to $38.30 in pre-market action after the company increased Q3 pro forma operating income guidance by approximately $0.05 a share (consensus $0.67). INTU also expects Q3 revenue to be at the higher end of its current range of $520-$544 million (consensus $537.3 million). The company maintained its Q4 outlook.