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The word "lower" just about sums up this morning's action as futures trader lower and Treasury YIELDS also follow through to the downside as investors/traders rotate some capital back toward the perceived safety of bonds.

S&P futures are currently trading down 5.9 points to 1,085. NASDAQ futures are trading lower by 10 points at 1,298 and Dow futures are off 57 point at 9,963.

Fair value for the S&P 500 today is $1.08. That price will not change during the day. HL Camp & Company has their computers set for program trading at $2.32 and set for selling at $-0.30. Fair value for the NASDAQ-100 today is $4.43.

Tyco down after outlining changes

Shares of Tyco International (NYSE:TYC) $25.90 are getting hit to the downside in pre-market trading after the company guided lower for FY02 after reporting Q2 earnings that beat estimates by a penny. Not only does the lowered guidance look to be weighing on investor's minds, but the company also said that it plans to abandon plans to break into four separate units.

Tyco (TYC) did say it will file today for a 100% spin-off of CIT. The Wall Street Journal reported that TYC failed to find any buyers for its CIT unit at Tyco's asking price of more than $8 billion and today's expected filing is for between $6-$8 billion. The Journal also reported that Tyco is pulling its plastic business off the auction block amidst talk of accounting issues, as several bidders for that business said that after the initial round of bids, Tyco failed to produce audited financial statements for the unit despite repeated promises to do so.

Cabots earnings miss could weigh on semiconductors

Cabot Microelectronics (NASDAQ:CCMP) $53.75 is trading lower this morning in pre-market action at $43.00 after the company reported Q2 earnings of $0.31, which was 5-cents below estimates. The company said it has seen a pick-up in April orders, but visibility remains limited.

Jeff Bailey
Senior Market Technician
Option Investor

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