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Economy grew at a faster rate than expect

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This morning's economic data showed the economy grew at an annual rate of 5.8% in the first quarter, which was much stronger than economists forecast for a rate of 4.9%.

This has stock futures showing gains as S&P futures trade higher by 3.3 points to 1,095. NASDAQ futures are up 10.5 points to 1,317 and Dow futures are higher by 23 points at 10,065.

Fair value for the S&P 500 today is $1.02. HL Camp & Company has their computers set for program buying at $1.76 and set for selling at $-0.58. Fair value for the NASDAQ-100 today is 4.37.

VeriSign lower after earnings

Shares of Internet software maker VeriSign (NASDAQ:VRSN) $18.24 are getting hit to the downside at $12.50 in pre-market action after the company reported earnings last night that were in line with analysts expectations of $0.20 a share. However, the company said revenues came in at $328 million and that was below consensus of $340 million. The company said results were not up to its own expectations and announced it would restructure, including layoffs of 10% of its workforce.

VeriSign (VRSN) also guided lower on next quarter (Q2) seeing EPS of $0.18-$0.20 a share, which was well below consensus of $0.23, and revenues of $320-$330 million, also below consensus of $355.4 million.

The stock has seen multiple downgrades from various brokers this morning.

Jeff Bailey
Senior Market Technician
Option Investor

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