After 5-consecutive higher trading sessions for the NASDAQ Composite, stock are expected to open lower this morning as S&P futures dip lower by 2 points at 1,102.50. NASDAQ futures are lower by 13 points at 1,313, while Dow futures are off 35 points at 10,302.
Fair value for the S&P 500 today is $0.22. That price will not change during the session. HL Camp & Company has their computers set for program buying at $1.76 and set for selling at $-0.76. Fair value for the NASDAQ-100 today is $2.40.
PeopleSoft says business is slow
Shares of PeopleSoft (NASDAQ:PSFT) $23.69 are trading lower in pre-market action at $22.69 after the company said it is not seeing a pick up in customer spending. The enterprise resource management software maker said, "entering into the second quarter, we continue to see a very strong pipeline, but definitely a deceleration of our ability to transform the pipeline into real orders."
Other software makers like Oracle (NASDAQ:ORCL) $9.56 (pre-market $9.43), Kronos (NASDAQ:KRON) $41.32 (pre-market $41.30) and Siebel Systems (SEBL) $23.55 (pre-market $23.08) are all edging lower.
Lowe's beats estimates
Home improvement retailer Lowe's Companies (NYSE:LOW) $44.76 said it earned $345.8 million, or $0.44 a share in the latest quarter, handily beating estimates of analysts looking for $0.36. The company said sales rose 23% to $6.5 billion from $5.3 billion. Comparable-store sales, an important measure of stores open at least a year, rose 7.5%, compared with a 3% decline a year earlier, when deflation in lumber and building materials prices hurt sales.