This morning's revised economic data from previously reported initial data was in line with expectations. First quarter productivity was revised slightly lower to 8.4% from the previously reported 8.6%. Economists were looking for the revised number to stay at the 8.6% level. This slight revision lower is too small to be of any consequence and should not have any market impact.
Later today at 10:00 AM EST, traders will get revised University of Michigan consumer sentiment, but most will be keeping an eye on the April factory orders, which is expected to show a 0.3% gain.
Rockwell Collins lowered to "hold" by CSFB
Defense contractor Rockwell Collins (NYSE:COL) $26.52, was downgraded to "hold" from "buy" after the stock reached the firms target level of $27.
SIA reports 8.2% decline in year-over-year comparison
The SIA reported that April semiconductor sales fell 8.2% year- over-year, but improved 11.1% sequentially. According to SG Cowen, the year-over-year number represented the smallest decline since March 1, 2002. Among strong sub segments in terms of sequential growth were PLDs, flash, SRAM, Analog, micro controllers, and discretes.
Stock futures showing gains
Stocks look to open higher as S&P futures gain 4.2 points to 1,070.00. NASDAQ futures are up 8.5 points at 1,238.50, while Dow futures rise 34 points to 9,955.
Fair value for the S&P 500 today is $0.18. HL Camp & Company has their computers set for program buying at $1.25 and set for program selling at $-0.19. Fair value for the NASDAQ-100 today is $1.62.