Shares of home appliance maker Maytag (NYSE:MYG) $42.30 issued upside guidance for its soon to be completed second quarter saying earnings look to be $0.85 a share, which is well above the company's earlier guidance of $0.75 a share. The company also boosted its 2002 fiscal guidance to $3.10, which is higher that the Street's estimates for $2.82 a share. The company said "during April and May, our results were better than anticipated," adding that a product mix of higher margin products helped boost bottom-line results.
Procter and Gamble guides higher
Dow component and consumer products giant Procter and Gamble (NYSE:PG) $89.00 as its shares rise to $90.50 in pre-market trading after the company raised its Q4 outlook and said it expects core EPS to rise in the "high teens" for the quarter. On April 30, PG forecast June quarter core growth in the low teens.
Siebel Systems says Q2 is looking to be as "tough" as Q1
Software maker Siebel Systems (NASDAQ:SEBL) $17.66 is getting hit to the downside at $15.40 in pre-market action after its CFO said its second-quarter outlook, and for the information technology sector in general, looks as difficult as the previous quarter.
This news has broker Goldman Sachs cutting estimates on SEBL. The firm had previously forecasted Q2 license revenues of $210 million, down 15% from Q1, and new estimates reflect license revenues of $195 million, down 20% sequentially, cutting 2002 estimates to $0.40 from $0.45 a share and 2003 to $0.50 from $0.56 a share.
Former Imclone CEO arrested for insider trading
The former CEO of biotech firm ImClone Systems (NASDAQ:IMCL) $7.55 Sam Waksal has been arrested for alleged insider trading violations. Asked about the report, a company spokeswoman said, "Dr. Sam Waksal doesn't work for ImClone anymore," and declined comment. Shares of ImClone (IMCL) are trading down $0.40 a share at $7.15 in pre-market action.
Stock futures slipping red
Stock futures had been in positive territory earlier this morning, but have slowly been slipping into the red as we approach the opening bell. S&P futures (sp02m) are down fractionally at 1,013.40, NASDAQ futures (nd02m) are down 7.5 points at 1,096.50 and Dow futures are unchanged at 9,525.
Treasuries see buyers
U.S. Treasuries are seeing buying after the opening of the bond markets. The benchmark 10-year YIELD ($TNX.X) is lower at 4.871% and very close to the recent relative lows of last week. A break much below the 4.967% YIELD could see further buyers as YIELD begins to decline and have bond bulls targeting the 4.8% YIELD level. Such action could be interpreted as a "defensive" posture by the market, looking for the perceived safety of YIELD over perceived growth from stocks.