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Wal-Mart's warning sends stock futures lower

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Shares of retailing giant and Dow component Wal-Mart (NYSE:WMT) $54.70 are trading down $1.00 at $53.70 over Instinet after the world's largest retailer said it expects September sales at stores open at least a year, or same-store sales, to come in near the low end of its growth forecast of 4 to 6 percent.

Look for fiber optic stocks to be under continued selling pressure after JDS Uniphase (NASDAQ:JDSU) $2.14 warned that first-quarter sales would fall below previous targets due to continued weak demand for fiber-optic products. JDSU supplies products to companies like Nortel (NYSE:NT) $0.76 and Lucent (NYSE:LU) $1.05.

Stock futures are at their worst levels of the mornings as S&P futures (sp02z) are down 7.6 points at 834.60, NASDAQ futures (nd02z) are lower by 9.0 points at 866.50 and Dow futures (dj02z) are down 85 points at 7,860.

Fair value for the S&P 500 today is $1.10. That price will not change during the session. HL Camp & Company has their computers set for program buying at $1.70 and set for program selling at $-1.70. Fair value for the NASDAQ-100 today is $4.20.

Jeff Bailey
Senior Market Technician
Option Investor


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