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Futures quiet after 3-day weekend

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Traders are looking at a modestly higher open after a three-day weekend as S&P futures (sp03m) creep 2-points higher at 893.20, NASDAQ futures edge up 3 points at 1,086 and Dow futures (dj03m) traded unchanged at 8,310.

Fair value for the S&P 500 today is $-0.68. That price will not change during the session. HL Camp & Company has their computers set for program buying at $0.52 and set for program selling at $-1.66. Fair value for the NASDAQ-100 today is $2.42.

Earnings season kicks into higher gear this week with Dow component 3M (NYSE:MMM) $129.98 starting the week off by reporting earnings that beat Wall Streets estimates by 2 cents as the maker of a wide range of products from Scotch tape and Post- it Notes to asthma inhalers and sandpaper said net income rose 11.1% to $502 million, or $1.27 a share compared with $452 million, or $1.14 a share, a year ago. Before items, MMM had net income of $560 million, or $1.42 a share, compared with $487 million, or $1.23 a share a year ago. Analysts had forecasted MMM to earn $1.40 per share.

Among a handful of stocks seeing early activity, Scientific- Atlanta (NYSE:SFA) $14.95 as the most-active in Instinet. The stock tacked on 25 cents, or 1.7% to $15.20 after the cable box maker reported late Thursday a fiscal third-quarter profit, excluding one-time items, that exceeded Wall Street expectations.

Meanwhile an Analyst at CIBC followed by downgrading the stock to "sector performer" from "sector outperformer," given that it has reached the firm's 12 to 18 month price target of $15.

U.S. Steel (NYSE:X) $12.13 was also active in the early going, rallying $1.12, or 9.2% to $13.25.

Late Thursday, National Steel (NASDAQ:NSTLB) $0.45 had said late Thursday that U.S. Steel, who offered $1.05 billion to buy the company, was the higher and best bidder." The deal remains subject to bankruptcy approval.

While stock futures indicate a modestly higher open, Treasuries are seeing selling across the major maturities with the 5-year June futures (fv03m) $112'215 -0.16% off 6/32, the 10-year June futures (ty03m) $113'315 -0.2% down 7/32 and the longer-dated 30- year June futures (us03m) $112'000 -0.27% falling 10/32. The benchmark 10-year YIELD ($TNX.X) is rising this morning to 4.001%.

Jeff Bailey

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