Pre-market Summary
So far this morning, reaction in stocks to the economic data has been somewhat muted, even though the sales data underscores that consumer spending remains solid. Dow futures are currently -21; Nasdaq futures are currently -2.0; S&P futures are currently -2.8. Click here for support and resistance levels for these major indices... Notable pre-market Calls include: Upgrades -- AKAM at Deutsche Bank, SAFM at JP Morgan, XMSR at Credit Suisse, DNA at Stifel; Downgrades -- BA at UBS; Initiations -- TXN at Deutsche Bank (Buy), OSIR at Jeffries (Buy), TWB at Kevin Dann (Buy); Resumptions -- CENT at BofA (Buy), SBUX at FBR (Outperform)... In Europe, stocks rose for a third day as a rebound in copper and oil prices lifted raw materials producers and takeover speculation buoyed shares of ABN Amro Holding, AWG and Business Objects. In Asia, stocks gained the most in two weeks after the Intl Monetary Fund raised ests for global economic growth... On the Economic calendar, the lone remaining release today is Business Inventories due out at 10:00 ET (0.5% consensus). On the Earnings calendar, ADBE and TEK, two minor releases, come out after the close... In the Bond mkt, the mildly better-than-expected retail print was enough to take away today's early gains. The 10-yr is currently -01/32 to 4.763%. Note later today Fed Governor Bies testifies on Basel II in Washington. In Commodities, Crude oil is up as the Intl Monetary Fund raised its oil price forecast, the US is pressing the UN to punish Iran for not complying in halting to enrich uranium and Nigerian oil workers are into their 2nd day of a 3-day strike over security. Crude is currently +0.37 to $64.34. Gold is also up as a better-than-expected Advanced Retail Sales figure, higher energy prices and the IMF warning of global inflation. Dec Gold is currently +2.80 to $599.10.
