Futures are pointing towards a slightly lower open this morning after Ireland finally asked for bailout money from the European Union (EU) and the International Monetary Fund (IMF) after weeks of speculation.
The deal between Ireland and the EU started to come together over the weekend as EU finance ministers backed Ireland’s request for a three-year package of loans totaling roughly $110 billion. The size of the package is subject change, as talks with Ireland are still in the early stages.
This is the second time the EU and IMF have organized a bailout. The first was a $150 billion bailout of Greece which is also when they declared a $1 trillion safety net for any other eurozone members facing the risk of loan defaults.
Turning to earnings, Tyson Foods (TSN, $15.64, up $0.06) reported a profit of $213 million, or $0.57 a share, versus a loss of $457 million, or $1.23 a share, in the year ago period. Revenue was up 3% to $7.5 billion.
Wall Street was looking for earnings of $0.56 a share on revenue of $7.75 billion. Despite the revenue miss, shares are up 4%, or $0.63, to $16.27 in pre-market trading.
As we head to press, Dow futures are down 25 points to 11,154 while the S&P futures are off by 3 to 1,195. The Nasdaq 100 futures are lower by 4 ticks to 2,130.
We have a lot to cover this morning inside our Members Area and we are looking to add another trade or two to our portfolio. We have a few trades on our Watch List that could get triggered this week so stay tuned. Subscribers, check for the updates.