Market Sees Green

Market Sees Green

12:50pm (EST)

Futures were pointing towards a strong open this morning on word the International Monetary Fund (IMF) was preparing new plans for fixing the financial conditions in Europe. A possible interest-rate cut by the European Central Bank (ECB) for the region could be in the mix but some cautious comments on Apple (AAPL, $399.14, down $5.16) weighed on the Nasdaq futures which led to a mixed start.

A report that Apple has slashed orders to its Asian suppliers for iPad components by 25% caused some early weakness in the stock. Shares fell below $400 to a low of $391.30 before rebounding after buyers learned iPad sales weren’t cut.

As far as economic news, New Home Sales for August came in at 295,000 units which matched expectations. This week is full of economic reports and some of the news due out could have a big impact on trading.

Turning to earnings, Cal-Maine Foods (CALM, $30.10, down $0.33) reported a profit of $3.1 million, or $0.13 a share, versus $4.8 million, or $0.20 a share, in the year ago period. Revenue came in at $244 million versus $190 million from last year’s quarter. Wall Street was looking for a profit of $0.20 a share on revenue of $227 million. Higher feed costs were blamed for the miss.

Netflix (NFLX, $130.50, up $1.14) shares are bouncing back after the company reached a content deal with DreamWorks Animation (DWA, $18.87, up $0.13). Netflix will ante-up $30 million for each DreamWorks title which and will stream the movies and television specials starting in 2013. However, the new partnership puts an end to it deal with cable network HBO.

As far as the market, the Dow is up 153 points to 10,924 while the S&P is higher by 11 ticks to 1,148. The Nasdaq is showing a 2 points pop and is at 2,485 after spending much of the morning session in the red.

We released a NEW TRADE this morning and we have a lot to cover in our Members Area so let’s get on it. Subscribers, check for the updates.

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