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Let the earnings begin.
Today ,after the bell, Alcoa Inc. (NYSE: AA) will be the first Dow Jones company to report Q3 results. Analysts expect earnings of 77 cents a share on revenue of $7.75 billion. Genentech Inc. (NYSE: DNA) is also scheduled to report today.
Yesterday in the afternoon, Google had finally announced the anticipated deal to buy YouTube, the video sharing site, for $1.65 billion. Investors seem to approve of the deal as Google Inc. (NASDAQ:GOOG) shares were up 0.6% in after-hours trading and this morning in Frankfurt, Google shares rose as much as 1.1% to the equivalent of $433.86 but settled around $430.41 as of 10:09 a.m.
If yesterday a Fed official calmed the market somewhat, today Dallas Federal Reserve President is scheduled to speak. Investors will be looking to see if his views regarding holding interest rates steady are similar.
Not much economic data today, most notable are August wholesale inventories to be reported at 10 a.m. Eastern. Inventories were probably up 0.6% in August after a 0.8% rise in July.
Overnight, Asian markets closed higher. European markets are also higher at the moment.
Futures are positive in early morning trade (8:00 a.m.), pointing to a higher start for stocks.
Here's a look at some key Blogging Stocks:
EBay Inc. (NASDAQ: EBAY) closed at $29.49 yesterday. Skype's CEO has another project, The Venice Project.
Google Inc. (NASDAQ: GOOG) last traded at $432.50 in pre-market trading, up from yesterday's close of $429.00. It seems Wall Street likes Google Inc.'s agreement to acquire privately held YouTube Inc., the No. 1 Internet video- sharing site on the Web, for $1.65 billion in stock.
Microsoft Corporation (NASDAQ: MSFT) last traded at $27.65 in pre-market trading, down from yesterday's close of $27.72. Ray Noorda, the Novell Inc. (NASDAQ: NOVL) founder who battled Microsoft Corp. in the early years of network computers and failed to compete with Microsoft's products, died Monday of complications from Alzheimer's disease. He was 82.
Yahoo! Inc. (NASDAQ: YHOO) last traded at $25.01 in pre-market trading, down from yesterday's close of $25.03. Will Google's acquisition of YouTube intensify the pressure on Yahoo! to buy Facebook?
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Reader Comments (Page 1 of 1)
10-10-2006 @ 9:22AM
Michael Schneider said...
Yahoo will have to do something. The peception of being a low innovator and behind the times could hurt them a little but it isn't the main issue. The main issue is that primary takeoff Sites that reach the heavy-using young Internet demographic are being snapped up and Yahoo runs a risk of being totally left out if it doesn't do something. Molly Ward of CNET said on CNBC yesterday that she thinks "Yahoo is in trouble." Her comments and those of other analysts yesterday are available free for those interested at (right side, green label) the Internet Stock Update section at Barrelomoney.