Reply #26: pre-opening blather

[UpInArms]

09:13 am : S&P futures vs fair value: +1.3. Nasdaq futures vs fair value: +6.0.

09:00 am : S&P futures vs fair value: +1.1. Nasdaq futures vs fair value: +5.5. The cash market continues to head towards a flat to somewhat higher start. Investors will have just one piece of economic data to digest today. The January Factory Orders report is due out at 10:00 ET, but it's not likely to have much affect on trade. Economists expect to see a 5.5% transportation-related decline. The biggest event on the economic calendar is the employment release on Friday. The market is also awaiting Texas Instruments' (TXN) mid-quarter update, which will be delivered after today's close.

08:33 am : S&P futures vs fair value: +0.9. Nasdaq futures vs fair value: +6.0. The S&P is poised for a flat to modestly higher open, while the Nasdaq continues to head towards a moderately higher start. Along with a relatively busy M&A front, a pullback in the price of oil is a supportive factor. Friday marked crude's fourth consecutive gain, but it's eased 0.9% to just over $63.00 per barrel in early trading. The IAEA's meeting to discuss a deadline for imposing possible sanctions against Iran and the upcoming OPEC meeting (March 8) will help keep the energy market in the spotlight.

07:56 am : S&P futures vs fair value: +1.3. Nasdaq futures vs fair value: +6.0. Futures trade is signaling an upside open. Research in Motion (RIMM) shares are surging as a result of its patent dispute settlement, and the Nasdaq is headed for a particularly higher start. A host of deals on the merger and acquisition front are also helping to set the early tone. AT&T (T) and BellSouth (BLS) have agreed to a $67 billion merger, and Education Management Corp. (EDMC) has agreed to a $3.4 billion buyout. The Wall Street Journal reported that Germany's Linde AG will buy BOC Group for $14 billion, and that Public Storage (PSA) is nearing a deal to acquire Shurguard Storage Centers (SHU) for $3.2 billion.