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Current Events In Play At Wall Street - 08-28-2009
By: Midnight Trader   Friday, August 28, 2009 9:34 AM

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Stock futures continue to indicate a higher open this morning after results from Dell (DELL) and Tiffany (TIF) lift bullish sentiment.

With Thursday's modestly higher close, the Dow has now advanced in eight straight sessions, a streak last seen early in 2007. Analysts also warned that modest signs of recovery have been well priced into stocks already.

So far, stock futures retained early gains after the release of another economic report.

U.S. personal incomes were unchanged in July as consumer spending increased 0.2%. Inflation was tame during the month, with consumer prices flat. Excluding food and energy, consumer prices rose 0.1%.

A measure of consumer sentiment is due out later this morning.

Already firm oil futures moved slightly higher after the economic data. Crude oil for October delivery are up $0.35 to $72.84 a barrel in electronic trading on Globex.

Major bank, brokerage, mortgage and insurance shares are all posting solid pre-market gains. Citi (C) is up 4.5%, while Bank of America (BAC) is up 1.5%.

Tech shares are also driving the broader market higher following earnings from key sector names.

Dell (DELL) drifted between unchanged and just lower in after-hours trading following its earnings release but has gained in today's pre-market session higher. Dell reported Q2 EPS of $0.24 per share, a penny better than the Street view. Revs were $12.8 bln, better than the analyst mean of $12.59 bln on Thomson Reuters.

Marvell (MRVL) is posting robust early gains. The company guided above the Street view for Q3 during last evening's extended-hours period.

Retailers are also higher though off the best pre-market levels. J. Crew (JCG) is up, extending its after-hours gain that followed its Q2 beat and guidance that's in line to above the Street. Tiffany (TIF) is up 7% in pre-bell action after it beat with Q2 results and raised its FY EPS guidance.

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The above story is the opinion of the author only and it does not reflect iStockAnalyst opinion. Further, the author is not personally advising you regarding the suitability of the story for your investment needs. In no event iStockAnalyst will be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from or arising out of, or in connection with the use of this information. Please consult your investment advisor before making any investment decision.
  
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