By John E. Fitzgibbon, Jr.
Before the Bell -
Thursday, Oct. 25
In pre-market trading, stock futures started
trading lower and turned weaker on the 8:30 am economic news.
There were additional bioterrorism scares. The indication
is for a lower opening for stocks.
Economic data on tap today:
September durable goods reported down 8.5 percent; lower than
consensus estimates of down 1.0 percent.
Initial jobless claims for the week of Oct. 20 reported 504,000;
higher than consensus estimate of 500,000. Third-quarter cost
index up 1.0 percent; higher than consensus estimate of up
0.9 percent. Third-quarter 2000 was up 4.1 percent. September
Existing-home is expected to be 5.05 million.
It'll be another busy day for corporate earnings. More than
360 companies are expected to report quarterly earnings.
Earnings reports before the bell:
ChevronTexaco (NYSE: CVX) expected to report $1.45 a share,
according to Thomson Financial/First Call consensus. The company
reported a profit of $2.42 a year-ago. Later to day: Dow Chemical
(NYSE: DOW), the U.S. second largest chemical company, reported
earnings of $0.06 a share, below estimates of $0.19 a share.
The company reported a profit of $0.40 a year-ago.
Two IPOs were priced. They were: Cross Country (Nasdaq: CCRN)
at $17 a share and Penn Virginia Resources Partners (NYSE:
PVR). It was the first time since July 26 that two new issues
were priced the same day.
European stocks extended losses after the European Central
Bank left euro zone interest rates unchanged. Asian stocks
finished most higher.