Before the bell 1-26-07: Mixed start to end mixed week

Posted Jan 26th 2007 8:00AM by Melly Alazraki
Filed under: Before the Bell, Earnings Reports, Analyst Upgrades and Downgrades, Microsoft (MSFT), Cisco Systems (CSCO), General Motors (GM), Indices, Caterpillar (CAT), Amgen Inc (AMGN), Economic Data, Honeywell Intl (HON), Juniper Networks (JNPR)

Stock futures are mixed in early morning, pointing to a higher start for the S&P 500 and a lower start for the Nasdaq as well to end this turbulent week.

Another round of earnings is expected today, which would definitely affect the market, but no doubt today's economic data releases will also carry weight with investors.

At 8:30 a.m., before the market opens, December durable goods orders will be reported. Orders are expected to increase to 3.5% from 1.6% in November.
At 10:00 a.m., December new home sales will be released, following yesterday's existing home sales. Economists are expecting nearly flat rate as December sales are estimated to inch up to 1.05 million from 1.047 million the month before, although I've encountered higher estimates as well.

Oil edged higher on Friday, adding 32 cents and remaining above $54 a barrel mainly on colder weather expectations.

In corporate news:

Yesterday, after the close, and following a good trading day for its stock, General Motors Corp. (NYSE:GM) announced it would delay fourth quarter results and restate earnings for most of 2002-2006. BloggingStocks take. At the same time, GM said it will report a profit in Q4 and improved results from core operations. GM shares were down 0.42% in after-hours.

Also from yesterday after the close, Microsoft Corp. (NASDAQ:MSFT) reported quarterly result which beat expectations. Despite the announced delay in its new operating system, Windows Vista, fiscal year guidance was somewhat better than expected. BloggingStocks liveblog of the results. MSFT shares are up nearly 2% in pre-market.

Amgen Inc. (NASDAQ:AMGN) is down 3.50% in pre-market trading after disappointing yesterday when it reported financial results.

Caterpillar Inc. (NYSE:CAT) and Honeywell International Inc. (NYSE:HON) are to report quarterly results before the opening bell this morning.

Juniper Networks Inc. (NASDAQ:JNPR) is up 1% and Cisco Systems Inc. (NASDAQ:CSCO) is down 0.5% in pre-market trading after Citigroup upgraded the former to Buy from Hold and downgraded the latter to Hold from Buy.

Tags: amgn, cat, csco, gm, hon, jnpr, msft