Stock futures are somewhat lower this morning, indicating another possible down start on Wall Street as investors await to hear Bernanke and Paulson explain the details of the $700 billion bailout plan. Meanwhile, after oil's record one-day gain Monday, it fell below $108 a barrel Tuesday. And yet another group, this time the National Retail Federation, said holiday sales are expected to grow at the slowest pace in six years for the obvious reasons from housing to job concerns. Circuit City Stores Inc. (NYSE: CC) CEO Philip J. Schoonover is finally stepping down, no doubt to many releif sighs around the Street. James A. Marcum will replace the resigning CEO and Allen B. King will become Circuit City's new chairman. Shares are actually shooting up over 11% in pre-market trading.
Lennar Corp. (NYSE: LEN) reported a narrower third-quarter loss as it cut costs, but revenue fell by more than half amid a prolonged housing slump. The homebuilder's earnings were below estimates, while revenue beat analysts' number.
Bristol-Myers Squibb Co. (NYSE: BMY) sweetened its offer for ImClone Inc. (NASDAQ: IMCL) to $62 per share. Almost two weeks ago, though, Icahn said he had a $70 per share offer from an undisclosed company. If it wasn't an imaginary bid, it's hard to see why IMCL would go with BMY's offer. In the meantime, however, as the unidetified pharma examines IMCL, the latter keeps delaying giving an answer to BMY. IMCL shares are up over 6.5% to $63.25 in pre-market trading, indicating investors expect BMY's offer to be sweetened again.
3Com Corp. (NASDAQ: COMS) reported better than expected results as it swung to a profit for its fiscal first quarter on higher sales and proceeds from a litigation settlement. COMS shares are surging over 10% in pre-market trading.
Washington Mutual Inc. (NYSE: WM) shares, however continue their slide with another 8% drop in pre-market trading as The Office of Thrift Supervision is pushing it to find a buyer and is considering brokering a deal to break it up between several banks, the Financial Times reported. Moody's Investors Service cut the bank's ratings Monday.
General Electric Company (NYSE: GE) was downgraded to Neutral from Buy and its price target slashed to $28 from $37.50 by Merrill Lynch. The broker cut its earnings estimate for GE Capital. GE shares are down 1.7% in pre-market trade.
Google Inc. (NASDAQ: GOOG) - The first mobile telephone using Google's Android software is due to be unveiled on 23 September -- today. It will be available on T-Mobile and is expected to be on sale in October for below $200. The first device will be a handset from HTC called the "Dream". But just like the Apple Inc. (NASDAQ: AAPL) iPhone, the most important part would be the software. And it will matter more to the "Gphone" than the iPhone, especially if it intends to compete successfully with it.
Closing Bell: Can't go up every day (BAC, HE, HPW, COMS, BRCD, WMT, AMD)
Wal-Mart grows profit and cash flow in Q3, but comps still ailing
Chasing Value: Ten stocks for 2010 -- Part 2
