Portal to stocks' day
Portal to stocks' day
9/10/2003 15:29
Yahoo!'s better-than-expected earnings, latest jobless claims and Wal-Mart sales will steer stocks.

Investors will take note of Yahoo!'s better-than-expected results, weekly jobless claims and September retail sales as the markets look to return to the win column Thursday.


At 7:45 a.m. ET, futures pointed to a higher start for the major indexes.

Yahoo! topped the estimates of analysts with its third-quarter profit performance unveiled Wednesday, saying its Internet advertising was key to the Internet portal's success. Among U.S. stocks trading in Europe, Yahoo! shares were 2 percent higher.

Elsewhere, Wal-Mart (WMT: Research, Estimates), the world's largest retailer, said Thursday sales at stores open at least a year, or same-store sales, rose 6 percent in September, above its previous expectations for a gain of 3 to 5 percent.

The same-store sales reports for September include the period when Hurricane Isabel shut down much of the mid-Atlantic coast.

No. 1 hotel chain Marriott International Inc. (MAR: Research, Estimates) reported third-quarter profit from continuing operations, including the benefit of a synthetic fuel tax shelter, was 38 cents per share, in line with analysts' estimates.

Revenue per available room, the key barometer of health in the lodging industry, was down 0.5 percent at domestic managed hotels, driven by lower average room rates.

Consulting firm Accenture (ACN: Research, Estimates) posted a fourth-quarter profit of $120.5 million, or 25 cents a share, up from $38.1 million, or 8 cents a share, a year earlier, and in line with Wall Street's views.

Net revenues, before client reimbursements for travel and other expenses, rose to $3.02 billion from $2.69 billion in the fourth quarter of 2002.

Also before the opening bell, the government issues its weekly report of initial jobless claim filings. Economists surveyed by Briefing.com expect the number to drop to 394,000 in the week ended Oct. 4 from the 399,000 reported in the prior week.

The dollar continued to take a beating in overseas markets overnight, but the impact of the currency's decline has been muted for U.S. stock markets over the past few weeks. The U.S. currency fell below ¥109 before recovering slightly and was within a penny of the all-time low against the euro.

The Dow Jones industrial average and Nasdaq composite index slipped for the first time in six sessions Wednesday. The Dow was down 0.3 percent, and the Nasdaq slid by 0.7 percent.

Asian-Pacific stocks ended mostly higher, with Tokyo's Nikkei index up 0.1 percent. European markets rose in early trading. (Check the latest on world markets)

Treasury prices fell in early trading, sending the 10-year note yield up to 4.25 percent from 4.23 percent late Wednesday.

Brent oil futures slipped 17 cents to $28 a barrel in London, where gold gained ground in early trading.

Related news

NEWSLETTER