Some of the names on the move ahead of the open.» Read More
Kraft Foods rallied by 6.9 percent to close at $31.33, the day after Warren Buffett's Berkshire Hathaway revealed it has accumulated an 8.6 percent stake in the company, becoming Kraft's largest shareholder. That's the biggest one-day percentage gain ever for Kraft, which began trading on the NYSE in 2001.
Friday's markets will likely continue to be vulnerable to credit worries. There are a few economic data points including import prices and the Empire State survey, both at 8:30 a.m. TIC data from the Treasury is released at 9 a.m. and industrial production comes out at 8:15 a.m. Consumer sentiment is due at 10 a.m.
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Hormel Foods, the maker of Spam luncheon meat and Dinty Moore canned stew, is optimistic it can grow operating earnings by 10% in fiscal 2008, but said the current quarter has been a "mixed bag."
Hormel Foods, the maker of Spam luncheon meat, lowered its third-quarter and full-year earnings forecasts, citing higher-than-expected input costs within its grocery products segment.