Stocks show signs of weakness ahead of the open today after yesterday's disappointing real-estate data snuffed out the Dow's five-day winning streak. Asian markets were lower overnight, and Europe's major markets are mostly higher.
Consumer confidence is due at 10 am New York time. Oil is weaker today after gaining 1% yesterday on tensions surrounding Iran's standoff with Britain over the detention of its sailors and its continued defiance toward the United Nations.
Takeover news again dominates headlines, including a British newspaper report that Wal-Mart Stories may want to bid for U.K. grocer J. Sainsbury. The Independent reports Wal-Mart is studying whether its Asda unit should make an offer.
Also in the London press, the Times of London quotes sources saying Sanofi-Aventis is again considering making a bid for Bristol-Myers Squibb but there's dissention in the ranks apparently and the company's CEO and chairman are at odds over bidding.
Daimler-Chrysler is delaying its first quarter results to make accounting changes. Reports focus on private equity buyers for the Chrysler unit. Private equity bidders are lining up banks to help with bids, according to the Detroit News.
Housing Hangover
Home builder Lennar's stock is slipping this morning after its earnings fell 73% in the first quarter. The company withdrew its 2007 outlook and says conditions are exacerbated by subprime woes.
Coldwell Bankers CEO Jim Gillespie though says on "Squawk Box" this morning that buyers are finally beginning to realize it's a buyers market. He does say though he agrees with forecasts that prices will be flat to a bit lower for the first half of the year.
Our Steve Liesman will look today at how homeowners, who are having a hard time paying back risky loans, can get out of them.
