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Pisani's Trader Talk: Overseas Markets Calming Down

CNBC's Bob Pisani reports on what traders are telling him before the market opens:

The European Central Bank for a fourth day needed to add extra cash into the overnight lending market. But the action is working. Overseas markets are largely calm.

UBS down fractionally pre-open, despite good second-quarter earnings. They worried that market volatility is making it difficult to forecast profits in the second half, which may be lower than the first half.

Home Depotand Wal-Martstart off a big week for retail earnings. US consumer is almost 20% of global growth.

Home Depot beat on top and bottom line, not surprisingly they said the housing market will remain soft into 2008. Reiterates a decline of 12-15% from continuing operations for fiscal 2007. Up fractionally pre open.

Wal-Mart down 5% pre-open. Forecast fiscal third quarter and full year earnings below analyst expectations, and noted, in a pre-recorded conference call, that customers continue to cite increases in cost of living and gas prices as top concerns.

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