Pisani's Trader Talk: Overseas Markets Calming Down
By: 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.
