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Mar.07
9:18 AM ET
S&P Futures Down 14 on Payrolls Report

S&P futures down 14 on the nonfarm payroll report, which showed a loss of 63,000 jobs in February and downward revisions in December and January. That's two straight months of job losses (the first two-month drop in jobs since May and June 2003).

The Fed is raising the size of the March TAF auctions to $50 billion from $30 billion. Remember, these are short term loans (28 days) and their purpose is to provide additional liquidity to the system.

Ambac [ABK  Loading...      ()   ] priced $1.25 billion of common shares at $6.75 per share (below yesterday's close of $7.42), and $250 million in mandatory convertibles, making good on their plan to raise $1.5 billion in capital. It is heavily dilutive, nearly tripling the common shares outstanding.

National Semiconductor [NSM  Loading...      ()   ] up 6 percent as earnings met expectations. National Semi also said sales in the current quarter (Q4) would range from $440 million to $460 million (estimates are about $462 million).

Short-selling positions hit a record at the NYSE during the two week period ending Feb. 29.



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