Trader Talk

TRADER TALK VIDEO GALLERY

» More

- NYSE Midday Update 25 Nov 2009
  CNBC's Bob Pisani reports on the trading day from the NYSE.
- NYSE Morning Preview 25 Nov 2009
  CNBC's Bob Pisani reports on the trading day from the NYSE.
- NYSE Morning Preview 24 Nov 2009
  CNBC's Bob Pisani reports on the trading day from the NYSE.
- NYSE Market Wrap 23 Nov 2009
  Bob Pisani reports on the trading day from the NYSE.
- NYSE Market Wrap 20 Nov 2009
  Bob Pisani reports on the trading day from the NYSE.
- NYSE Morning Preview 20 Nov 2009
  Bob Pisani reports on the trading day from the NYSE.

TRADER TALK RSS FEED

» Help

Subscribe to this RSS feed
Stay up to date with the Trader Talk blog.

LATEST FROM OUR BLOGS

» More

- Portfolio Prep for Next Week: 'Don't Get Crazy'

MORE HEADLINES

» Markets | Economy | Companies

- Fed Audit Would Hurt Economic Prospects: Bernanke

CNBC ON DIGG

Traders Worry Over 10 Year Treasury Move

Published: Thursday, 11 Jun 2009 | 9:16 AM ET

Text Size

By: Bob Pisani
Reporter

This post is from CNBC producer Robert Hum.

Stock futures are at the lows of a fairly narrow trading range this morning and are indicating a slightly lower open.

Futures initially gyrated a bit at 8:30 am ET after the release of weekly jobless claims and May retail sales data – both of which came mostly inline with economists’ forecasts.

However, despite the somewhat encouraging set of data, futures drifted a bit lower as traders became more concerned with the move in 10-year Treasury yields, which briefly rose above 4 percent again earlier this morning. This comes ahead of another key auction at 1 pm ET today, with the Treasury seeking bids for its 30-year bonds at that time.

Also of note this morning, as the S&P 500 hovers right near 7-month highs, Japan’s benchmark Nikkei 225 index briefly rose above 10,000 intraday for the first time since October. Japan’s Q1 GDP was revised slightly higher, falling 3.8 percent, compared to the previously reported 4 percent contraction.

Elsewhere:

1) Bank of America [BAC Loading... () ] is up 2% after being upgraded to outperform at Keefe, Bruyette, & Woods. Also boosting the bank’s price target from $12 to $16.50, KBW analysts see continuing “strong levels of estimated normalized EPS at roughly $3 a share.”

2) Bernstein Research upped 2010 earnings estimates for Goldman Sachs [GS Loading... () ] and Morgan Stanley [MS Loading... () ] seeing stronger fixed income and sales & trading revenues for both firms as the markets show signs of stabilization.

RELATED LINKS

Behind the Wheel with Phil LeBeau

3) Del Monte Foods [DLM Loading... () ] soars 11 percent pre-open after handily beating estimates in the fourth quarter. Sales grew 21 percent as the food company realized better pricing and still saw some volume growth. For 2010, earnings and revenues are now expected to rise ahead of the Street’s current forecasts.

4) Australian miner BHP Billiton [BHP Loading... () ] reportedly has agreed to a 33% to 44% price cut in iron ore with Japanese steel giant JFE Holdings. This would come after Brazilian miner agreed to similar cuts with Japanese and Korean steelmakers yesterday amid weak demand for steel.