Futures are pointing to another lower opening. Events driving this mornings futures is the revision to the gross margins from Intel (INTC) in which they have called for a lower margins due to increasingly lower prices on memory devices, mostly due to a lower demand in these products.
Redbook Retail sales data for February was down 1.7% v January
Thornburg Mortgage (TMA) is in some serious trouble as they have been running into trouble with margin calls, additionally the company’s CEO said that they were not sure if they would be able to satisfy their lenders requirements by selling portfolio securities.
Clearwire (CLWR) missed earnings significantly this morning (-1.98 v 1.01e) and lowered forward guidance significantly
BMO Capital markets (BMO) misses estimates and does not see being able to meet fiscal year earnings targets.
Citigroup (C) is in trouble again. Claims of more layoffs from the company and of additional significant losses coming down the road.
Fremont General Corp (FMT) has announced receipt of notice of covenant default with respect to guaranties issued. This is essentially the ‘nail in the coffin’ for this company.
Intel and Citigroup are the ’surprise’ issues for today, couple this with the other weak earnings and data coming in this morning and we are looking for another lower opening.
