U.S. markets to consider results from Bear Stearns, Morgan Stanley as they determine rally's fate.
June 18, 2003: 5:35 AM EDT
By Mark M. Meinero, CNN/Money Staff Writer
NEW YORK (CNN/Money) - Wall Street firms get some attention from investors Wednesday as two industry leaders -- Bear Stearns and Morgan Stanley -- report quarterly results before trading in what remains a lofty U.S. stock market begins.
At 5:30 a.m. ET, futures pointed to a mixed start for the major markets.
What investors will find out early in the day is whether the recent stock market runup has done anything to help brokerages' bottom lines, or if the scandals that have plagued the industry have dampened enthusiasm for the companies.
Bear Stearns (BSC: Research, Estimates) is expected to report earnings of $1.72 a share, up from $1.55 a year earlier, according to a consensus of analysts surveyed by First Call. The company's shares fell 7 cents to $82.48 Tuesday.
Morgan Stanley (MWD: Research, Estimates) also posts its fiscal second-quarter report. The forecast calls for income of 68 cents a share, down from 72 cents a year earlier. Morgan Stanley rose 10 cents Tuesday to $49.67.
For details of Tuesday's session, click above
The Dow Jones industrial average managed a 4-point gain Tuesday to the highest point in more than 11 months. The Nasdaq composite index scratched out a nearly 2-point rise to again reach the highest level in more than a year. (see chart for details)
Asian-Pacific stocks ended mostly higher, with Tokyo's Nikkei index at a six-month high after a 0.7 percent gain Wednesday. European markets were mixed in early trading. (Check the latest on world markets)
Among U.S. stocks trading in Europe, Coca-Cola (KO: Research, Estimates) was nearly 1 percent higher. The soft drink maker said it's cooperating with an informal SEC inquiry into allegations of deceptive marketing and accounting practices raised in a lawsuit filed against the company last month.
Treasury prices fell in early trading, sending the 10-year note yield up to 3.27 percent from 3.26 percent late Tuesday. The dollar gained ground against the yen and euro.
Brent oil futures retreated 47 cents to $26.20 a barrel in London, where gold was lower in early trading.
Among some early analyst comments, Lehman Brothers upgraded semiconductor makers Vitesse Semiconductor (VTSS: Research, Estimates), PMC-Sierra (PMCS: Research, Estimates) and Applied Micro Circuits (AMCC: Research, Estimates) to "equal-weight" from "underweight." J.P. Morgan lowered media company New York Times (NYT: Research, Estimates) to "neutral" from "overweight."
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