Wednesday, August 20, 2008


Futures are trading modestly higher on better than expected HPQ earnings, but they are well off their highs as Sept. crude, which expires today, is rallying despite a strong dollar.

Downgrades - KSS and M at Goldman; Goldman also cut its Q3 estimates for brokers C, JPM, LEH, MER and MS.

Gapping Up: STP, OTEX, HPQ, PAY, TWI, X

Gapping Down: NVTL, MBI; Select airlines modestly lower on higher crude NWA, UAUA, CAL, LCC; Ex dividend BT, BCS

Crude Inventories at 10:35

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