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Consumer Price Index shows that inflation is at bay. Elsewhere, Adobe (ADBE) makes a bid.
Beth Gaston Moon is the Senior Editor for the Options News Network. Beth was a member of the research department at Schaeffer’s Investment Research for more than a decade. September 16, 2009 7:58 EDT Related Symbols: ADBE, OMTR, SPX, SPY
Following the release of the Consumer Price Index (CPI) figures, stock futures remain up about 4.3 points at 1,050.2, suggesting a higher open ahead of the opening bell Wednesday. The S&P 500 closed Tuesday night at 1,052.63. Fair value basis is negative 4.71, so fair value of the futures is roughly 1,047.92. Stock futures saw a higher overnight range of 1,044.5 to 1,052.1.
International markets are also showing signs of renewed bullishness, with Hong Kong closing up nearly 3%, the Nikkei tacking on 0.5% in the session, and Europe up 1.5%.
The CPI rose 0.4% in August, edging out consensus estimates for a 0.3% rise. Excluding food and energy costs, the core index edged 0.1% higher to match expectations. On a year-over-year basis, the index came in 1.5% lower. Retail companies are attempting to keep prices at bay so consumer spending can bounce back as we emerge from recession.
In merger news, Adobe Systems (ADBE) announced plans to buy Omniture (OMTR) for $1.8 billion. ADBE is down nearly 5% in pre-market trading while OMTR has jumped 25%.
Stay tuned to www.ONN.tv throughout the day for continued updates on the stock and options market.
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