Before the bell 12-26-06: Stock futures higher, oil too

Posted Dec 26th 2006 7:44AM by Melly Alazraki
Filed under: Before the Bell, Microsoft (MSFT), Alcoa Inc (AA)

Stock futures were slightly positive in early morning trade indicating to a similar start for stocks in the beginning of a short work week that will probably be characterized with light volumes and hence higher volatility.

There is no economic data slated to be released today. Canada and some other international markets are closed today for Boxing Day.

Oil prices were higher this morning as the warm U.S. weather seems to be almost over and the sanctions imposed on Iran by the security council due to its nuclear program were voted on.

According to Shoppertrak, the holiday shopping season had a strong finish with sales for Friday, Dec. 22 and Sat., Dec. 23 combined totaled $16.28 billion, up 22.5% over the same two-day period in 2005. Yet, this late surge may not have been enough as it still fell short of retailers' expectations.
Retailers started the post-Christmas holiday shopping season by slashing prices even more.

In corporate news:

Microsoft Corp. (NASDAQ:MSFT) is using data gathered from its Hotmail users to to sell targeted online advertisements. In addition, computer security researchers and hackers have found more flaws in Microsoft's new operating system, Windows Vista.

Thousands of striking workers are preparing to vote Thursday on a deal between Goodyear Tire & Rubber Co. (NYSE:GT) and the United Steelworkers union to resolve an 11-week dispute.

Trinidad has blocked a proposed $1.5 billion Alcoa Inc. (NYSE:AA) aluminum smelter that faced increasing opposition over environmental concerns.

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