S&P futures vs fair value: +3.6. Nasdaq futures vs fair value: +6.0.
The stage remains set for stocks to open on an upbeat note. Berkshire Hathaway nearly doubling its stake in Johnson & Johnson (JNJ), Lampert disclosing the purchase of 15 mln shares in fellow Dow component Citigroup (C), and Soros more than doubling his stake in another Dow name, Microsoft (MSFT), continue to provide a floor of early support. All three stocks are also among the most heavily-weighted names on the S&P 500. Fortunately for the bulls, Microsoft's gain is helping to offset another sell-off in Applied Materials (AMAT) after it forecasted flat sales for Q3 and up to a 15% drop in orders.
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