S&P futures vs fair value: +6.4. Nasdaq futures vs fair value: +16.0.

Still shaping up for stocks to rebound as the bulk of earnings still checking in above Wall Street estimates further subdue yesterday's renewed subprime concerns. Honeywell (HON) has been the latest large-cap name to beat expectations and also boost its guidance. Its 2.5% surge in pre-market action, complimented by a 3.8% rally in shares of fellow Dow component IBM (IBM) to a new multi-year high as well, are among the biggest catalysts behind the market's improved underlying tone.