03.10.2008 17:30

Before the bell: market to open higher.[M]

Stock futures continue to trade in front of fair value. S&P futures vs fair value: +11.50. Nasdaq futures vs fair value: +14.00.

Nonfarm payrolls fell 159,000 in September, marking the ninth consecutive month of declines. Economists, on average, were looking for a loss of 105,000 jobs. The unemployment rate continues to stand at 6.1%. The unemployment rate of 6.1% remains the highest since 2003. The change in nonfarm payrolls for August was revised upward to reflect a loss of 73,000 jobs. Though the data are rather disappointing, traders are keeping a watchful eye on the House of Representatives vote for the the asset purchase plan.
Wells Fargo (WFC) is merging with Wachovia Bank (WB) in a stock-for-stock transaction. Wachovia had been looking to combine its banking business with Citigroup (C) in a deal facilitated by the FDIC. The transaction between Wells Fargo and Wachovia does not require any assistance from a government agency, and has been approved unanimously by the boards of both companies. The transaction is valued at $15.1 billion, or $7.00 per WB share. Just a day after announcing it expected to earn a modest profit in its latest quarter, UBS (UBS) announced it is cutting 2,000 investment banking jobs, according to Reuters.