Futures trade near session lows:S&P futures vs fair value: -14.10. Nasdaq futures vs fair value: -18.80.
Best Buy (BBY) lowered its fiscal year 2009 earnings per share and
revenue guidance below the consensus estimate, citing the uncertainty
regarding future consumer spending. BBY is down 17% in premarket
trading. Macy's (M) reported a smaller than expected third quarter
loss, excluding nonrecurring items, that topped expectations.
Wal-Mart (WMT, Fortune 500), the world's largest retailer, is slated to
report its results Thursday. JC Penney (JCP, Fortune 500) is on tap
Friday. Oil prices fell below $59 a barrel. U.S. light crude for December delivery shed $1.01 to $58.32 a barrel.
