Pre Market - August 14th 2007

Waiting for the PPI data at 8:30. This will be a market mover.

This morning WalMart (WMT) released earnings and the big news out of WalMart was the comments from the CEO. He reported that their growth is now less than expected and the company lowered their full year guidance. This is rather significant because in a slowing economy the lower priced retailers usually do better because as shoppers cut back on spending they shop at the discount stores. Does reduced revenues at WalMart signal the economy is even worse or does it mean WalMart is just not a well run company and they got sloppy? I think it is a little of each.

Bloomberg reported this morning that economic growth in Europe is slower than previous expected.

Shareholders of Thornberg mortgage (TMA) wakes up this morning to bad news. There is growing concern about the ability of company to stay afloat amid reports that the company may have to start liquidating assets to remain cash positive.

Futures are currently up slightly but the volume is light. All are waiting for the PPI data says before making moves.