Intel and Yahoo Unite

The Wall Street Journal reports Intel (INTC) and Yahoo (YHOO) unveiled an ambitious effort yesterday to join the television and the Internet. The objective is to create widgets offering entire Web pages on a TV.

The plan does have its challenges though as it needs other Internet, software and consumer electronics companies to jump on board. But some like Comcast (CMCSA), Walt Disney (DIS), Sony (SNE), Toshiba, and Motorola (MOT) have already expressed their interest. See Todd’s Will Mickey Mouse Scream Yahoo!?


From the Bull Pen: Todd made his case for Yahoo. Those bullish can set sell-stops near $18.50.

From the Bear Cave: We’ve mentioned a downside play in Sony before. Bears can continue to use the $40 mark as a place for entry if and when the stock reaches that level.


Heinz Beats with Dumplings

Shares of Heinz (HNZ) are higher in premarket trading today. According to Bloomberg, the world’s largest ketchup maker reported first quarter profits that exceeded analyst expectations. Net income rose to 72 cents a share from 63 cents a year earlier while sales increased to $2.58 billion vs. $2.6 billion consensus due to increased demand for Heinz’s Weight Watchers brand as well as dumplings in China. Analysts were projecting the company to report earnings of $0.66 per share on revenues of $2.46 billion. For FY2009, the company expects EPS of $2.87-$2.91 inline with estimates of $2.90 consensus. Todd mentioned Heinz recently in Random Thoughts: Rotation of the Rally.

From the Bull Pen: Those bullish on HNZ can play the upside. Sell-stops can set below $50 which coincides with the 50 DMA.

From the Bear Cave: On the belief that ConAgra (CAG) could retest its 52 week low, bears can play the downside in that stock with buy-stops above the 200 DMA ($22.75).


For more ideas in real time throughout the trading day, check out Minyanville’s Buzz & Banter.


Quick Check Around the World

Asian trading closed with the Hang Seng -2.58%, Nikkei -0.77%, Sensex -2.96%, Taiwan -1.74% and Shanghai -3.63%.

Over in Europe, we find the CAC -1.20%, DAX -0.86%, FTSE -0.08%

As of 8:20 AM, S&P Futures are trading lower by 7 points to 1266, and Nasdaq futures are down 10 points to 1905.


A Look At Commodities

Commodities are mostly higher. Crude oil is up +2.56 to 188.12. Gold is higher +19 to 1835. Silver is higher +0.580 to 13.620, and copper is up +5 to 346.00.

The dollar index is lower -0.497 to 76.461.


On the Radar

Economics

Initial Jobless Claims: 432 k. Prior revised to 445 k vs. 450 k.
Continuing Claims: 3362 k. Prior revised to 3379 k vs. 3417 k.

10:00 Philadelphia Fed: -15.0 cons.
10:00 Leading Indicators: -0.2% cons.
Click here to see the full trading radar.


Good luck today!