Small Bounce At The Open

The market is fairly flat at the open. After a two day spike in yields, the 10-year is trading down sharply again, falling 5 basis points to 4.65%.

Semis are leading the way, and financials are strong again also. Oil is trading slightly lower, just below $60. Energy and utility stocks are the weakest groups so far.

In other news and notes:

• MSFT to offer movies, tv downloads to Xbox gamers
• URBN sales come in light; stock rallies
• EMR beats revs, EPS; 2:1 stock split
• VTIV beats and raises; stock +6%
• IGT beats by a penny; stock slips
• SIRF settles patent suit with u-Nav
• Roth ups NEW to buy; $47 target
• HANS forming committee to review options
• EXPD reports in-line qtr; stock slides
• BRCM holds analyst day; stock strong
• Lehman raises targets on oil companies

long EMR, URBN