Market Close for Wednesday, September 29, 2010

After the close…

We have HYC +45% after an acquisition proposal from PAY.

The major averages slipped on Wednesday as the broader market followed the financial sector.

Notable names to report earnings after the close include WOR and XRTX.

In the news, PAY has proposed to acquire HYC for $5.25/share in cash.

Futures are higher after hour with S&P 500 futures +2.75 from fair value of 10770.25 and Nasdaq 100 futures +1.04 points from fair value of 2006.71.

Seven of ten sectors ended in negative territory, led by Materials (-0.9%), Financials (-0.8%), Consumer Discretionary (-0.7%), Telecom (-0.5%), Consumer Staples (-0.4%), Utilities (-0.4%), and Health Care (-0.3%). Industrials and Tech were unchanged, while Energy (+0.7%) ended higher.

Tomorrow morning before the open there are four economic reports scheduled to be released: GDP (third estimate; 1.6% consensus), GDP deflator (1.9% consensus), initial claims (457K consensus), and continuing claims (4450K consensus).

Also tomorrow, before the open, look for CRAI and MKC to report earnings.

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