Before the bell 6-21-06: AAPL, GE, TWX, WMT

Yesterday was a mixed day with indices closing relatively unchanged. The blue-chips were higher, the S&P 500 nearly flat. The NASDAQ, unable to keep early gains, ended lower.

A positive housing starts report, caused the early gains, but as expected, investors quickly understood the outlook for the housing market still calls for a slowdown.  That, combined with interest rate concerns and a lack of volume all amounted to erasing early day gains.

Futures are negative this morning but may indicate a positive opening on a fair value comparison.  Overseas, most major Asian and European markets were down except for the Hang-Seng.  The dollar keeps gaining ground, especially vis-a-vis the Euro.  Bonds remained relatively unchanged yesterday with 10-year Treasury yield edging up to 5.15 percent from 5.14 percent late Monday.

The markets are expected to remain volatile until next week's Fed meeting.  Investors will probably remain unsure about buying stock today due to lack of economic data and the expectation of another rate hike.  Many investors are now fearing the Fed will continue its rate hikes until the overnight lending rate stands at 6 (it is 5 right now).

On a day that offers little news, investors attention might be drawn to Morgan Stanley earnings after its competitors, Goldman Sachs, Lehman Brothers and Bear Stearns have already have reported quarterly results. Bed Bath and Beyond and FedEx earnings are also due today. 

Here's a look at some key Blogging Stocks:

Apple (AAPL) shares are up 52 cents in pre-market trading to $57.70 as of 8:25 a.m. While Apple wants to sell films through iTunes, BusinessWeek Online claims that an agreement with the movie studios is unlikely any time soon.  However, a branding agreement with Curtis Jackson, better known as 50 Cents, to create and sell more affordable computers, might be in the cards.

General Electric (GE) is up 12 cents at $33.84 as of 8:04 a.m. GE announced yesterday it launches banking presence in RP.  13 companies are looking to buy four underground parking garages from Chicago, GE among them.  Finally, GE going environmental in China, could double its revenue there.

Time Warner (TWX) were up 5 cents to $17.16 as of 4:53 p.m. yesterday.  In the ongoing tabloid scandal,  Time Warner is now investigating its CFO funds, to see whether company funds were used by him for gifts he allegedly gave an accused prostitution ringleader.

Wal-Mart (WMT) shares gained 18 cents after the close yesterday to trade at $48:45 at 4:25 p.m. yesterday.  Negative press or not, the Wal-mart brand is alive and kicking, receiving the second most positive word-of-mouth.  In the UK, Wal-Mart's competitor Sainsbury's sales rise in the first quarter.