Stock futures are pointing to a lower open with investors
unwilling to chase the market higher given the risk that economic
data or comments from Fed officials this week are capable of
upsetting expectations for the Fed to keep their foot on the
accelerator through 2013. Yesterday's narrow range of 71 points in
the Dow underscores fatigue in the financial markets after the
impressive run-up in October, as well as developing resistance at
the record highs.
Earnings continue to trickle in with better than expected
earnings from AOL (
) and CVS Caremark (
) leading into today's anticipated earnings from Tesla (
) and Coca Cola Bottling (
In Europe, markets were lower despite bullish Chinese and UK
services PMI after the European Central Bank cut their growth
forecasts for the EU, thus fueling expectation that the central
bank could lower interest rates at this week's policy meeting.
-Dow Jones Industrial down 0.34%
-S&P 500 futures down 0.24%
-Nasdaq 100 futures down 0.35%
Nikkei up 0.17%
Hang Seng down 0.65%
Shanghai Composite up 0.35%
FTSE-100 down 0.55%
DAX-30 down 0.48%
PRE-MARKET SECTOR WATCH
(+) Large cap tech: lower
(+/-) Chip stocks: mixed
(-) Software stocks: lower
(-) Hardware stocks: lower
(+/-) Internet stocks: mixed
(-) Drug stocks: lower
(-) Financial stocks: lower
(+/-) Retail stocks: flat
(-) Industrial stocks: lower
(+) Airlines: higher
(-) Autos lower
COCO (+10.00%) Reaffirmed its earnings guidance of $0.10-$0.15
per share with analysts looking for $0.04.
KERX (+14.50%) Zerenex drug met all primary and key secondary
endpoints in phase 2 study of non-dialysis dependent chronic kidney
GTAT (+24.22%) Apple Inc. (
) struck a deal with GT Advanced Techology to provide sapphire
material for use in Apple products.
OWW (-14.41%) Q3 diluted net income fell to $0.11 per share from
$0.14 the year earlier, missing analyst estimates of $0.13.
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