A Peek Into The Market Before The Trading Starts
Pre-open movers
US stock futures moved up today. Futures on the Dow Jones Industrial Average gained 50 points to 10,442 and S&P 500 futures rose 7 points to 1,106. Nasdaq 100 futures added 20 points to 1,878.
A Peek Into Global Markets
Positive sentiments ruled the European markets today. While STOXX Europe 600 Index has advanced 0.80%, London’s FTSE 100 Index moved up 1.10%.
Most of the Asian markets ended in the positive territory, with Japan's Nikkei Stock Average gaining 0.82%, Australia's S&P/ASX 200 moving up 0.94% and China's Shanghai Composite losing 1.45%.
Broker Recommendation
Pritchard Capital downgrades Energy XXI Limited (NASDAQ: EXXI) to Neutral and maintains their current price target of $22. Pritchard says they are lowering to Neutral but see little in the way of short-term catalysts.
EXXI is consistently good at generating cash as it remains active in its core areas. Free cash flow led to a $130 million reduction in the face amount of debt in fiscal 2010. The company sees "deep" upside in its current Davy Jones drilling project as well.
Pritchard continues to like EXXI for its consistent cash generation, solid base of shallow water, oil-focused core assets, and upside from the ultra-deep. EXXI is very closed to Pritchard price target, hence the downgrade to Neutral.
EXXI closed Wednesday at $20.42
Breaking news
- Halozyme Therapeutics Inc (NASDAQ: HALO) today announced the pricing of its previously announced public offering of 8.3 million shares of its common stock at a price to the public of $7.50 per share. . To read the full news, click here.
- Advent Software (NASDAQ: ADVS) today announced that the United States Patent and Trademark Office (USPTO) has issued to it US Patent # 7644088.To read the full news, click here.
- Rick’s Cabaret International, Inc., (NASDAQ: RICK), the nation’s leading chain of upscale gentlemen’s clubs, said August revenues were $6.5 million, up 6.9% over August 2009. To read the full news, click here.
- Tech Data Corporation (NASDAQ: TECD) today named Angela Beltz-Norrie vice president, Cisco Solutions Group. To read the full news, click here.
Read more from Benzinga's Markets.
