A Peek Into The Market Before The Trading Starts
Pre-open movers
US stock futures are signaling higher start on Wall Street today, after Costco Wholesale Corp (NASDAQ: COST) posted upbeat quarterly results. The employment report is scheduled for release today. Futures for the Dow Jones Industrial Average rose 51 points to 10,915 and those for the Nasdaq 100 climbed 5.25 points to 2,024. S&P 500 futures were up 3.20 points at 1,157.90.
A Peek Into Global Markets
Positive sentiments ruled the European markets today. While STOXX Europe 600 Index has advanced 0.81%, London's FTSE 100 Index moved up 0.82%.
Asian markets ended in the positive territory, with Japan's Nikkei Stock Average adding 1.81%, Australia's S&P/ASX 200 moving up 1.66% and China's Shanghai Composite gaining 1.73%.
Broker Recommendation
Piper Jaffray is raising its price target to $59 on Kohl's Corporation (NYSE: KSS) while maintaining its overweight rating.
Kohl's rose to the No. 10 ranking with 2% share in Piper's most recent Average Income Student Survey. This is the highest ranking Kohl's has received in the survey and
is the first time it has made the top ten. The Upper Income Student Survey indicates Kohl's has 2% mindshare, slightly below the 3% share registered last Fall with a rank of No. 12 vs. No. 9 last Fall.
Piper's semi-annual Taking Stock With Teens survey was conducted during September 2010. We visited 8 high schools
across the country and conducted an online survey. We split the 6,000 responses into an Upper Income and Average Income using Census Bureau data to segment responses by student-provided zip codes.
Risks to achieving the target price include dependence on management, competition, availability of real estate, return on newly initiated remodel program, and consumer spending patterns.
KSS closed Tuesday at $52.39.
Breaking news
- Helen of Troy Limited (Nasdaq: HELE) today reported record net sales revenue and record net income for the second quarter and six months ended August 31, 2010. To read the full news, click here.
- Science Applications International Corporation (NYSE: SAI) announced today it was awarded a new prime contract by the U.S. Army Program Executive Office for Simulation, Training and Instrumentation, to provide technical solutions to support the modernization of Army training ranges worldwide. To read the full news, click here.
- Costco Wholesale Corp (NASDAQ: COST) reported a 16% y/y rise in its FQ4 net income. To read the full news, click here.
- Crucell NV (NASDAQ: CRXL) has agreed to be purchased by Johnson & Johnson (NYSE: JNJ) for 1.75 billion euros ($2.42 billion). To read the full news, click here.
Read more from Benzinga's Markets.
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