A Peek Into The Market Before The Trading Starts
Pre-open movers
US stock futures were mixed as investors are awaiting the start of the Q3 earnings season. Future for the Dow Jones Industrial Average fell 18 points to 10,888 and S&P 500 futures rose 1.20 points to 1,157. Futures on the Nasdaq 100 slipped 0.75 points to 2,004.
A Peek Into Global Markets
Positive sentiments ruled the European markets today. While STOXX Europe 600 Index has advanced 0.19%, London's FTSE 100 Index moved up 0.07%.
Most of the Asian markets ended in the positive territory, with Japan's Nikkei Stock Average losing 0.07%, Australia's S&P/ASX 200 moving up 0.17% and China's Shanghai Composite gaining 1.73%.
Broker Recommendation
J.P. Morgan Chase & Co. raised the price target on Constellation Brands, Inc. (NYSE: STZ) to $21 from $19, but is keeping its Neutral rating, as STZ reported better than expected earnings.
In the research note, J.P. Morgan writes, "STZ reported comparable EPS of $0.52 vs. our $0.47 estimate and $0.49
Bloomberg consensus. Upside was driven by higher than expected topline and below the line items. Overall fundamentals were better than feared, although we were
surprised that shipments (which drove the topline upside) were ahead of depletions despite cycling a quarter with an inventory load-in. Looking ahead, Constellation's sales trends have improved and have been exceeding the category as of late, but we think that is priced into the stock. We also think there is some risk that the distributor inventory fluctuations may continue to affect earnings on a quarter to quarter basis."
Shares of STZ gained 76 cents yesterday to close at $18.52, a gain of 4.2%.
Breaking news
- Stage Stores Inc (NYSE: SSI) reported a rise of 4.8% in its total sales for the five week September period ended October 2, 2010. To read the full news, click here.
- PepsiCo (NYSE: PEP) reported a rise of 12% in its third-quarter net profit. To read the full news, click here.
- International Game Technology (NYSE: IGT) announced today that Matt Moyer has joined the Company as vice president of Investor Relations. To read the full news, click here.
- The Bon-Ton Stores, Inc. (NASDAQ: BONT) today announced comparable store sales for the five weeks ended October 2, 2010 increased 5.9%. To read the full news, click here.
Read more from Benzinga's Markets.
