A Peek Into The Market Before The Trading Starts
Pre-open movers
US stock futures were mixed, after Apple Inc (NASDAQ: AAPL) issued conservative projections for the present quarter. Investors are also awaiting another heavy round of earnings today. Futures on the Dow Jones Industrial Average were up 16 points to 11,061, while S&P 500 futures moved down 2.50 points to 1,176. Futures on the Nasdaq 100 declined 17.50 points to 2,077.
A Peek Into Global Markets
Positive sentiments ruled the European markets today. While STOXX Europe 600 Index has advanced 0.25%, London's FTSE 100 Index moved up 0.24%.
Asian markets ended in the positive territory, with Japan's Nikkei Stock Average adding 0.43%, Australia's S&P/ASX 200 moving up 0.08% and China's Shanghai Composite gaining 1.58%.
Broker Recommendation
Piper Jaffray is raising its estimates on LogMeIn, Inc. (NASDAQ: LOGM), as it increases its outlook for tablets sold in Q3. It has an Overweight rating, with a $44 price target.
In a note to clients, Piper Jaffray writes, "Bottom line, we continue to recommend shares of LOGM based on Ignition, join.me and One2Many upside potential. Yesterday afternoon, Apple reported it sold 4.2 million iPads in the September quarter. Assuming a 1.1% Ignition attachment rate on new units (1.4% in the June quarter), Ignition could account for $970k vs. our model of $945k in the September quarter. This outlook is likely conservative given it ignores the impact of a growing installed base of iPads (3.3m in June and 7.5 in September) and assumes zero Ignition sales to iPad's purchased in the June quarter."
Shares of LOGM lost 7 cents yesterday to close at $35.95, a loss of 0.2%.
Breaking news
- According to Bloomberg, Volkswagen AG (ETR: VOW) may be delaying the merger with Porsche (ETR: PAH3) due to risks from U.S. lawsuits and German tax issues. To read the full news, click here.
- American Electric Power's (NYSE: AEP) management will recommend the board of directors increase the quarterly dividend by 9.5 percent, to $0.46 from $0.42 per share, AEP's management will tell financial analysts today during a meeting in New York. To read the full news, click here.
- Astec Industries, Inc. (Nasdaq: ASTE) today reported results for its third quarter ended September 30, 2010. To read the full news, click here.
- EMC Corporation (NYSE: EMC) today reported record financial results for the company's third fiscal quarter of 2010. To read the full news, click here.
Read more from Benzinga's Markets.
