A Peek Into The Market Before The Trading Starts
Pre-open movers
US stock futures moved down, as investors are awaiting corporate earnings along with data on consumer confidence. Futures on the Dow Jones Industrial Average dropped 25 points to 11,090, while S&P 500 futures fell 0.10 points to 1,182.70. Nasdaq 100 futures declined 4.50 points to 2,104.
A Peek Into Global Markets
Negative sentiments ruled the European markets today. While STOXX Europe 600 Index has lost 0.24%, London's FTSE 100 Index moved down 0.78%.
Asian markets ended in the negative territory, with Japan's Nikkei Stock Average declining 0.25%, Australia's S&P/ASX 200 moving down 0.40% and China's Shanghai Composite losing 0.33%.
Broker Recommendation
Citi Investment Research is out with a research report on Amgen, Inc. (NASDAQ: AMGN) after the biotech company reported earnings after the bell yesterday. Citi has a Buy rating and a $64 price target on shares.
In a note to clients, Citi writes, "The overall lg cap biotech sector has been very strong recently. Over the near-term, we do anticipate that dmab should be approved for skeletal-related events (SRE: ie patients who have cancer in their bones) by Nov 18th or 90-days later. That can drive the stock up a bit. But thereafter, at high $50s, the risk/reward reverses ahead of results from study 147 for mets prevention in Dec. The good news is that expectations for this study are low, but the stock may become “dead money” with negative results."
Shares of AMGN lost 55 cents in after hours to trade at $57.40 yesterday.
Breaking news
- Sonic Automotive, Inc. (NYSE: SAH) today reported that 2010 third quarter adjusted earnings from continuing operations were $0.27 per diluted share, compared to an adjusted $0.26 per diluted share from continuing operations in the same prior year quarter. To read the full news, click here.
- DuPont (NYSE: DD) reports its Q3 EPS at $0.40, beating the consensus of $0.34. To read the full news, click here.
- Biogen Idec Inc. (NASDAQ: BIIB) today announced its third quarter 2010 results. To read the full news, click here.
- Praxair Volgograd, a subsidiary of Praxair, Inc. (NYSE: PX), has entered into a long-term contract to supply oxygen, nitrogen and compressed air to Plastkard, a division of the Nikochem Group, a leading Russian chemical company. To read the full news, click here.
Read more from Benzinga's Markets.
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