A Peek Into The Market Before The Trading Starts
Pre-open movers
US stock futures are higher this morning, ahead of year-end holidays. The tensions on the Korean peninsula are also in focus. Futures on the Dow Jones Industrial Average rose 37 points to 11,467 and S&P 500 futures gained 5.60 points to 1,244. Nasdaq 100 futures moved up 11 points to 2,224.
A Peek Into Global Markets
Positive sentiment ruled the European markets today. While STOXX Europe 600 Index has advanced 1.06%, London's FTSE 100 Index moved up 0.66%.
Asian markets ended in the negative territory, with Japan's Nikkei Stock Average losing 0.85%, Australia's S&P/ASX 200 moving down 0.49% and China's Shanghai Composite declining 1.42%.
Broker Recommendation
J.P. Morgan Chase & Co. is downgrading Franklin Resources (NYSE: BEN) to Neutral from Overweight, and cut its price target to $117 from $134.
In a research report sent to clients, J.P. Morgan notes, "We downgrade Franklin to Neutral from Overweight. We see definitive, albeit limited, data of a rebound in equity fund sales and a decline in fixed income sales. With nearly 50% of its assets in fixed income securities, including a portion of hybrid fund assets, we see potential for Franklin to perform in line with or even underperform more equity focused peers. We lower estimates due to fixed income redemption projections for F2011 and we lower our Dec '11 target to $117.00."
Shares of BEN lost $1.71 yesterday to close at $114.60 on Friday.
Breaking news
- Celera Corporation (NASDAQ: CRA) today announced the appointment of Alfred Merriweather as Senior Vice President and Chief Financial Officer of the Company, effective immediately. To read the full news, click here.
- EarthLink, Inc. (Nasdaq: ELNK) today announced a definitive merger agreement under which EarthLink will acquire One Communications Corp. for $370 million, which includes payment of approximately $285 million of One Comm net debt. To read the full news, click here.
- CVR Partners, LP today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission in connection with a proposed initial public offering of its common units representing limited partner interests. CVR Partners intends to list its common units on the New York Stock Exchange under the symbol (NYSE: UAN). To read the full news, click here.
- Aeterna Zentaris Inc. (NASDAQ: AEZS) today announced that it has reached agreement with the Food and Drug Administration on a Special Protocol Assessment for Solorel which will enable the Company to complete the ongoing registration study required to gain approval as a diagnostic test for Adult Growth Hormone Deficiency. To read the full news, click here.
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