A Peek Into The Market Before The Trading Starts
Pre-open movers
US stock futures are higher this morning as tensions eased on the Korean Peninsula. Futures for the Dow Jones Industrial Average gained 36 points to 11,440, while those for the S&P 500 index moved up 4.40 points to 1,246. Futures for the Nasdaq 100 index gained 5.50 points to 2,226.
A Peek Into Global Markets
Positive sentiment ruled the European markets today. While STOXX Europe 600 Index has advanced 0.48%, London's FTSE 100 Index moved up 0.77%.
Asian markets ended in the positive territory, with Japan's Nikkei Stock Average adding 1.51%, Australia's S&P/ASX 200 moving up 0.69% and China's Shanghai Composite gaining 1.80%.
Broker Recommendation
Piper Jaffray is reiterating its Overweight rating and $66 price target on shares of Target Corporation (NYSE: TGT).
In a note sent to clients, Piper Jaffray writes, "Approx 40 to 45% of Target transactions are conducted using a debit card and based on the currently proposed legislation we est the company's earnings could increase by $.25/shr in the 12 months following implementation. While debit swipe fees in isolation are a benefit to TGT's earnings, the competitive landscape across retail coupled with potentially higher banking costs to the consumer will likely mitigate some of the upside. We believe this announcement is a net positive for TGT, and when combined with investments in frequency driving initiatives, upside potential to FY12E EPS is likely if demand continues to recover."
Shares of TGT gained 8 cents yesterday to close at $58.60.
Breaking news
- CNO Financial Group, Inc. (NYSE: CNO) today announced that Chris McKee has been promoted to Senior Vice President, Operations and Todd Coombes has been promoted to Senior Vice President and Chief Information Officer. To read the full news, click here.
- CPI Corp. (NYSE: CPY) today reported results for the fiscal 2010 third quarter ended November 13, 2010. To read the full news, click here.
- In a deal 35% above Martek Biosciences (NASDAQ: MATK) closing price yesterday, MATK is being acquired by Royal DSM for $31.50/share. To read the full news, click here.
- Delivery Agent, which handles all of Discovery Communications (Nasdaq: DISCA, DISCB, DISCK) direct-to-consumer commerce operations, announced today Discovery Communications' sponsorship of the Santa Tracker app on AT&T U-verse TV. To read the full news, click here.
Read more from Benzinga's Markets.
