Market Overview

A Peek Into The Market Before The Trading Starts

Pre-open movers
US stock futures are mostly higher this morning as investors are awaiting earnings report from several companies. However, shares of Apple Inc (NASDAQ: AAPL) dropped in pre-market trading. Futures on the Dow Jones Industrial Average rose 38 points to 11,763 and S&P 500 futures gained 1.40 points to 1,291. However, futures on the Nasdaq 100 dropped 15 points to 2,305.

A Peek Into Global Markets

Positive sentiment ruled the European markets today. While STOXX Europe 600 Index has advanced 0.88%, London's FTSE 100 Index moved up 1.10%.

Mostly Asian markets ended in the positive territory, with Japan's Nikkei Stock Average gaining 0.15%, Australia's S&P/ASX 200 moving up 0.80% and China's Shanghai Composite rising 0.09%.

Broker Recommendation
Jefferies & Co. is reiterating its Buy rating and $450 price target on shares of Apple Inc. (NASDAQ: AAPL) after Steve Jobs announced he was taking a medical leave yesterday.

In a note to clients, Jefferies writes, "Steve Jobs is taking a medical leave of an indeterminant nature with an unkown length. While this creates uncertainty, we believe the product pipeline is set for the next two years and Apple's bench strength has come through before. We would use weakness as a buying opportunity. Reiterate Buy and $450 target."

Shares of AAPL are off $15.71 to $332.77, a loss of 4.5% in pre-market trading.

Breaking news

  • Comerica Incorporated (NYSE: CMA) released financial results on Tuesday morning. Comerica Incorporated announced 4th quarter net income of $96 million, or 53 cents per share, compared to a net loss of $29 million, or 42 cents per share, a year earlier. To read the full news, click here.
  • Delta Air Lines (NYSE: DAL) reports its Q4 adjusted EPS at $0.19, versus the consensus of $0.26. To read the full news, click here.
  • Fluor Corporation (NYSE: FLR) announced today that it was awarded an engineering, procurement and construction contract by Santos Ltd. for its Gladstone Liquefied Natural Gas project in Queensland, Australia. To read the full news, click here.
  • Mylan Inc. (Nasdaq: MYL) today announced that its subsidiary Mylan Pharmaceuticals Inc. has received final approval from the U.S. Food and Drug Administration for its Abbreviated New Drug Application for Acarbose Tablets. To read the full news, click here.

Read more from Benzinga's Markets.

Posted-In: Analyst Color Earnings News Futures Contracts FDA Global Pre-Market Outlook

 

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