A Peek Into The Market Before The Trading Starts
Pre-open movers
US stock futures are flat this morning after China's central bank raised interest rates. Futures on the Dow Jones Industrial Average rose 9 points to 12,117 and S&P 500 futures dropped 0.60 point to 1,315. Nasdaq 100 futures gained 0.50 point to 2,345.50.
A Peek Into Global Markets
Negative sentiment ruled the European markets today. While STOXX Europe 600 Index has dropped 0.52%, London's FTSE 100 Index moved down 0.24%.
Asian markets ended in the positive territory, with Japan's Nikkei Stock Average adding 0.41% and Australia's S&P/ASX 200 moving up 0.38%.
Broker Recommendation
J.P. Morgan Chase & Co. is raising its price target on shares of Synchronoss Technologies, Inc. (NASDAQ: SNCR) to $33.50 from $28 after the company reported better than expected earnings. It has a Neutral rating on shares.
In a note to clients, J.P. Morgan notes, "Synchronoss beat our 4Q10 estimates by a penny and gave guidance for 2011 above our expectations. The call helped to clear up Synchronoss's relationship with Verizon. A new contract sets out a 12 month roadmap on sync and connect, handset transfer and activation via ConvergenceNow Plus but we believe the bulk of revenue will come from existing Fushion One related capabilities on sync and connect and handset ransfer. We are not expecting much activation revenue except minimal impact device by device basis in 2011. Nonetheless, the Verizon relationship paves way for future expansion but may have been less contribution to 2011 than some had expected."
Shares of SNCR gained 82 cents yesterday to close at $31.15, a gain of 2.7%.
Breaking news
- New York, New York-based Warner Music Group Corp. (NYSE: WMG) announced on Tuesday morning that it beat consensus Wall Street earnings estimates, while missing revenue expectations. To read the full news, click here.
- Luxembourg-based Arcelor Mittal (NYSE: MT) released its financial results on Tuesday morning. Arcelor Mittal reported that it swung to a 4th quarter net loss of $780 million, or 51 cents per share, from net income of $1.35 billion, or 89 cents per share, a year earlier. To read the full news, click here.
- Bethesda, Maryland-based Coventry Health Care, Inc. (NYSE: CVH) on Tuesday morning released financial results that beat Wall Street expectations. Coventry Health Care, Inc reported that its 4th quarter net earnings rose to $150.3 million, or $1.01 per share, up from $109.1 million, or 74 cents per share, a year earlier. To read the full news, click here.
- Petach Tikva, Israel-based Teva Pharmaceutical Industries (Nasdaq: TEVA) on Tuesday morning released financial results that failed to meet Wall Street expectations. To read the full news, click here.
Read more from Benzinga's Markets.
