A Peek Into The Market Before The Trading Starts
Pre-open movers
US stock futures are higher this morning, as investors are awaiting producer price data and FOMC minutes. Dell Inc (NASDAQ: DELL) reported upbeat quarterly earnings. Futures on the Dow Jones Industrial Average gained 33 points to 12,235 and S&P 500 futures rose 4.30 points to 1,331. Nasdaq 100 futures gained 6.25 points to 2,388.
A Peek Into Global Markets
Positive sentiment ruled the European markets today. While STOXX Europe 600 Index has gained 0.27%, London's FTSE 100 Index moved up 0.57%.
Most Asian markets ended higher, with Japan's Nikkei Stock Average gaining 0.57% and Australia's S&P/ASX 200 moving down 0.02% and China's Shanghai Composite gaining 0.85%.
Broker Recommendation
Citi Investment Research is upgrading shares of Research In Motion Limited (NASDAQ: RIMM) to Buy from Sell, and it has an $80 price target.
In a note to clients, Citi writes, "We are upgrading RIMM to Buy with a $80 target price representing 23% upside due to material increases to our sales & EPS estimates as carriers shift promotion dollars in support of RIMM away from Nokia resulting in RIMM growing market share in Europe and Latin America. Recall we downgraded RIMM to Sell in Nov 2009 on our view of Promotion Commotion to hurt RIMM, Sandboxing BYOD corporate Blackberry unlocking, and iPhone to Verizon risk. Since Nov 2009 RIMM shares have increased 11% compared to the 37% gain for the NASDAQ and 28% gain for the S&P500. Investor sentiment has materially shifted more negative on RIMM shares."
Shares of RIMM are up $1.75 in pre-market trading to $67.05.
Breaking news
- Sanofi-aventis (NYSE: SNY) and Genzyme Corporation (Nasdaq: GENZ) announced earlier today that they have entered into a definitive agreement under which sanofi-aventis is to acquire Genzyme for $74.00 per share in cash, or approximately $20.1 billion. To read the full news, click here.
- BHP Billiton (NYSE: BHP), the world's largest mining company, is planning a spending spree, but this time it won't be on mega-deals gone wrong. After reporting a 72% jump in its fiscal first-half profit, the Anglo-Australian mining giant, said it will spend $80 billion to develop and expand its own coal, iron ore and other mines and oilfields. To read the full news, click here.
- Owens Corning (NYSE: OC) today reported consolidated net sales of $5.0 billion, a 4-percent increase from net sales of $4.8 billion in 2009. To read the full news, click here.
- JMP Group Inc. (NYSE: JMP) reported financial results today for the quarter and full fiscal year ended December 31, 2010. Total net revenues were $44.0 million for the quarter, compared to $46.1 million for the fourth quarter of 2009. To read the full news, click here.
Read more from Benzinga's Markets.
