Market Overview

A Peek Into The Market Before The Opening Bell

Pre-open movers
US stock futures fell today, as investors await the release of data on weekly jobless claims and retail sales. While futures on Dow Jones Industrial Average fell 14 points to 9966, those on the S&P 500 lost 1.1 point to 1058.2. Meanwhile, Nasdaq 100 futures slipped 2.75 points to 1786.75.

A Peek Into Global Markets
Positive sentiments ruled the European markets, with STOXX Europe 600 Index adding 1.30% and London’s FTSE 100 Index surging 2.07%.

Most Asian markets ended in the positive territory, with Japan's Nikkei Stock Average climbing 2.76% and Australia's S&P/ASX 200 advancing 2.25%. China's Shanghai Composite, however, lost 0.25%.

Broker Recommendation
Jefferies & Co. maintained a "hold" rating on State Street (NYSE: STT), but lifted its price target on the custodian bank to $42 to $40 after the company pre-announced bullish second-quarter results. The investment bank said in a research note, “Expenses declined significantly compared to our estimate, reflecting management's continued focus on cost efficiency, according to the research note.”

Breaking news

  • Limited Brands Inc (NYSE: LTD) reported a 6% rise in its store sales opened at least one year. LTD’s same-store-sales growth for the month exceeded analyst expectations of 3.2%. To read the full story, click here.
  • Despite a fall in revenue, Greenbrier Companies Inc (NYSE: GBX) turned a surprise Q3 profit due to strong margins. The Lake Oswego, Oregon-based company posted its Q3 profit at $4.6 million, or $0.23 per share, as compared to a loss of $51.1 million, or $3.04 per share in the year-ago period. GBX reported a 13% year/year decline in its revenue to $211.5 million. To read the full news, click here.
  • Optimer Pharmaceuticals (NASDAQ: OPTR) today announced it has received a $500,000 milestone payment from Cempra Pharmaceuticals pursuant to the terms of a licensing agreement between the companies. To read the full analysis, click here.
  • The Board of Directors of Colgate-Palmolive Company (NYSE: CL) today declared quarterly cash dividends of $.53 per common share, payable on August 13, 2010, to shareholders of record on July 26, 2010. To read the full news, click here.

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Posted-In: Earnings Long Ideas News Short Ideas Dividends Futures Global Pre-Market Outlook

 

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