A Peek Into The Market Before The Trading Starts
Pre-open movers
US stock futures fell today, after weekly jobless claims rose unexpectedly last week to the highest level in nearly four months. While futures on the Dow Jones Industrial Average fell 33.00 points to 10,602, those on the S&P 500 lost 5.90 points to 1,119. Meanwhile, Nasdaq 100 futures moved down 4.00 points to 1,901.
A Peek Into Global Markets
Sentiments are mixed on the European bourses today, with STOXX Europe 600 Index adding 0.05% and London’s FTSE 100 Index moving down 0.11%.
Asian markets ended in the positive territory, with Japan's Nikkei Stock Average adding 1.73% and Australia's S&P/ASX 200 moving up 0.55%. However, China's Shanghai Composite lost 0.68%.
Broker Recommendation
FBR Capital Markets is raising its earnings estimates on shares of ON Semiconductor (NASDAQ: ONNN) after the semiconductor reported very strong earnings results yesterday after the bell. FBR rates shares at Outperform and has a $13 price target.
In the report FBR Capital Markets writes, "We maintain our Outperform rating and $13 target, and raise our 2010 EPS estimate from $0.90 to $0.95 (including stock compensation), and our 2011 estimate from $1.00 to $1.05. Our price target is based on a 12.5x target P/E multiple (1H11 including stock compensation), seemingly appropriate given ON Semi's growth and margin profile."
Shares of ON Semiconductor are down in pre-market trading, down 25 cents to $6.71.
Breaking news
- According to the Labor Department, the number of people applying for unemployment benefits for the first time jumped by 19,000 to 479,000 in the week ended July 31. To read the full news, click here.
- Invesco Mortgage Capital (NYSE: IVR) posted solid 2Q results, with EPS at $0.91, $0.16 ahead of estimates made by Jefferies, and $0.11 ahead of consensus. To read the full news, click here.
- Cameron International (NYSE: CAM) reported solid 2Q results due to strong DPS margins on clean execution and positive mix, according to Jefferies & Company. To read the full news, click here.
- El Paso Electric Company (NYSE: EE) reported 2Q earnings of $0.49 vs. Jefferies' estimate of $0.40, and EE saw improved earnings due to increased retail volume inspired by an improving economy and strong customer growth. The unemployment rate fell to 9.5% as more workers left the labor force. To read the full news, click here.
Read more from Benzinga's Markets.
