Market Overview

US Stock Futures Signal Lower Start On Wall Street

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US Stock Futures Signal Lower Start On Wall Street
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Benzinga's Top Downgrades

Pre-open movers

US stock futures dropped in early pre-market trade. Data on motor vehicle sales will be released today. Futures for the Dow Jones Industrial Average tumbled 62 points to 15,936.00, while the Standard & Poor's 500 index futures fell 5.80 points to 1,793.90. Futures for the Nasdaq 100 index declined 6 points to 3,477.00.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.84%, London's FTSE 100 index dropping 0.77% and STOXX Europe 600 Index declining 0.86%. German DAX 30 index tumbled 1.01% and French CAC 40 Index declined 1.72%. Spanish unemployment fell by 2,475 in November versus October. Euro-zone producer prices declined 0.5% in October from September. UK construction PMI surged to 62.6 in November, from 59.4 in October.

Asian markets ended mixed today. Japan's Nikkei Stock Average surged 0.60%, China's Shanghai Composite gained 0.69%, Hong Kong's Hang Seng Index declined 0.53% and India's BSE Sensex dropped 0.21%. Australia's current account deficit widened to 12.7 billion Australian dollars (US$11.6 billion) in the third quarter versus the second quarter. Australia also held its interest rate at 2.5%.

Broker Recommendation

Analysts at Bank of America upgraded HollyFrontier (NYSE: HFC) from “neutral” to “buy.” The target price for HollyFrontier has been raised from $51 to $60.

HollyFrontier's shares closed at $49.17 yesterday.

Breaking news

  • Lexicon Pharmaceuticals (NASDAQ: LXRX) today announced top-line results from an initial Phase 2 study exploring the use of LX1033 in diarrhea-predominant irritable bowel syndrome (IBS-d). LX1033 is an investigational drug that inhibits serotonin synthesis in the gastrointestinal tract. To read the full news, click here.
  • Seadrill (NYSE: SDRL) announced today that it has entered into an agreement with Seadrill Partners pursuant to which the Company will sell to (i) Seadrill Operating LP, the Company's 70% owned subsidiary, all of the ownership interests in the entities that own and operate the semi-submersible drilling rig, the West Leo, and (ii) Seadrill Capricorn Holdings LLC, the Company's 49% owned subsidiary, all of the ownership interests in the entities that own and operate the semi-submersible drilling rig, the West Sirius. To read the full news, click here.
  • ImmunoCellular Therapeutics (NYSE: IMUC) announced the expansion of its relationship with Progenitor Cell Therapy LLC, a subsidiary of NeoStem (NASDAQ: NBS), for current good manufacturing practices (cGMP) services for ImmunoCellular's dendritic cell-based vaccines. To read the full news, click here.
  • Adobe (NASDAQ: ADBE) today released its Adobe® Digital Index 2013 online shopping data for Cyber Monday. Online sales for the day increased by 16 percent year-over-year to $2.29 billion. To read the full news, click here.

Posted-In: Bank of America US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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