Market Overview

US Stock Futures Down In Pre-Market Trade

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Pre-open movers

US stock futures traded lower in early pre-market trade. Futures for the Dow Jones Industrial Average dropped 24 points to 16,952.00, while the Standard & Poor's 500 index futures fell 3.30 points to 1,974.30. Futures for the Nasdaq 100 index declined 6.50 points to 3,909.25.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 0.41%, STOXX Europe 600 Index declining 0.30%. German DAX 30 index fell 0.15%, French CAC 40 Index declined 0.44% and London's FTSE 100 Index dropped 0.17%. German industrial production index declined 1.8% in May.

In Asian markets, Japan's Nikkei Stock Average fell 0.37%, Hong Kong's Hang Seng Index fell 0.02%, China's Shanghai Composite Index surged 0.03% and India's BSE Sensex climbed 0.53%.

Broker Recommendation

Analysts at Piper Jaffray upgraded King Digital Entertainment (NYSE: KING) from “neutral” to “overweight.” The target price for King Digital Entertainment has been raised from $19 to $28.

King Digital's shares closed at $21.87 on Thursday.

Breaking news

  • Warren Resources (NASDAQ: WRES) today announced that it has executed a purchase and sale agreement to acquire essentially all of the Marcellus assets of Citrus Energy and two additional working interest owners for $352.5 million. To read the full news, click here.
  • Malibu Boats (NASDAQ: MBUU) today announced that, subject to market and other conditions, it and certain selling stockholders intend to offer 4,000,000 shares of its Class A Common Stock, consisting of 3,195,887 shares to be offered by the Company and 804,113 shares to be offered by the Selling Stockholders. To read the full news, click here.
  • Wi-LAN (NASDAQ: WILN) today announced that WiLAN and Nokia Networks (NYSE: NOK) have signed a patent license agreement pursuant to which Nokia Networks receives a multi-year license to a broad portfolio of wireless patents used in a range of wireless infrastructure products offered by Nokia Networks. To read the full news, click here.
  • AcelRx Pharmaceuticals (NASDAQ: ACRX) and Grunenthal Group announced today that Grunenthal has submitted a Marketing Authorization Application (MAA) to the European Medicines Authority for ZALVISO™ for the management of moderate to severe acute pain in adult patients in a medically supervised environment. To read the full news, click here.

Posted-In: Piper Jaffray US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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