US Stock Futures Down In Pre-Market Trade

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

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 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 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 WILN today announced that WiLAN and Nokia Networks 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 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.

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