A Peek Into The Market Before The Trading Starts

Pre-open movers

US stock futures fell today after the keenly awaited jobs data indicated that the US economy shed more jobs than was anticipated in July. While futures on the Dow Jones Industrial Average slipped 71 points to 10,564, those on the Standard & Poor's 500 fell 8.50 points to 1,115. Meanwhile, Nasdaq 100 futures lost 13.75 points to 1,887.

A Peek Into Global Markets

European markets have turned lower after the release of the jobs data in the US. While STOXX Europe 600 Index lost 0.86%, London’s FTSE 100 Index moved down 0.47%. Most Asian markets ended in the positive territory after China’s banking regulator reassured markets by informing them of the reasons behind stress tests for the banking sector. Australia's S&P/ASX 200 moved up 0.03% and China's Shanghai Composite gained 1.44%. However, Japan's Nikkei Stock Average lost 0.12%.

Broker Recommendation

Benchmark Capital is raising its price target on shares of Orbitz

OWW

from $8 to $9 after the online travel company reported better than expected financial results. In the report Benchmark Capital writes, "Orbitz (OWW-Buy, PT from $8 to $9) reported upside surprise in its 2Q10 EPS and EBITDA and provided guidance for the full year that exceeded our EBITDA expectation. Cost controls and a lower-than-anticipated impact from the volcanic eruption drove EBITDA growth of 7% y/y leading to GAAP EPS of $0.09 ahead of consensus at $0.05."

Breaking news

Gammon Gold Inc. GRS has indefinitely suspended operations at the El Cubo mine, located in Guanajuato State, Mexico. This decision was a result of continued labor disruptions by the unionized workforce and rising operating costs associated with the failure of the unionized workforce to achieve expected productivity levels. To read the full news, click here.
Clothing maker Polo Ralph Lauren Corp. RL announced this morning that it plans to buy back $250 million worth of its shares. This is an addition to the $319 million available in its previous buyback program. To read the full news, click here.
According to a report released by the Labor Department, unemployment rate remained flat at 9.5% during the month of July. To read the full news, click here.
CEC Entertainment CEC reported EPS of $0.35, well below consensus of $0.45. Sterne Agee said, "Given the shortfall in 2Q, we are lowering our pro forma EPS estimate from $2.83 to $2.66 (excl. the $0.13 charge from 2Q). In addition, we are reducing our 2011 EPS estimate from $3.11 to $3.00, reflecting a slightly lower SSS assumption." To read the full news, click here.

from Benzinga's Markets.

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