Market Overview

A Peek Into The Market Before The Trading Starts

A Peek Into The Market Before The Trading Starts

Pre-open movers
US stock futures moved up, driven by China's solid economic data. Futures on the Dow Jones Industrial Average surged 58 points to 10,781 and S&P 500 futures moved up 6.70 points to 1,143. Nasdaq 100 futures added 13.75 points to 2,009.

A Peek Into Global Markets

Positive sentiments ruled the European markets today. While STOXX Europe 600 Index has advanced 0.45%, London's FTSE 100 Index moved up 0.97%.

Asian markets ended mixed, with Japan's Nikkei Stock Average adding 0.37%, Australia's S&P/ASX 200 moving down 0.05% and China's Shanghai Composite gaining 1.73%.

Broker Recommendation
Goldman Sachs downgraded shares of Limited Brands, Inc. (NYSE: LTD) to Sell with a $24 price target, as it believes 2011 will slow.

In the research report, Goldman Sachs writes, "LTD has been executing very well since late last year, capitalizing on key opportunities to maximize its
business. While fundamentals remain strong near-term, we see a high probability that momentum will decelerate sharply next year given LTD's mature store base with a very low "natural" comp rate and the lapping of key process changes that we believe have been the primary driver of above trend comp store gross profit growth in recent quarters. Though we see upside to results near-term, we expect investors to increasingly anticipate 2011 headwinds, and as a result lower our rating to Sell and our 6-month price target."

Shares of Limited Brands lost 81 cents yesterday to close at $26.78, a loss of nearly 3%.

Breaking news

  • China's Sinopec (NYSE: SNP), Asia's largest refiner, will pay $7.1 billion to acquire 40% of Repsol's (NYSE: REP) Brazilian business. The combined entity will become one of Latin America's largest privately owned energy exploration firms. To read the full news, click here.
  • Boeing (NYSE: BA) and Luxair Luxembourg Airlines, the national airline of the Grand Duchy of Luxembourg, have finalized an order for an additional Next-Generation 737-800 airplane. The airline previously ordered a 737-800 in June. The 737-800 has an average list price of $77 million. To read the full news, click here.
  • Watsco, Inc. (NYSE: WSO) announced today that its Board of Directors has declared a regular quarterly cash dividend of 52 cents on each outstanding share of its Common and Class B common stock. To read the full news, click here.
  • GeoEye, Inc. (Nasdaq: GEOY) announced today that it is commencing an underwritten offering of $125 million of senior secured notes due 2016. To read the full news, click here.

Read more from Benzinga's Markets.

Posted-In: Analyst Color Long Ideas News Short Ideas Dividends Dividends Downgrades Futures


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