Market Overview

A Peek Into The Market Before The Trading Starts

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A Peek Into The Market Before The Trading Starts

Pre-open movers
US stock futures are signaling higher start on Wall Street. The European equity markets surged, while the US dollar moved down after the Federal Reserve announced its plans of new bond-buying program. Futures on the Dow Jones Industrial Average advanced 62 points to 11,239, while S&P 500 futures surged 7.20 points to 1,205. Nasdaq 100 futures moved up 12 points to 2,176.

A Peek Into Global Markets

Positive sentiments ruled the European markets today. While STOXX Europe 600 Index has advanced 1.22%, London's FTSE 100 Index moved up 1.73%.

Asian markets ended in the positive territory, with Japan's Nikkei Stock Average adding 2.17%, Australia's S&P/ASX 200 moving up 0.50% and China's Shanghai Composite gaining 1.85%.

Broker Recommendation
Sterne Agee is maintaining its Neutral rating, but lowering its target to $18 from $18.50 on Quanta Services, Inc. (NYSE: PWR) after it reported earnings.

In a note to clients, Sterne Agee writes, "While the ~10% decrease in PWR shares in response to missing 3Q10 EPS, a 7% decrease in 12-month backlog and 4Q10 guidance coming in materially below the Street brought relative valuation to the lowest point this year suggesting PWR shares could be due for a bounce, we are maintaining our Neutral due to a lack of discount to the broader market and PWR's peer group. Our $18.00 price target (vs. prior $18.50) equates to ~32% premium to the S&P 500 P/E on our 2011 Cash EPS estimate and is ~7.3x adjusted EV / 2011E EBITDA."

Shares of PWR lost $1.99 yesterday to close at $17.94, a loss of nearly 10%.

Breaking news

  • ATK (NYSE: ATK) announced today that its Board of Directors has declared the company's first quarterly cash dividend. To read the full news, click here.
  • Foster Wheeler AG (NASDAQ: FWLT) today reported net income for the third quarter of 2010 of $51.7 million, or $0.41 per diluted share, compared with $90.0 million, or $0.71 per diluted share, in the third quarter of 2009. To read the full news, click here.
  • Frontier Oil Corporation (NYSE: FTO) today announced quarterly net income of $8.3 million, or $0.08 per diluted share, for the quarter ended September 30, 2010, compared to a net loss of $8.8 million, or $0.08 per share, for the quarter ended September 30, 2009. To read the full news, click here.
  • Halozyme Therapeutics, Inc. (NASDAQ: HALO), a biopharmaceutical company developing and commercializing products targeting the extracellular matrix, today announced the award of four grants totaling $977,917 under the Qualifying Therapeutic Discovery Project program. To read the full news, click here.

Read more from Benzinga's Markets.

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

 

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