Market Overview

A Peek Into The Market Before The Trading Starts

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Pre-open movers US stock futures are higher this morning, as investors are awaiting congressional testimony by Fed Chairman Ben Bernanke. Futures for the Dow Jones Industrial Average surged 50 points to 12,469.00 and S&P 500 index futures rose 8 points to 1,323.50. Nasdaq 100 futures gained 12.50 points to 2,562.50.

A Peek Into Global Markets European markets were higher today. The STOXX Europe 600 Index gained 1.10%, London's FTSE 100 Index moved up 1.40%, French CAC 40 index rose 1.16% and German DAX 30 index gained 1.25%.

Asian markets ended mostly higher, with Japan's Nikkei Stock Average rising 1.24%, Australia's S&P/ASX 200 moving up 1.27% and China's Shanghai Composite dropping 0.71%. Hong Kong's Hang Seng Index rose 0.85% and India's Sensex surged 1.35%.

Broker Recommendation Analysts at Credit Suisse upgraded Medtronic Inc (NYSE: MDT) from “neutral” to “outperform.” The target price for Medtronic has been raised from $43 to $44.

Medtronic shares dropped 0.49% to close at $36.64 yesterday.

Breaking news

  • KVH Industries Inc (NASDAQ: KVHI) announced today that it has received a $35.6 million contract from the Office of the Program Manager-Saudi Arabian National Guard for approximately $22 million in equipment and $13 million in services to modernize its military vehicles. To read the full news, click here.
  • Acacia Research Corporation (NASDAQ: ACTG) announced today that its DRAM Memory Technologies LLC subsidiary has entered into a settlement agreement with Etron Technology, Inc. regarding patents related to double data rate SDRAM devices. To read the full news, click here.
  • FEI Company (NASDAQ: FEIC) announced plans to consolidate and expand its manufacturing capacity by entering into a build-to-suit arrangement to construct a new facility in Brno, Czech Republic. To read the full news, click here.
  • Baker Hughes Incorporated (NYSE: BHI) announced today that the international rig count for May 2012 was 1,225, up 47 from the 1,178 counted in April 2012, and up 74 from the 1,151 counted in May 2011. To read the full news, click here.

Posted-In: Credit Suisse Fed Chairman Ben Bernanke US Stock FuturesNews Futures Global Pre-Market Outlook Markets


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