A Peek Into The Market Before The Trading Starts
Pre-open movers US stock futures fell in the pre-market, as investors are awaiting durable goods data and earnings from General Motors Company (NYSE: GM). Futures for the Dow Jones Industrial Average dipped 64 points to 15,436.00, while the Standard & Poor's 500 index futures tumbled 8.60 points to 1,675.20. Futures for the Nasdaq 100 index fell 10.25 points to 3,037.75.
A Peek Into Global Markets European markets were lower today. The UK economy grew 0.6% in the second quarter versus the earlier three-month period. The German Ifo business confidence index surged to 106.2 in July, versus 105.9 in June. The Spanish unemployment rate declined to 26.26% in the second quarter from 27.16%. The Spanish Ibex Index fell 0.33%, London's FTSE 100 index declined 1.01%, STOXX Europe 600 Index dropped 0.99%, German DAX 30 index fell 1.03% and French CAC 40 Index tumbled 1.04%.
Asian markets ended lower, with China's Shanghai Composite dropping 0.60%, Japan's Nikkei Stock Average falling 1.14% and Australia's ASX/S&P500 dropping 0.07%. India's Sensex tumbled 1.42% and Hong Kong's Heng Seng Index fell 0.31%.
Broker Recommendation Analysts at Bank of America upgraded Northrop Grumman (NYSE: NOC) from “underperform” to “neutral.” The target price for Northrop Grumman has been raised from $75 to $105.
Northrop Grumman's shares closed at $90.30 yesterday.
- Starwood Hotels & Resorts Worldwide (NYSE: HOT) reported a 12% rise in its second-quarter earnings and lifted its forecast for the year. Starwood's quarterly profit surged to $137 million, or $0.71 per share, from $122 million, or $0.62 per share, in the year-ago period. To read the full news, click here.
- Colgate-Palmolive Co (NYSE: CL) reported a drop in its second-quarter profit. To read the full news, click here.
- Onconova Therapeutics (NASDAQ: ONTX) announced the pricing of its initial public offering of 5,166,667 shares of its common stock at a public offering price of $15.00 per share, before underwriting discounts. To read the full news, click here.
- Southwest Airlines Co (NYSE: LUV) reported a 1.8% drop in its second-quarter earnings. Southwest's quarterly earnings fell to $224 million, or $0.31 per share, from $228 million, or $0.30 per share, in the year-ago period. To read the full news, click here.
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