Market Overview

US Stock Futures Mixed; Japan Posts Current Account Deficit

US Stock Futures Mixed; Japan Posts Current Account Deficit

Pre-open movers

US stock futures were mixed in early pre-market trade. Futures for the Dow Jones Industrial Average fell 7 points to 16,006.00, while the Standard & Poor's 500 index futures rose 0.50 points to 1,805.50. Futures for the Nasdaq 100 index gained 5.75 points to 3,509.75.

A Peek Into Global Markets

European markets were mixed today, with the Spanish Ibex Index rising 0.34%, London's FTSE 100 index dropping 0.18% and STOXX Europe 600 Index falling 0.12%. German DAX 30 index gained 0.05% and French CAC 40 Index fell 0.43%. Germany's trade surplus declined to 16.8 billion euros in October. The country's imports increased 2.9%, while exports gained 0.2%.

Asian markets ended higher today. Japan's Nikkei Stock Average jumped 2.29%, China's Shanghai Composite gained 0.05%, Hong Kong's Hang Seng Index rose 0.29% and India's BSE Sensex jumped 1.57%. Japan swung into a current account deficit of Y127.9 billion in October, versus a year-ago surplus of Y420.8 billion. China's consumer price index climbed 3% y/y in November.

Broker Recommendation

Analysts at Morgan Stanley upgraded Kraft Foods (NASDAQ: KRFT) from “equal-weight” to “overweight.” The target price for Kraft Foods has been raised from $55 to $60.

Kraft Foods' shares closed at $53.55 on Friday.

Breaking news

  • Abraxas Petroleum (NASDAQ: AXAS) is pleased to announce the execution of a definitive agreement to sell the company's Eagle Ford interests at WyCross in McMullen County, Texas for $73 million.To read the full news, click here.
  • Spherix (NASDAQ: SPEX) announced today that its wholly owned subsidiary Guidance IP LLC filed suit on December 6, 2013 against AT&T Inc. and AT&T Mobility LLC for infringement of Patent No. 5,719,584 entitled "System and Method for Determining the Geolocation of a Transmitter." To read the full news, click here.
  • United Therapeutics (NASDAQ: UTHR) announced today that it has received a subpoena from the Office of the Inspector General of the Department of Health and Human Services reflecting an investigation by the United States Department of Justice, principally represented by the United States Attorney's Office in Baltimore. To read the full news, click here.
  • Quanta Services (NYSE: PWR) today announced that its wholly owned subsidiary, Quanta Capital Solutions, has successfully closed the sale of all of its equity ownership interest in Howard Midstream Energy Partners, LLC for approximately $221 million in cash, which will result in a pre-tax gain to Quanta of approximately $113 million in the fourth quarter of 2013, or approximately $0.32 per diluted share. To read the full news, click here.

Posted-In: Morgan Stanley US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets


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