A Peek Into The Market Before The Trading Starts

Pre-open movers US stock futures moved up, with key ISM non-manufacturing data scheduled to release today. Futures for the Dow Jones Industrial Average rose 17 points to 10,724, while those for the Nasdaq 100 advanced 6.25 points to 1,983. Futures for the S&P 500 gained 2.50 points to 1,137. A Peek Into Global Markets Positive sentiments ruled the European markets today. While STOXX Europe 600 Index has advanced 0.07%, London's FTSE 100 Index moved up 0.07%. Most of the Asian markets ended in the positive territory, with Japan's Nikkei Stock Average adding 1.47%, Australia's S&P/ASX 200 moving down 0.38% and China's Shanghai Composite gaining 1.73%. Broker Recommendation Hapoalim Securities is initiating coverage on Energy Conversion Devices, Inc. ENER with a Sell rating and $1.50 price target on shares. In the research note, Hapoalim writes, "Though shares may be tempting at ~73% of tangible book value as earnings improvement points to a potential turnaround, we see continued downside. FY4Q10 cash flow was driven solely by superb working capital management, but sustainable cash generation will require positive EBIT. However, guidance suggests continued losses, while unabated cash burn makes debt refinancing doubtful. With dilutive equity issuance maybe the only answer to the 2013 maturity, we see the stock approaching $1.50 within 18-24 months." Shares of ENER closed at $5.11 yesterday, a gain of 3 cents. Breaking news

• Wolverine World Wide Inc WWW has reported 27% y/y rise in its Q3 net income rose and lifted its full year guidance. To read the full news, click here.
• B/E Aerospace Inc BEAV has entered into an agreement to buy TSI Group Inc for $310 million cash. To read the full news, click here.
• Walgreens WAG had September sales of $5.64 billion, an increase of 5.3 percent from $5.36 billion for the same month in fiscal 2010. To read the full news, click here.
• Salesforce.com CRM and NTT Communications (NTT Com) today announced an agreement to establish a data center in Tokyo to support salesforce.com's cloud computing services. To read the full news, click here.

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