logo

Pre-Market: Stocks Called Higher At Open - Financials Among Standout Gainers After Analyst Note
By: Midnight Trader   Monday, October 05, 2009 9:20 AM

Vote for next session
The next market session will close:

Stock futures indicate a higher open after Friday's sharp, jobs-related sell-off. Financial shares are out in front after a positive note on large banks from Goldman Sachs.

Crude oil is down $0.73 at $69.22 a barrel. Gold added $2 to $1,006.30 an ounce. The dollar is lower against both the yen and the euro.

The ISM Services index is due for release at 10 a.m. ET. The index is widely expected to have improved to the 50 level, the line that divides expansion and contraction.

The data follow a disappointing September jobs report that triggered a sharp stock sell-off in Friday's trading. The government's report showed that a bigger-than-expected 263,000 jobs were lost last month. The Dow Jones Industrial Average fell 1.8% for the week, the S&P 500 fell 1.8% and the Nasdaq Composite dropped 2.1%.

Asian shares were mostly lower in reaction to Friday's U.S. trade, while Europe edged higher to start a new week.

Financial shares are early volume leaders, posting solid gains. Analysts at Goldman Sachs got more optimistic about large U.S. banks Monday, raising their coverage view on the sector to Attractive from Neutral, MarketWatch reports.

"The market has failed to recognize the dramatic improvement in earnings power at the large banks versus the regionals," the analysts said. "We believe this difference in earnings power has not been fully reflected in share prices."

Among the individual share changes: Wells Fargo & Co. (WFC) raised to Buy; Comerica (CMA) raised to Neutral; Capital One Financial (COF) added to Conviction Buy List, which already includes J.P. Morgan Chase (JPM) and Bank of America (BAC).

In the tech space, Brocade (BRCD) is gaining following a WSJ report that the company has quietly put itself up for sale. Hewlett-Packard (HPQ) is among the companies looking at Brocade, and Oracle (ORCL) may also be be examining a purchase, the paper said.

Next Page >>12

(0)
No Comments
Post Comment
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
   
 
 
 
 
   
 

The above story is the opinion of the author only and it does not reflect iStockAnalyst opinion. Further, the author is not personally advising you regarding the suitability of the story for your investment needs. In no event iStockAnalyst will be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from or arising out of, or in connection with the use of this information. Please consult your investment advisor before making any investment decision.
  
Advertisement
Popular Articles
Related Press Releases
Advertisement
Partner Center
Recent Articles by Midnight Trader



Subscribe to Email Alerts rss feed or RSS feeds rss feed for articles from more than 500 contributors, press releases, SEC filings and full text news from more than four thousand sources.
Fundamental data is provided by Zacks Investment Research, market data is provided by AlphaTrade. , and Commentary and Press Releases provided by Quotemedia