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Pre-Market: Mixed Stock Open Indicated After Trade Data - Greece Rescue Hopes Remain Supportive

 February 10, 2010 09:20 AM
 


-Dow Industrial futures up 10 points.
-S&P 500 futures flat.

-Nasdaq 100 futures flat.

-Nasdaq-100 Pre-Market Indicator up 2.83 at 1756.67.

GLOBAL SENTIMENT

Nikkei up 0.3%

Hang Seng up 0.7%

FTSE-100 up 0.8%

PRE-MARKET SECTOR WATCH

(+) Large cap tech: mostly higher

(+) Chip stocks: higher

(+,-) Drug stocks: mixed

(+,-) Software stocks: mixed

(-,+) Internet stocks: mixed

(+) Financial stocks: higher

(+,-) Auto stocks: mixed

(-,+) Airline stocks: mixed

(+,-) Retail stocks: mixed

UPSIDE MOVERS

(+) BIDU (+8.8%) beats with Q4 results, guidance.

(+) DELL (+2.2%) gets upgrade.

(+) ATHX (+30%) reports patent approval related to stem cells.

(+) ADBE (+3.4%) gets two upgrades.

(+) MCZ (+30%) continues evening run after swinging to a profit.

(+) NTGR (+12.6%) continues evening gain after results, guidance impress.

DOWNSIDE MOVERS

(-) MU (-4.5%) making acquisition.

(-) DIS (-1.8%) unable to hold initial evening gain after earnings beat.

(-) MT (-5.2%) misses with sales.

MARKET DIRECTION

Stock futures have pared early gains to trade near flat. A report showing a widening of the U.S. trade deficit in December raised expectations that growth figures for late 2009 would be revised down due to the wider gap.

Early action indicated Wall Street would try to build on the strong rebound seen in Tuesday's action. Global markets welcomed indications Tuesday that Germany would lead a rescue of debt-strapped Greece. Testimony from Fed Chairman Ben Bernanke is also awaited.

A meeting between the German finance minister, Wolfgang Schaeuble, and law makers, ended on Wednesday without any concrete package of Greek aid announced. However, expectations are that a package may be announced on Thursday during a meeting of European leaders, MarketWatch reported. European markets are higher, with the euro little changed after a rally Tuesday.

Investors will also closely scrutinize written testimony from Federal Reserve Chairman Ben Bernanke. Bernanke will not be able to deliver his testimony in person due to the snow storm in Washington. Analysts look for Bernanke to touch on possible options for how the Fed can remove its ulta-low interest rate policy.

Oil is little changed ahead of weekly inventories data. Gold is higher on the Greece developments.

Baidu (BIDU), up 9.6%, is reflecting continued upside reaction to its earnings beat issued last evening.

Dell (DELL) is an early gainer after an upgrade.

Athersys (ATHX) is sharply higher in active volume after it announced it was granted U.S. patent 7,659,118 that covers non-embryonic multipotent stem cells, their isolation and expansion, and related pharmaceutical compositions. Athersys also announced that it has been granted – and the opposition period has cleared – EP patent EP1218489B1 that covers non-embryonic pluripotent stem cells, their isolation, expansion, and usage.

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