U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial futures up 87 points.
-S&P 500 futures up 9 points.
-Nasdaq 100 futures up 14 points.
-Nasdaq-100 Pre-Market Indicator Up 12.24 at 2,237.48.
Nikkei up 2.7%
Hang Seng up 0.1%
Shanghai Composite up 0.4%
FTSE-100 up 0.5%
PRE-MARKET SECTOR WATCH
(+) Large cap tech: mostly firmer
(+) Chip stocks: firmer
(-,+) Software stocks: mixed
(-,+) Internet stocks: mixed
(-,+) Drug stocks: mixed
(+) Financial stocks: firmer
(+) Industrial stocks: firmer
(+,-) Auto stocks: mixed
(+,-) Airline stocks: mixed
(+) Retail stocks: mostly firmer
(-) NKE (-6%) continues evening decline that followed earnings miss.
(-) LO (-4.2%) down as FDA weighs restrictions on menthol cigarettes.
(-) EL (flat to mixed) reaffirms earnings guidance that's below Street view.
(-) AN (-3%) downgraded.
(-) AEO (flat) downgraded.
(+) CRA (+29%) sold to Quest Diagnostics for $8 a share.
(+) F (+2.4%) initiated with Buy rating.
(+) RIMM (+1.6%) initiated with Buy rating.
(+) GE (+1.9%) finding some traction after early-week post-quake drop.
U.S. stock futures continue to indicate a firmer start at today's
bell as Wall Street looks to take part in a broad global equity advance
Friday. Markets moved higher in large part in response to Group of Seven
action to curb a surging yen though Japan's nuclear situation remains
in focus and the situation is still volatile. There are no U.S. economic
U.S. stocks rose Thursday, snapping a three-day drop. Europe gained
Thursday, halting its six-session decline, and is trading higher Friday.
Asian stock markets gained, including a 2.7% advance for the Nikkei.
The dollar jumped 2.7% against the Japanese yen to trade at 81.31
yen after the G-7 announced coordinated intervention in currency
"As we have long stated, excess volatility and disorderly movements
in exchange rates have adverse implications for economic and financial
stability," the G-7 said in a statement.
Global markets are also digesting the latest in the ongoing
political upheaval in the Middle East and in Libya after the United
Nations Security Council approved a no-fly zone over the North African
nation and authorized all necessary measures to protect civilians. Air
attacks against Libyan leader Col. Moammar Gadhafi's forces may take
place within days, news reports said.
Crude oil futures are dropping rapidly in recent minutes on reports
that Libya wants an immediate ceasefire and will abide by the U.N.
Security Council resolution.
Libyan foreign minister Moussa Koussa told reporters this morning
that the government is stopping all military operations against rebel
Crude oil for April delivery responded by backing down from a high
near $103.66 a barrel and is now trading around the $100.50 mark, down
about $1.00 from its prior settlement.
No major U.S. economic reports are scheduled for Friday.
Deal news is a supportive factor.
Quest Diagnostics (DGX) and Celera (CRA) announced they entered into
a definitive merger agreement under which Quest Diagnostics will
acquire Celera for $8 per share, representing a transaction value of
approximately $344 million, net of $327 million in acquired cash and
short-term investments. CRA is up 29% and among early actives.
Nike (NKE) is an early decliner, continuing its evening slump that followed weaker-than-expected Q3 results.