Join        Login             Stock Quote

U.S. Futures Advance After CPI Data; Hot Stocks: (COGO, PWRD, SINA, STLD, CSC)

 March 16, 2012 09:29 AM

U.S. stock-index futures are slightly higher on the Wall Street after in-line consumer price index data.

Mini Dow industrial average futures advanced 26.00 points to 13,198.00. The Nasdaq Futures gained 5.50 points to 2,717.25. Standard and Poor's 500 futures inched 2.30 points higher at 1,398.30.

On the economic front, consumer price index for the month of February rose 0.4%, in-line with expectations, and on a year-over-year basis, CPI increased 2.9%, the U.S. Bureau of Labor Statistics reported. The gasoline index rose sharply in February, accounting for over 80% of the change in the all items index.

The food index, which rose 0.2% in January, was unchanged in February. The energy index rose 3.2% in February after a 0.2% increase in January. The index for all items less food and energy increased 0.1% in February after increasing 0.2% in January.

[Related -Computer Sciences Corporation (NYSE:CSC): CSC May Miss FY2014 Revenue Target]

The core CPI rose 0.1% that was lower than consensus expectations of 0.2%. Core CPI was up 2.2% from last year.

On Thursday, U.S. stocks ended on a positive note, with the S&P 500 index crossing 1,400 for the first time in around four years, buoyed by strong jobs and manufacturing data - an indication of an improving economy.

Hot Stocks Of The Day: (COGO, PWRD, SINA, STLD, CSC)

In corporate news, Cogo Group Inc. (NASDAQ:COGO) jumped 95.88 percent to in premarket, after the company's founder and CEO Jeffrey Kang has proposed to acquire a series of operating entities accounting for about 30% of Cogo's total assets, liabilities and revenue through his personal investment venture, Envision Global Group. The purchase price is expected to be between $60 million and $82 million, depending on the results of an assessment by an appraisal firm. The deal is expected to close during the second quarter 2012.

[Related -5 Key Takeaways From International Business Machines Corp. (NYSE:IBM)Troubles]

Perfect World Co., Ltd. (NASDAQ:PWRD) surged 26.22 percent to $15.84 in premarket, after the company's fourth quarter results. Adjusted earnings were $0.94 per American Depository Share on revenue of $123.4 million. Looking ahead into the first quarter, the company expects revenue of 714 million Renminbi to 753 million Renminbi, representing a mild decline on a sequential basis.

SINA Corp. (NASDAQ:SINA) fell 3.53 percent to $71.50 in premarket. Media reports that Chinese microbloggers were required to register on the Weibo platform using their real identities or face unspecified legal consequences, in a bid to curb what Communist officials call rumours, vulgarities and pornography.

Steel Dynamics Inc. (NASDAQ:STLD) fell 1.43 percent to $14.51 in premarket, after it expects first quarter earnings of $0.15 to $0.20 per share, lower than Street's view $0.36 per share. The company expects earnings in the first quarter to be significantly below last year, amid unexpected margin compression as flat roll markets moderated more quickly than raw material input pricing.

Computer Sciences Corp. (NYSE:CSC) said Mike Lawrie will officially begin his post as president and chief executive officer on March 19. Lawrie, who has been a member of CSC's board of directors, succeeds Michael Laphen, who will retire as chairman, president and chief executive officer on March 19. Rodney Chase, a current director, will become non-executive chairman. David Barram, a current director, has been appointed by the board as chairman of the audit committee. Chase and Barram's appointments are effective March 19.

Global Markets:

The European markets traded higher, with Germany's DAX up 0.48 percent to trade at 7,178.49. France's CAC40 edged 0.31 percent higher to 3,591.30. Britain's FTSE 100 gained 0.48 percent to 5,969.20. 

Market Scan:

Ahead of the opening bell, crude oil was trading higher by 0.33 percent at $105.45 per barrel. Gold lost 0.98 percent to $1,643.30 per ounce.

In the currency market, the euro gained 0.03 percent against the U.S. dollar to 1.3076, while the British pound edged 0.13 percent lower against the greenback. The dollar gained 0.40 percent against the Japanese yen to 83.8750.



Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageAutomating Ourselves To Unemployment

In this current era of central planning, malincentives abound. We raced to frack as fast we could for the read on...

article imageFed: Waiting For June… Or Godot?

The Federal Reserve left interest rates unchanged yesterday, as widely expected. But the possibility of a read on...

article imageThe Single Best Place To Invest Your Money For Retirement

It was never supposed to be this daunting. At least that's what we were read on...

article imageNegative Blowback From Negative Interest Rates

The Federal Reserve is widely expected to leave interest rates unchanged today. But perhaps standing pat read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.