Join        Login             Stock Quote

Futures Rise Amid Better Jobs Data; Zynga (ZNGA) Tumbles

 October 05, 2012 09:04 AM

(By Balachander) U.S. stock index futures pointed to a higher open on the Wall Street as investors digested better-than-expected non-farm payrolls data and a surprise fall in unemployment rate.

Mini Dow Industrial Average futures advanced 52 points to 13,550. The Nasdaq futures rose 12.75 points to 2,834.25. Standard and Poor's 500 futures gained 6.90 points to 1,462.70.

Friday's U.S. non-farm payrolls report showed 114,000 jobs were added in September and the unemployment rate unexpectedly fell to 7.8 percent. Economists expected creation of 113,000 jobs and unemployment rate at 8.2 percent. Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry.

[Related -Zynga Inc (ZNGA): Can Zynga's Turnaround Bear Fruit?]

A government data showed on Thursday that the number of Americans who continued to receive jobless benefits unexpectedly fell last week, an indication that the labor market is stabilizing.

On Thursday, U.S. stocks closed in green ahead of the keenly anticipated monthly payrolls report, even as better-than-expected jobless claims data and remarks by European Central Bank (ECB) President Mario Draghi buoyed sentiment. Draghi said the ECB is prepared to buy government bonds once the necessary conditions are fulfilled. ECB also decided to keep the interest rate on the main refinancing operations at a record low of 0.75 percent.

Hot Stocks Of The Day: ZNGA, CW, STZ, DTLK, CACH, WTSLA

[Related -Zynga Inc (ZNGA) Q3 Earnings Preview: What To Expect?]

In corporate news, Zynga Inc. (NASDAQ:ZNGA) tumbled 20.43 percent in premarket after the social gaming company expects a loss for the third quarter and cut its full-year guidance, citing lower expectations for certain web games including The Ville, and delays in launching several new games.

Curtiss-Wright Corp. (NYSE:CW) plunged nearly 9 percent in premarket after the provider of engineered flow control products reduced its earnings forecast, citing negative impacts of a recent labor strike, delays in the start of oil and gas projects and modest softening of new orders.

Constellation Brands Inc. (NYSE:STZ) posted mixed results for the second quarter and the premium wine company updated its forecast for the year ending February 2013. Shares gained 1.61 percent in premarket after the company raised its comparable earnings forecast.

Wet Seal Inc. (NASDAQ:WTSLA) may be in focus after the Foothill Ranch, California-based specialty retailer agreed with its third-largest investor Clinton Group to terminate consent solicitation. The company also said four of its directors agreed to resign and will replaced by four of Clinton's nominees.

Cache Inc. (NASDAQ:CACH) retreated 15.38 percent after the sportswear company forecast a wider-than-expected loss and lower sales for the third quarter due to increased promotional activity and "equally challenging" sales of its early fall offerings.

Datalink Corp. (NASDAQ:DTLK) shed 15.97 percent in premarket after the provider of data-center services cut its outlook for the third quarter, saying it saw expected contracts pushed back by as much as 90 days or more due to uncertainty economic condition.

Global Markets:

European markets traded higher, with Germany's DAX up 0.95 percent to trade at 7,374.75. France's CAC40 jumped 1.22 percent to trade at 3,442.69. U.K.'s FTSE 100 added 0.53 percent to trade at 5,858.66.
Among Asian markets, Japan's Nikkei 225 advanced 0.44 percent to end at 8,863.30. Hong Kong's Hang Seng Index added 0.50 percent to close at 20,012.38. India's BSE Sensex finished at 18,398.46, down 0.63 percent. China's Shanghai Stock Exchange Composite Index is closed for a public holiday.

Commodity & Currency Scan:

Ahead of the opening bell, crude oil futures dropped 0.95 percent to $90.84 per barrel. Gold futures shed 0.86 percent to $1,781.0 per ounce.
In the currency market, the euro edged 0.01 percent lower against the U.S. dollar to 1.3016. The British pound inched up 0.10 percent against the greenback to 1.6207, and the dollar added 0.43 percent against the Japanese yen to 78.8200.



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

rss feed

Latest Stories

article imageBogle Says Indexing Destined To Win The Battle Of The Quants

Vanguard founder John Bogle gave a powerful speech last month at the Q Group’s Spring Seminar that lays out read on...

article imageVMAX and VMIN Poised to Be Most Important VIX ETP Launch in Years

REX Shares is launching two new VIX exchange-traded products on Tuesday in what is likely to be the most read on...

article imageThe April 29 Gold Triangle Breakout Update

If you’re just watching stocks, you may be missing this powerful Triangle Breakout surge in read on...

article imageSell In May, But It Is A Presidential Election Year

With May just around the corner, articles covering the "Sell in May' phenomenon are not in short supply and 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.