Stocks Futures Edge Higher Ahead of the Fed. Stocks to Watch: AKAM, ABX, BA, GLW, LTD, SBUX, and WMT

Published on Tuesday, 16 March 2010 08:30 Written by Christopher Lynn

New York, March 16^th (TradersHuddle.com) – Stock futures moved higher, as Wall Street seemed poised to open modestly higher ahead of the Federal Reserve’s decision on interest rates.

The Federal Open Market Committee meeting will last only 1 day and will issue its policy meeting at 2:15 PM. The statement will offer clues about its outlook on inflation and monetary policy.  

At 8:30 am, the government will release February figures on housing starts and building permits. Economists think housing starts fell 4.7%, while they're forecasting a 3.1% drop in building permits.

Today Stocks to watch: Akamai Technologies (NASDAQ:AKAM ), Barrick Gold (NYSE:ABX), Boeing (NYSE:BA), Corning (NYSE:GLW), Limited Brands (NYSE:LTD), Starbucks (NASDAQ:SBUX), Wal-Mart (NYSE:WMT)

Shares of Akamai Technologies (NASDAQ:AKAM), the provider of delivery services for streaming media, will likely see a boost after the company announced it was selected as the primary content delivery network for movies and TV episodes streamed instantly over the Internet by rental service Netflix (NASDAQ:NFLX). 

Barrick Gold (NYSE:ABX), the largest producer of the precious metal, rose 1.3% in pre-market trading as gold and other metal moved higher prices.

Boeing (NYSE:BA), the 2^nd largest aircraft maker in the world, will be in focus as Air Berlin cancelled approximately $1.7 billion worth of firm orders for Boeing's 787 Dreamliner  to cut its financial obligations, to match it with market conditions and operations requirements. The European airline cut its firm order to 15 planes from 25 and the number of options for further 787 aircraft to 5 from 10. Additionally, the airline is deferring delivery of nine Boeing 737 aircraft to 2015 from 2010 or 2011.

Corning (NYSE:GLW), the LCD and optical fiber maker, will be in focus after the company reported that retail demand for LCD TVs is in line with expectations. Management said there is robust demand in China, with January sales up 53%. In Japan January sales soared 79%, in Europe sales grew 12%, and in the U.S. sales for the first 2 months of the year are comparable with the same period last year. The company did not change its guidance for its first-quarter results.

Shares of Limited Brands (NYSE:LTD), the operator of specialty stores like Victoria Secret and Bath and Body Works, were higher in extended hours trading after the company announced a $1.00 per share special dividend that will be paid on April 19, 2010 to shareholders of record at the close of business on April 5, 2010. Additionally, the board authorized $200 million share repurchase program, which includes $31 million remaining under the retailer’s previous $250 million repurchase plan.

Shares of Starbucks (NASDAQ:SBUX), the largest coffee chain in the world, were trading 2.4% higher in pre-market trading after UBS upgraded  the stock to “Buy” from “Neutral”.

Wal-Mart (NYSE:WMT) will be in focus as the Wall Street Journal reported that the largest retailer in the world plans a 50% increase of company's stores offering bank-like services. The expansion would push the number of Wal-Marts with Money Centers to 1,500, giving the retailer a financial footprint that few banks have. Wal-Mart’s money centers cater to millions of the retailer's lower-income customers who don't have a bank account or significant relationships with a bank. Shares of Wal-Mart were upgraded and led the gains yesterday in the Dow Jones Industrial Average.