Pre-Market Gapping Lower (AMZN, SNDK, SLB, TRV)

Published on Friday, 23 July 2010 08:04 Written by Danny Miller

New York, Jul 23^rd (TradersHuddle.com) – As US Stock futures are pointing towards a higher open, looking to extend yesterday’s rally there is selective weakness in the marketplace. Here are some notable stocks that are trading lower this morning in pre-market.

Amazon.com (NASDAQ:AMZN) disappointed investors last night after reporting earnings results that showed a shrinking operating margin that prompted investors to dump the stock that had a good run into earnings. Amazon shares are trading will be gapping lower by more than 10% this morning in what its anticipated to be a heavy volume day.

SanDisk (NASDAQ:SNDK) is also under pressure this morning by trading lower by more than 6% in pre-market price action. SanDisk reported disappointing outlook last night and also announced that its co-founder and CEO Eli Harari will retire by the end of this year.

Schlumberger (NYSE:SLB) is trading lower in this morning’s pre-market indicating a gap lower of more than 2%, this after the company reported a 33% jump in quarterly profits meeting Wall Street estimates. Clearly the market was expecting a beat as the stock is under pressure this morning.

Lastly, Travelers (NYSE:TRV) continues under selling pressure as the company will be opening more than 1% to the downside this morning adding to yesterday’s decline. The company missed Wall Street estimates yesterday and also trimmed its outlook generating significant selling pressure.