Pre-market Update – Stocks Gapping Higher ( JCI, MDT, DD, ODP, FLR )

Published on Tuesday, 27 July 2010 08:19 Written by Christopher Lynn

New York, Jul 27^th (TradersHuddle.com) – US Stock futures were pointing for a higher open with stocks were looking to extend the powerful rally, as investors are waiting for another round of corporate results and economic news.

Here are some notable stocks trading higher in the pre-market

Johnson Controls (NYSE:JCI) started today’s pre-market with a strong move to the upside by trading more than 12.5%, however, the move is on very thin volume, which could spark a fade at the open type of trade. Johnson Controls barely miss analyst estimates when it reported earnings late last week, and today is trading higher on no particular news, which makes the powerful move suspect.

Medtronic (NYSE:MDT) is trading significantly higher today by more than 7.7% in pre-market price action, as investors are positioning ahead of the FDA Meeting for Medtronic’s Spinal Fusion Device.

DuPont (NYSE:DD), is trading the close to 5% in pre-market, after the 3rd largest U.S. chemical producer and Dow component, beat analysts’ expectation, when it reported its quarterly earnings report this morning. DuPont posted a profit of $1.17 per share, $0.24 better than consensus; revenues jumped 25.6% year over year to $8.62 billion, which was above expectations. The chemical and Life Sciences Company also raised guidance for full year 2010; it now expects earnings per share of $2.90-3.05, versus consensus of $2.64. DuPont results reflect higher volumes and higher local prices with 1% impact from currency exchange.

Office Depot (NYSE:ODP) is trading higher in pre-market by more than 5%, after the company reported a better than expected quarterly report, with the company losing $0.12 per share, $0.05 better than expected.

Fluor Corp (NYSE:FLR) is looking to extend its 5-day rally of more than 11% by adding an additional 2.4% in pre-market trading. Investors are rewarding the stock that reported better than expected earnings results yesterday.