Pre-Market Update Stocks Gapping Higher ( EP, AIG, ADM, NEM, DOW )

Published on Friday, 06 August 2010 08:09 Written by Danny Miller

New York, Aug 6^th (TradersHuddle.com) – US Stock futures were practically flat this morning as the market awaits the unemployment number, which is a key economic indicator as it will give indications of how fast or slow the economy is recovering.

Despite the overall weakness here are some stocks that are signaling a gap up at the open.

El Paso Corp (NYSE:EP) is trading significantly higher this morning with the stock pointing for an opening gap of more than 5%, this after El Paso reported better than expected 2^nd quarter earnings that beat Wall Street consensus by a penny. El Paso stock will be opening well above the$13 at 52 week high territory.

American International Group (NYSE:AIG) is also trading higher in pre-market with the company pointing to an opening gap of more than 5%, this after the AIG reported its quarterly earnings report early this morning that came in better than expected, even though that the company reported a loss this quarter due to a goodwill impairment charge. AIG, the embattled insurer reported an adjusted profit of $1.3 billion, or $1.99 per share, up from $1.1 billion, or $1.71 per share, a year earlier. The loss was primarily due to a $3.3 billion non-cash goodwill impairment charge.

Archer Daniel Midland (NYSE:ADM) is also pointing for a gap up at the open this morning by trading more than 1% higher in pre-market. Archer Daniel stock is looking to extend the 5 day rally, where the company has appreciated more than 12%. The overall AG sector continues very strong as an investment theme in Wall Street as it has enjoyed a tremendous rally for the past couple of weeks.

Newmont Mining (NYSE:NEM) is trading higher in pre-market price action with the stock at 0.86% from its previous close. There is no particular news moving Newmont stock today, just plain strength with the Gold market, as investors are bidding up gold today given the uncertainty of the Jobs number.

Lastly Dow Chemical (NYSE:DOW) is also trading higher in pre-market price action by 0.8%, signaling a gap up at the open. Dow is recovering from a strong sell-off last Tuesday after the company missed Wall Street consensus with a weaker than expected earnings report.