Pre-Market Update – Gapping Stocks ( F, INTC, LOW, WDC, PFE )

Published on Monday, 16 August 2010 07:53 Written by Danny Miller

New York, Aug 16^th (TradersHuddle.com) – US Stock futures were pointing for a slightly lower open this morning, as investors were digesting data from Japan’s economy that showed a sharp slowdown last quarter, also it seems like investors will be waiting for key economic indicators this week in the US manufacturing and housing reports to give direction to this market.

Here are some notable stocks this morning in pre-market price action.

Ford Motor Company (NYSE:F) is trading higher in pre-market price action topping the weaker tape this morning, as the market is rewarding the automakers with the impending announcement of the General Motors IPO.  In the case of Ford stock today’s pre-market strength signals that there is strong support at the 50 day moving average around the $12 level, being a level that will be closely watched by traders as the stock gaps higher.

Intel (NASDAQ:INTC) is fractionally higher in pre-market today, as the stock tries to recover from the strong sell-off last week, after two big downgrades that cited a considerable inventory build out in the sector send investors running for the exits. Intel shares lost 7.26% last week, and placed its price level right at the $19 level, which coincided with the early July lows that will definitely be used as a pivot point for traders looking for a bounce.

Lowe's Companies Inc (NYSE:LOW) are trading fractionally lower in pre-market trading, as investors digest the earnings report this morning, where Lowe’s missed by one cent the Wall Street estimates. The company also reported $14.4B in sales up 3.7%, and a full year forecast of $1.38-$1.45 earnings per share.

Western Digital (NASDAQ:WDC) is trading lower in pre-market action this morning, with the stock trading 1.35% below its Friday close muting any recovery attempt on the stock that was sold off last week with the technology sector. The stock is on a very steep downtrend still seeking a floor as no reversal pattern has been set leading to a probable new 52 week low.

Pfizer (NYSE:PFE) is trading lower in pre-market price action, with Pfizer shares 0.5% below its Friday close. No particular news is serving as a catalyst today, just plain technical action as the stock deals with the 200 day exponential moving average. Traders will be watching the key support area of  $15.90 ~ $16.00 for clues to define direction.