Stock Futures Lower as Economic Woes Continue. Stocks to Watch: AAPL, CCL, F, FCX, GOOG, SKS, and VFC

Published on Tuesday, 31 August 2010 08:20 Written by Christopher Lynn

New York, August 31^st (TradersHuddle.com) – Stock futures signaled a weak open, as economic woes continue and investors awaited reports on consumer sentiment and housing prices.

Overseas, European shares were lower as concerns over the economic outlook dampened investor sentiment. Asian stocks finished mostly lower with the Nikkei 225 tumbling 3.6%.

On economic news, the S&P/Case-Shiller report on home prices is due at 9 am, with most economists expecting the measure to show a modest increase. At 9:45 am, the Chicago Purchasing Managers index is expected to show a drop to 57.6 for August, compared with last month's 62.3. At 10 am, the Conference Board's Consumer Confidence Index is forecast to come in at 51.0 for August.

And at 2 pm, the Federal Reserve will surely move markets with the release of the minutes of the most recent Federal Open Market Committee meeting.

Today’s stocks to watch: Apple (NASDAQ:AAPL), Carnival Corporation (NYSE:CCL), Ford (NYSE:F), Ford (NYSE:F), Freeport McMoRan (NYSE:FCX), Google (NASDAQ:GOOG), Saks (NYSE:SKS), and VF Corp. (NYSE:VFC).

Apple (NASDAQ:AAPL), the maker of iPhones and iPads, fell 0.41% in pre-market trading; Apple will unveil its iPod offering for the holidays, with the iPod nano getting a redisgn. Apple has calculated support at $235.38 and buyers have materialized at the $237 level, providing a floor for the stock to move higher.

Carnival Corporation (NYSE:CCL), the cruise ship operator, fell 0.68% in pre-market trading, hurricane Earl is now a monster category 4 storm forcing cruise ships operators to reroute ships skipping or changing ports of call to avoid the storm's path.

Ford (NYSE:F), the Dearborn, MI based automaker, fell 0.53% to $11.35 in pre-market trading. August U.S. auto sales will be released tomorrow, with analyst expecting the slowest August sales since 1982, as model year changes and close out deals failed to entice buyers. Ford has calculated support and resistance of $10.95 and $11.72.

Freeport McMoRan (NYSE:FCX), the world’s largest publicly traded copper producer, fell close to 1.50% in pre-market trading as copper prices fell on the London Metal exchange pairing a monthly gain, on concern over a faltering U.S. economic recovery, the world’s second largest copper market. Market participants awaited the latest reports on consumer sentiment and home prices.

Google (NASDAQ:GOOG), the owner of the largest Internet search engine in the world, is set to roll out an update to its gmail service that will allow users to prioritize their inboxes. Google closed at $452 per share, and traded very close to calculated support of $450 per share, offering traders a prime entry point, if the support level holds.

Saks (NYSE:SKS), the owner and operator of Saks Fifth Avenue stores, jumped more than 20% in pre-market on speculation the retailer will likely get a $1.7 billion private equity bid or about $11 per share.

VF Corp. (NYSE:VFC), the owner of brands like Wrangler, Nautica, and The North Face, will likely see some downside bias, after it was downgraded to a Neutral from Overweight at Piper Jaffray.