Futures Remained Strong as Investors Shrug Off Jobs Losses. Stocks to Watch: AAPL, BKC, C, XOM, F, FCX, and SYY

Published on Wednesday, 01 September 2010 08:38 Written by Christopher Lynn

New York, September 1^st (TradersHuddle.com) – Stock futures still pointed to a higher open as China manufacturing expanded at a faster pace in August and the ADP reported showed private employers trimmed jobs in August.

Overseas, European shares were higher led by commodity producers, and Asian markets finished higher after a report showed manufacturing in China expanded at a faster pace in August, after months of slowing down.

Meanwhile in the U.S. private reports showed the private sector lost 10,000 jobs in August, but planned layoffs fell 17%, the lowest level in a decade.

Other economic news later today will also play a role in today’s trading session. At 10 am, the Institute For Supply Management issues its monthly manufacturing index, with consensus forecasts calling for that reading to drop to 52.5. Also at 10 am, July construction spending figures will be release, with analysts expecting a drop of 0.5%.

At 10:30 am, the Energy Information Administration will be out with its weekly report on crude oil and gasoline inventories.

Today’s stocks to watch: Apple (NASDAQ:AAPL), Burger King (NYSE:BKC), Exxon Mobil (NYSE:XOM), Ford (NYSE:F), Freeport McMoRan (NYSE:FCX), and Sysco (NYSE:SYY).

Apple (NASDAQ:AAPL) gained more than 1% in pre-market trading. The tech giant will hold an event later today, where it will likely unveil its new iPod lineup for the holidays, with the iPod nano getting a redesign. Apple will also unveil new features to its Apple TV that will include a service for streaming movies with Netflix (NASDAQ:NFLX). Also this morning JMP Securities assumed Apple coverage with an Outperform.

Burger King (NYSE:BKC), the fast food hamburger chain, jumped more than 15% on reports the company is considering a sale and its holding talks with potential buyers.

Citigroup (NYSE:C), the diversified New York based financial services firm, gained 0.81% in pre-market trading, as financial shares gained in overseas trading and after announcing the bank will increase its labor force in China.

Exxon Mobil (NYSE:XOM), the largest U.S. energy producer, gained 0.71% in pre-market trading, as crude oil bounced back and rose from a one-week low as China manufacturing pace expanded after several months of slowing down.

Ford (NYSE:F), the Dearborn, Michigan based automaker, gained more than 1.50% to $11.45 in pre-market trading. Major automakers will be reporting their August sales, with analysts expecting the worst August sales in 14 years and a significant drop from last year, as the cash for clunkers deal incentivized sales last year.  Ford has calculated resistance at $11.72 and support at $10.95.

Freeport McMoRan (NYSE:FCX), the world’s largest publicly traded copper producer, jumped more than 2% in pre-market trading as copper prices climbed to a four-month high as manufacturing in China expanded at a faster pace than expected.

Sysco (NYSE:SYY), the food distributor to the hospitality industry, gained in pre-market trading on reports the company adopted a stock repurchase program. The company’s Board authorized to repurchase up to 20 million shares.