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Pre-Market Update – Gapping Stocks ( HRB, PFE, HPQ, MSFT, TSCO )
- Details
- Published on Friday, 03 September 2010 07:58
- Written by Christopher Lynn
New York, Sep 3rd (TradersHuddle.com) – US Stock futures were signaling a flat open ahead of the government's August employment report, which is expected to show the economy lost jobs for a third straight month.
Economists predict a decline of 120,000 jobs in August after employers cut payrolls by 131,000 in July. The unemployment rate is expected to move up to 9.6% from 9.5%.
Here are some notable stocks in the pre-market ahead of the Jobs number.
H&R Block (NYSE:HRB) are trading significantly higher in pre-market price action signaling an opening gap of more than 5%, this after the company reported its earnings report after the bell yesterday. H&R Block booked a loss of $130.7 million, or 41 cents loss per share, compared with year-earlier losses of $133.6 million, or 40 cents loss per share. However, excluding one-time charges related to severance costs, adjusted losses were $114.8 million, or 36 cents loss per share, beating Wall Street's expectations by 5 cents. Revenue also declined by $1 million, to $274.5 million from a year ago, but still managed to beat analyst’s consensus of $265.1 million.
Pfizer (NYSE:PFE) is signaling a flat open this morning as the stock approaches key resistance at $16.50. There is no catalyst today to help push the Pfizer break resistance and continue to move higher for a 3rd consecutive day, as momentum appears to be drying up with price action so close to key technical levels.
Hewlett Packard (NYSE:HPQ) is fractionally higher in the pre-market as the snap back rally appears to be destined to test the $40 area coinciding with its 20 day moving average. Yesterday, the stock showed signs of life moving from 52 week low territory after investors cheered that the bidding war between Hewlett Packard and Dell (NASDAQ:DELL) for 3PAR(NASDAQ:PAR) was finally coming to a conclusion.
With the US Stock futures practically flat there is not much action in pre-market in terms of big gaps developing, as most of the stocks are just moving fractionally from Thursday’s close. For example, Microsoft (NASDAQ:MSFT) is just 0.17% higher than its Thursday close, signaling that the overall underperformance of the technology giant will continue. Microsoft has seen a 5 day change of 0.42% and during the whole week has move in a tight range that is consolidating just above its 52 week low set in July.
Tractor Supply (NASDAQ:TSCO), the largest retail farm and ranch store chain in the United States, today announced that it has completed distribution of a two-for-one split of the Company's common stock that was previously announced back on July. Tractor Supply will be trading on 2-for-1 split adjusted basis today.
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