Pre-Market Update – Gapping Stocks ( WYNN, GS, BRCM, INTC, AAPL )

Published on Thursday, 09 September 2010 07:44 Written by Gerard Lerod

New York, Sep 9^th (TradersHudddle.com) – The market is signaling a higher open, as US stock futures were trading higher above previous highs of 1,102, which could push the market above a key resistance area, as investors ease their worries on European banks and await the government report on jobless claims.

Here are some notable stocks in pre-market trading.

Casino stocks outperformed the market yesterday, and today are seeing continuation of their rally, this despite the Las Vegas Sands (NYSE:LVS) downgrade yesterday. Wynn Resorts (NYSE:WYNN) is trading higher in pre- market update by close to 1% from its Wednesday close. No specific catalyst is moving the stock, just plain market strength with buyers bidding up the stock and sector. Wynn has appreciated close to 10% in the last 5 days and will be opening just shy of the $90 level.

Goldman Sachs (NYSE:GS) is also trading higher in pre-market price action returning investors some of the gains that were lost yesterday, after the news of a UK regulatory agency imposing an historic fine to Goldman Sachs. Today the fine was announced @ £17.5m for regulatory control failings that led the investment bank to neglect to tell the UK financial regulator that it was under investigation by US authorities. Goldman is said to have failed to share critical information about a US investigation of subprime mortgage products with the bank’s compliance department in London for more than 18 months.

Broadcom (NASDAQ:BRCM) continues its strong snap back recovering its 200 day moving average yesterday. Broadcom shares have appreciated close to 12% in the last 5 trading session, and today the follow through momentum continues higher with the stock trading 0.58% above its Wednesday close. No specific catalyst is affecting the company or the overall semiconductor sector, which despite Tuesday’s downgrade of Intel (NASDAQ:INTC) by UBS is exhibiting encouraging price action.

Intel (NASDAQ:INTC) that was downgraded on Tuesday afternoon by UBS citing  a weal PC market did dipped below the $18 level yesterday, essentially approaching to test the $17.60 low set last August 31^st. No catalyst is affecting the stock this morning; however it’s encouraging for the bulls looking for a bounce that the stock has had difficulty from dropping below the August low.

Lastly Apple (NASDAQ:AAPL) continues to have tailwinds pushing the stock back up to the upper end of the range, as traders await a breakout higher above $265 ~ $266 area, which has been a level that has haunted the stock since July. $265 was the level at which Apple stock opened after its blockbuster earnings release back in July. Apple is approaching the upper end of the range on an overbought condition, as the stock has had 6 strong trading days with little to no pull backs.