Futures Lower Ahead of Retail Data. Stocks to Watch: AAPL, BAC, BBY, XOM, HOLX, INTC, NOK

Published on Tuesday, 14 September 2010 08:25 Written by Christopher Lynn

New York, September 14^th (TradersHuddle.com) – Stock futures pointed to a lower open, as investors seemed poised to take a breather ahead of key retail sales and business inventory data.

Overseas, European shares edged lower as banks gave back some of their gains from the previous session. Asian stocks ended mixed.

August retail sales are due out at 8.30 am. They are expected to show a 0.3 percent rise, slower than a 0.4 percent gain in July.

At 10 am, Business inventories for July will be released, with economists expecting a 0.8 percent rise.

Today’s stocks to watch: Apple (NASDAQ:AAPL), Bank of America (NYSE:BAC), Best Buy (NYSE:BBY), Exxon Mobil (NYSE:XOM), Hologic (NASDAQ:HOLX), Intel (NASDAQ:INTC), and Nokia (NYSE:NOK).

Apple (NASDAQ:AAPL), the maker of iPhones and iPads, was fractionally lower in pre-market, after jumping above $267 level in yesterday session, as bulls piled up in the stock after the stock broke the key resistance level of $265. Price action is positive as Apple looks to establish a base for a new trading range.

Bank of America (NYSE:BAC), the largest U.S. lender, fell 0.57% after yesterday gapping above its 50day moving average, confirming improvement in short-term momentum. Banks will continue to benefit from the removal of uncertainty after the Basel III capital rules were unveiled.

Best Buy (NYSE:BBY), the consumer electronics goods and appliances retailer, surged more than 7% in pre-market after its earnings topped estimates and the company raised its earnings estimates. Best Buy posted a profit of 60 cents per share, 12 cents better than the average analyst estimate. Revenue climbed to $11.34 billion from $11.02 billion. The company raised its full-year forecast by 10 cents a share to $3.55 to $3.70, factoring in the year-to-date share buybacks.

Exxon Mobil (NYSE:XOM), the largest U.S. energy producer, fell 0.66% in pre-market after RBC Capital downgraded the stock to Sector Perform from Outperform and crude oil fell in early trading. Crude oil declined from near a one-month high as Enbridge Energy Partners LP (NYSE:EEP) prepared to repair a section of pipeline shut last week and as the Dollar strengthened against the euro, curbing investor demand for crude as an inflation hedge. Also adding pressure to crude prices, OPEC Secretary General Abdalla El-Badri said prices of $70 to $80 a barrel are comfortable for oil producers and for consumers. The downgrade coupled with lower crude oil prices will likely provide a downside bias for Exxon shares during the session.

Hologic (NASDAQ:HOLX), the maker of imaging systems focused on health for women, jumped more than 2% in pre-market trading after it was upgraded to a Buy from Hold at Soleil.

Intel (NASDAQ:INTC), the world’s largest chipmaker, fell 0.42% in pre-market trading after gaining more than 3% in yesterday’s session. Auriga U.S.A. lowered its target price on Intel to $22 from $25 on lower PC unit forecast, as it maintained its positive bias on Intel. Analysts noted that despite broad uncertainty in consumer and enterprise spending, the chipmaker has a strong product cycle in the best secular growth segment.

Nokia (NYSE:NOK), the largest mobile phone maker in the world, fell 1.89% in pre-market trading after the company announced a family of smart-phones powered by the all-new Symbian platform. The three new smart-phones, Nokia E7, Nokia C7 and Nokia C6, will join previously announced Nokia N8. Nokia has been struggling and playing catch-up to Google’s Android phones and Apple’s iPhone, impacting its share price.