Stock Futures Lower amid ECB Jitters. Stocks to Watch: AMZN, AAPL, AN, BP, DG, FB, FDX, LYB
Published on Wednesday, 05 September 2012 07:58 Written by Christopher Lynn
New York, September 5th (TradersHuddle.com) – Stock futures were pointing to a lower open amid mostly weak performance in overseas performance. Jitters ahead of the ECB meeting amid disappointing economic reports around the world, was weighing on sentiment.
In Asia, stocks fell to near a six-week low amid jitters ahead of the ECB planned for Thursday and the key employment report in the U.S. on Friday. The Nikkei lost more than 1% after weak manufacturing and construction spending data in the U.S. Meanwhile, the Shanghai Composite fell 0.3%.
In Europe, markets were attempting a turnaround after mounting worries over global growth following weak macro data weighed on sentiment ahead of tomorrow’s ECB meeting. German government bonds fell after a sale of 10-year debt failed to draw enough bids. Germany's Services PMI figure came in-line with expectations, while France's missed expectations, which helped drag down the euro zone reading under expectations.
The euro was losing against the Dollar, trading above the $1.25 level. Crude oil was falling 0.16% to $95.15 per barrel. Also in the energy complex, natural gas was dropping 0.67% to $2.835 per MMBtu. Gold was sliding 0.09% to $1692.10 an ounce, and silver was losing 0.76% to $32.165 an ounce, meanwhile copper was retreating 0.17%.
On economic news, at 8:30 am the revised second quarter productivity and unit labor costs data will be released.
Today’s Stocks to watch: Amazon.com (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Autonation (NYSE: AN), BP (NYSE: BP), Dollar General (NYSE: DG), Facebook (NASDAQ: FB), FedEx (NYSE: FDX) and LyondellBasell Industries (NYSE: LYB).
Amazon.com (NASDAQ: AMZN), the largest online retailer, will be in focus after Jefferies raised its target price to $300 from $240. The stock logged a new record high at $251 in the prior session.
Apple (NASDAQ: AAPL), the maker of iPads and iPhones, was climbing 0.15% to $675.99 in pre-market after jumping 1.5% in the prior session. Apple sent official invitations to an event on September 12th, in which participants expect the unveiling of the new iPhone 5. According to prior reports, Apple will launch its iPhone 5 on September 12th and the device will start shipping on September 21st. Apple has an all-time high of $680.87, a level that could be challenged in the next sessions on anticipation of the iPhone 5 release.
Autonation (NYSE: AN), the auto and auto parts retailer, will be in focus after announcing its retail new vehicle unit sales for August. The company sold 23,213 units, a 28% increase from a year ago.
BP (NYSE: BP), the U.K. energy giant, was falling 3.9% to $40.02 in pre-market amid negative reaction after the U.S. Department of Justice is ramping up its rhetoric and accusing the company of gross negligence for the 2010 Gulf of Mexico oil spill.
Dollar General (NYSE: DG), the operator of discount retail stores, was rallying 6.95% to $54.1 in pre-market after the company reported quarterly results that beat earnings expectations on revenue that were inline with consensus. Dollar General reaffirmed fiscal 2013 revenue guidance, while raising comps and EPS guidance. Additionally, the company’s board of directors approved to purchase an additional $500 million worth of its stock.
Facebook (NASDAQ: FB), the social media Company, was jumping 2.94% to $18.25 in pre-market after CEO Mark Zuckerberg says he has no plans to sell his shares for at least 12 months. In the prior session, shares of Facebook logged a new all-time low of $17.55, prompting Piper Jaffray to reiterate its Outperform rating.
FedEx (NYSE: FDX), the worldwide express package delivery company, was tumbling 3% to $84.90 in pre-market after it cut its profit forecast, blaming a weak economy. FedEx lowered guidance on its fiscal first quarter, saying that it expects a profit in a range of $1.37 to $1.43 per share versus consensus of $1.55. Prior guidance was for a profit of $1.45 to $1.60 per share.
LyondellBasell Industries (NYSE: LYB), the independent chemical Company, was sliding 0.23% to $46.90 in pre-market on news that the company offered 17.5 million shares by selling shareholders and prices offering at $46.94 per share. LyondellBasell was included in the S&P 500 Index at the end of the prior session.
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