Investors are absorbing the impact of the initial GDP estimates number. Coming in at a weaker-than-expected 2.2% annualized, stock futures are trimming their early gains. Wall Street is also having to deal with the credit downgrade of Spain after the close yesterday by the S&P. Dow futures are currently up 4 points. The Nasdaq and S&P 500 futures are both higher, each adding 12 and 4 points respectively.
On the earnings front, Amazon blew away Wall Street expectations and is surging in premarket trading. The beat was on par with Apple’s and is going a long way to help the tech sector bounce higher.
Europe is still in a state of flux after the S&P downgraded Spain to BBB+ with a negative outlook. The S&P released a statement saying there were rising concerns over Spain’s ability to service its debt and the real possibility they would have to do more to support their financial institutions. This shook European markets initially but they have since regained their footing to the upside. Still an ongoing issue, but investors seem to want to ignore those issues for the day.
Outside of the GDP numbers, investors will be looking at a slate of earnings on major companies to see if there are any surprises.
Commodities are a mixed bag bag this morning with global growth concerns now thrust back into the limelight. Oil prices are slipping with Nymex crude futures down 17 cents to $104.38. Gold prices are currently negative but are trimming early losses. Gold futures are off 90 cents to $1,659 per ounce.
Stocks to Watch
Expedia Inc. (NASDAQ:EXPE) is up 18.91% in pre market trading at $38.80. EXPE has traded 41 thousand shares so far today and trades 3.6 million shares a day on average. Expedia reported first quarter earnings of $0.26 per share excluding certain items. Analysts were expecting $0.14 per share. The company has a market cap of 4.36 billion.
Amazon.com Inc. (NASDAQ:AMZN) is up 16.51% this morning at $228.25. AMZN has traded 643 thousand shares already this morning and average 5.7 million shares. Amazon posted earnings excluding items of $0.28 per share. Analysts were expecting earnings of $0.07 per share. The company has a market cap of 89.19 billion.
Clean Diesel Technologies Inc. (NASDAQ:CDTI) is up 5.03% this morning at $3.55. CDTI shares have been whipsawing back in forth between $3.15 and $3.40 today. The company has a market cap of 24.40 million.
Exelixis, Inc. (NASDAQ:EXEL) is down 18.09% in pre market trading at $3.94. EXEL has traded 2,500 shares this morning and trades 1.9 million shares a day on average. EXEL shares have been trading mostly flat the past week around $4.80 a share. The company has a market cap of 713.90 million.
Kodiak Oil & Gas Corp. (NYSE:KOG) is down 5.05% this morning at $8.65. KOG has traded 37 thousand shares this morning and trades 4.2 million shares a day on average. Kodiak reported average sales volume of 10,578 barrels of oil per day for the first quarter, an increase of 467% year over year. KOG shares have rallied this week as much as $0.70 per share. The company has a market cap of 2.40 billion.
Pozen Inc. (NASDAQ:POZN) is down 18.63% this morning at $6.29. POZN has traded 8 thousand shares in pre market and trades 434 thousand shares a day on average. POZN shares rallied most of the week from $7.50 to $8.00, but started to sell off yesterday afternoon. The company has a market cap of 231.71 million.
Fusion-io, Inc. (NYSE:FIO) is down 1.35% this morning at $28.59. FIO has traded 143 thousand shares so far today and trades 3.2 million shares a day on average. Fusion-io posted quarterly earnings yesterday and beat estimates with third quarter EPS of $0.06. Analysts were expecting EPS of $0.02. Shares of FIO are down as margins fall to 52.1%. The company has a market cap of 2.61 billion.