Private sector employment numbers continue to show growth, adding 216k jobs in February. What this translates to the non-farm payrolls will be unveiled later this week. Probably not as good, but this is a positive sign for the labor market.
Most of the major markets are rebounding after yesterday’s losses. More of a take a breather day. The exception being Asia, which responded to the red day on the street.
The main domestic news today will undoubtedly be the iPad 3. We are consumer driven country, and nothing is as big as Apple at the moment. What the device entails has yet to be revealed, but the pomp and circumstance surrounding it should be massive.
Tomorrow is the deadline for the private-Greek debt swap deal. Jitters remains as companies have to take sizable haircuts on their principals for the bailout to go forward. Never underestimate the willingness of someone to throw a monkey wrench at the wheel. Definitely something to keep your eye on if you are exposed internationally.
Commodity prices continue to be range bound. Nymex futures are up 40 cents to just over $105 per barrel.
Gold prices are recovering from their losses yesterday, up $7.70 to $1,679.80.
Stocks to watch today include Discovery Laboratories, Inc. (NASDAQ:DSCO), Netflix Inc. (NASDAQ:NFLX), Zynga Inc. (NASDAQ:ZNGA), Micron Technology, Inc. (NASDAQ:MU), Renren Inc. (NYSE:RENN), Pandora Media Inc. (NYSE:P) and Canadian Solar Inc. (NASDAQ:CSIQ).
Discovery Laboratories, Inc. (NASDAQ:DSCO) is up 40.53% in pre market trading at $5.28. DSCO stock is up big after the FA approved its drug, SURFAXIN. DSCO trades 656 thousand shares a day on average, but should have no problem eclipsing that today. The company has a market cap of 91.87.
Netflix, Inc. (NASDAQ:NFLX) is up 4.26% in pre market trading at $111.55. NFLX has traded 48 thousand shares so far today and trades about 8.4 million shares a day on average. According to a Reuters article, Netflix is in talks with cable companies about adding their service to cable offerings. The company has a market cap of 5.94 billion.
Zynga Inc. (NASDAQ:ZNGA) is up 2.24% in pre market trading at $14.37. ZNGA shares are looking to bounce back after dipping from nearly $16 on Monday to less than $14 yesterday. ZNGA has traded close to 76 thousand shares this morning and trades 13.3 million shares a day on average. The company has a market cap of 10.21 billion.
Micron Technology, Inc. (NASDAQ:MU) is up 1.87% in pre market trading at $8.15. MU shares have fallen about $1 a share over the past week. MU trades 30.4 million shares a day on average. The company has a market cap of 7.90 billion. MU is looking to bounce back alongside the market today.
Renren Inc. (NYSE:RENN) is up 2.71% in pre market trading at $5.30. RENN share shave taken a hit recently, falling about $1 a share just this week. RENN trades 8.2 million shares a day on average. The company has a market cap of 2.02 billion.
Pandora Media, Inc. (NYSE:P) is down 25.09% in pre market trading at $10.71. P has traded 775 thousand shares so far this morning and trades 2.1 million shares on average. P shares are down after the company said it would stay in the red this year despite a jump in listeners and revenue growth. Pandora expects an adjusted net loss of $0.18 to $0.21 per share, well below analysts’ estimates of $0.02 per share. The company has a market cap of 2.30 billion.
Canadian Solar Inc. (NASDAQ:CSIQ) is down 10.06% in pre market trading at $2.95. CSIQ has traded 821 thousand shares already this morning and trades 1.2 million shares a day on average. Canadian Solar shares are tumbling after the company missed fourth quarter earnings estimates by $1.00 per share. The company has a market cap of 141.55 million.
About Danny Fisher
