China lowered its growth rate over the weekend to 7.5%. This is down from the symbolic 8% it has used for years. Their focus is to shift towards more high-end economic development and internal consumption. The Greek sovereign debt crisis could continue to weigh on sentiment coming out out of Asia.
European markets were negative after data pointed that it may contract for the second straight quarter. The purchasing managers index fell more than expectations giving rise to fears of a new recession.
In Russia, Vladmir Putin romped to an overwhelming win as Russia’s new president. Not sure you want to call for a recount unless you want a nice stay in Siberia breaking rocks.
Oil prices continue to be a concern as tensions with Iran refuse to give way. The saber rattling on both sides continues which drives the price of crude higher. Nymex futures are currently up a penny to over $106 per barrel. Something is going to have to give before the summer driving season starts in full force. The Obama administration has already floated the trial balloon of releasing some of the petroleum reserve.
Stocks to watch today include Keryx Biopharmaceuticals (NASDAQ:KERX), Molycorp, Inc. (NYSE:MCP), Zynga Inc. (NASDAQ:ZNGA), Pandora Media Inc. (NYSE:P), Sirius XM Radio Inc. (NASDAQ:SIRI), Amazon.com, Inc. (NASDAQ:AMZN) and Apple Inc. (NASDAQ:AAPL).
Keryx Pharmaceuticals, Inc. (NASDAQ:KERX) is up 12.70% in pre market trading at $4.19. KERX shares have been trending higher over the past four trading days. The stock price has jumped from $3.10 to $3.70 in that time. KERX has traded close to 60 thousand shares so far this morning and trades 1.1 million shares a day on average. The company has a market cap of 262.78 million.
Molycorp, Inc. (NYSE:MCP) is up 5.58% in pre market trading at $25.92. MCP is trying to bounce back this morning after the stock fell from $29 to under $25 in the past 10 days. MCP trades 3.7 million shares a day on average. The stock is trading back where it started at the beginning of the year. MCP hit a high of nearly $32 in late January before falling back down. The company has a market cap of 2.06 billion.
Zynga Inc. (NASDAQ:ZNGA) is down 2.45% in pre market trading at $14.33. ZNGA has traded over 70 thousand shares so far this morning and trades 13.4 million shares a day on average. ZNGA shares have been on a tear this year. After hitting a low of around $8, ZNGA quickly began marching upward thanks to news of Facebook’s IPO. The stock is up more than 80% on the year. The company has a market cap of 10.68 billion.
Pandora Media, Inc. (NYSE:P) is up 4.32% in pre market trading at $14.50. P trades about 1.8 million shares a day on average. The stock was upgraded by Stifel Nicolaus to buy from hold with a price target of $18. The company has a market cap of 2.24 billion.
Sirius XM Radio Inc. (NASDAQ:SIRI) is up 0.87% in pre market trading at $2.33. SIRI has traded nearly 300 thousand shares already today and trades 52.5 million shares a day on average. SIRI shares are up more than $0.40 a share on the year. The company has a market cap of 8.67 billion.
Amazon.com, Inc. (NASDAQ:AMZN) is down 0.17% in pre market trading at $179.00. AMZN trades 6.1 million shares a day on average. AMZN shares have hit a high of $195 in late January, but have since fallen back down to where they started the new year at. The company has a market cap of 81.59 billion.
Apple Inc. (NASDAQ:AAPL) is down 0.12% in pre market trading at $544.52. AAPL has traded 46 thousand shares so far this morning and trades 14.5 million shares a day on average. All eyes will be on Apple this week as they are set to unveil the iPad 3. The company has a market cap of 508.31 billion.
About Kyle Pinder
