US Futures are heading lower after the GDP missed expectations. Dow futures are currently up 14 points to 12,698. Nasdaq 100 futures are flat, while the S&P 500 futures are adding a modest 1.25 points to 1,316.50.
The major indexes experienced a sharp pullback yesterday after new home sales disappointed. After a string of encouraging data sets, the sales figures showed the economy is not quite ready to emerge on a strong footing. Check out one of the best swing traders on the street.
On the economic data calendar are the GDP numbers for the 4th quarter at 8:30 am EST, along with the consumer sentiment numbers at 10am EST. GDP numbers came in lower than expectations, with the 4th quarter posting a gain of 2.8%. While consensus was for a 3% gain, this does represent the fastest pace of growth in over a year and a half.
In Europe, the sovereign debt crisis continues to be a major concern. In Davos, Treasury Secretary Tim Geithner urged EU leaders to build a stronger firewall to prevent contagion risk. He said that the US outlook and progress on the jobless depending on the EU resolution, Gulf oil supplies and the US political outlook.
European stocks are mostly lower this morning with the Stoxx 600 index off .3%. EU investors continue to fret over the lack of resolution over debt negotiations with Greece and private bondholders.
In commodities, Gold prices are down nearly $3 to $1,724 per ounce. The metal has been on a run since the start of 2012. With the Fed keep various stimulus programs in place, gold is looking to extend its gains.
Oil prices are back above the $100 a barrel mark today, up 53 cents to $100.21.
Stocks to watch today include Seagate Technology (NASDAQ:STX), Halliburton Company (NYSE:HAL), Amazon.com, Inc. (NASDAQ:AMZN), BroadVision, Inc. (NASDAQ:BVSN), Ford Motor Company (NYSE:F), Nokia Corporation (NYSE:NOK) and Netflix, Inc. (NASDAQ:NFLX)
Seagate Technology (NASDAQ:STX) is up 3.54% in pre market trading at $20.50. STX shares are rising after Seagate announced a dividend increase of 39% and a $1 billion share repurchase. The company has a market cap of 8.31 billion.
Halliburton Company (NYSE:HAL) is up 4.40% in pre market trading at $37.75. HAL shares are up $2 a share on the year. The stock trades 18.1 million shares a day on average and has a market cap of 33.27 billion. Check out one of the best swing traders on the street.
Amazon.com, Inc. (NASDAQ:AMZN) is up 0.49% in pre market trading at $194.27. AMZN shares jumped more than $8 a share yesterday following good earnings from Netflix. There have been reports that Amazon is looking to jump into the streaming service space. We may find out more when the company releases their latest earnings on Jan. 31. The company has a market cap of 87.91 billion.
BroadVision, Inc. (NASDAQ:BVSN) is down 9.21% in pre market trading at $20.00. BVSN shares are dipping after the company announced lower fourth quarter revenue. Revenue fell 17% to $4.19 million. BroadVision announced an adjusted loss of $0.30 per share versus earnings per share of $0.06 in the same quarter last year. The company has a market cap of 99.47 million.
Ford Motor Company (NYSE:F) is down 5.43% in pre market trading at $12.11. F shares are down after the company released its fourth quarter earnings. Ford earned 13.6 billion in the fourth quarter thanks to a decision to move deferred tax assets back onto its books. Without this change the company’s pre tax operating profit was $1.1 billion or $0.20 per share. Analysts were estimating $0.45 per share. Ford remained strong in North America, but lost money in Europe and Asia in the fourth quarter. The company has a market cap of 48.60 billion.
Nokia Corporation (NYSE:NOK) is down 2.04% in pre market trading at $5.29. NOK shares are dipping slightly in pre market after the stock saw a slight jump yesterday following earnings. Nokia’s Lumia phones were a bright spot at the company’s recent earnings results. The company has sold more than a million of them already and they are the first phones using the new Windows operating system. The company has a market cap of 20.03 billion.
Netflix, Inc. (NASDAQ:NFLX) is up 0.29% in pre market trading at $116.35. NFLX shares jumped $20 a share yesterday following good earnings. NFLX had an EPS of $0.73 per share, while analysts were expecting $0.54 a share. The company saw a gain of 220,000 subscribers in the fourth quarter. The company has a market cap of 6.09 billion.