Futures Turn Red as JPMorgan Reports. Stocks to Watch: DMND, JPM, BAC, AAPL, RIMM, MS, S

It looks to be another volatile day on Wall Street as JPMorgan reported that its profit numbers had dropped to $3.7 Billion from $4.8 Billion. Revenue also saw a decline to $22.19 Billion. Dow futures are currently off 10 points to 12,403. Nasdaq 100 futures are nearly flat, down 1.50 points to 2,377. S&P 500 futures are following suit, down 1.60 to 1,288.70.

The economic data calendar is also crowded for a Friday. At 8:30am EST, the December trade deficit report and the November import prices will be released. The at 9:55am EST the University of Michigan Consumer Sentiment numbers are set to be released. The consensus expectations for the sentiment numbers is a modest rise from the 69.9 level to 73.

Good news finally emerged out of Europe after a closely watched Italian debt auction went off with positive yield movement to the downside. This was on the heels of the two successful auctions in Spain and Italy the day before. This has sent the broader European markets higher this morning with the banking heave Stoxx 600 Index up over half a percent.

Asian markets also climbed overnight after the fears over Europe’s sovereign debt crisis began to ease. Mainland China stocks, however, were hit after data showed a sizable drop in forth quarter foreign exchange reserves.

Commodity markets are mostly flat this morning after oil was sent under $100 after the Europe can-kicking announcement of the Iranian oil embargo. Right now Nymex crude futures are down five cents to $99.05. Gold prices are also giving back some of their gains for the week, down $7 to $1640 an ounce.

Stocks to watch today include Diamond Foods Inc. (NASDAQ:DMND), JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), Apple Inc. (NASDAQ:AAPL), Research In Motion (NASDAQ:RIMM), Morgan Stanley (NYSE:MS), Sprint Nextel (NYSE:S)

Diamond Foods, Inc. (NASDAQ:DMND) is down 11.05% in pre market trading at $29.47. DMND shares are down this morning on news that Federal Prosecutors have joined the SEC in its investigation of how the company paid walnut suppliers. DMND trades 2.4 million shares a day on average and is worth 730.48 million.

JP Morgan Chase & Co. (NYSE:JPM) is down 2.71% in pre market trading at $36.85. JPM is trading heavy volume already today with 289 thousand shares traded. The stock trades 41.1 million shares a day on average. JPM shares are down after the company reported net earnings falling 23%. They did meet expectations though so it’s not really bad news. The company has a market cap of 139.94 billion.

Bank of America Corporation (NYSE:BAC) is down 2.95% today at $6.58. BAC has traded 876 thousand shares already in pre market and trades 266.3 million shares a day on average. BAC is following JPM down this morning after JPM reported a dip in earnings. The company has a market cap of 68.82 billion.

Apple Inc. (NASDAQ:AAPL) is down 0.17% in pre market trading at $420.69. AAPL trades 14.1 million shares a day on average. Apple suspended iPhone 4S sales in mainland China after a crowd threw eggs at their flagship store when it failed to open as promised. The company has a market cap of 391.64 billion.

Research In Motion Limited (NASDAQ:RIMM) is up 1.52% in pre market trading at $16.69. RIMM trades 21.6 million shares a day on average. RIMM shares are bouncing this morning on rumors the company may be looking to be acquired. According to Reuters, Research In Motion hired Goldman Sachs to explore its strategic options. The company has a market cap of 8.48 billion.

Morgan Stanley (NYSE:MS) is down 2.15% this morning at $16.80. MS shares are down as many bank stocks take a hit following JP Morgan’s report that net earnings fell 23%. MS trades 32.2 million shares a day on average and has a market cap of 33.09 billion.

Sprint Nextel Corporation (NYSE:S) is down 4.31% in pre market trading at $2.22. S has jumped up about $0.15 over the past couple of days and averages 42.1 million shares daily. Some analysts are saying that Sprint’s iPhone deal may get a lot better and could include a Sprint-exclusive iPhone. “Given our belief that the Sprint purchase commitment is unique … we think it is possible that Apple may have extended certain benefits to Sprint in return,” Shing Yin of Guggenheim Partners LLC wrote in an analyst’s note Thursday. “For example, if Apple were inclined to offer limited exclusivity on a future iPhone (as many other handset makers still do), we think Sprint could be chosen as an initial launch partner, especially since we think Apple may be less than happy with some of its other carrier partners. Any such iPhone-related benefit would likely be viewed by investors as a significant positive for Sprint, in our view.” The company has a market cap of 6.95 billion.

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Danny is the old hat at Active Investor. One of the been around the block a few times traders, his main focus is on overall market conditions. Be it some new merger talk or Washington being Washington, you can expect Danny will be on top of it.
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