The market is up in pre-market trading, still riding the good economic data that released yesterday. With jobless claims falling to a multi-year low, the market is looking for Dow 13k. Greek optimism is also helping fuel the rally, but analysts expect the rally to slow a bit as we head into a three day weekend. Dow futures are currently up 36 points to 12,906. Nasdaq 100 futures are essentially flat, up fractionally to 2,594. The S&P 500 futures are rounding out the pre-market gains, up 2.25 points to 1,357.
The markets are taking a .2% rise in core CPI in stride this morning. Most of the economic data over the past couple of weeks firmly points to a recovery. Whether or not the good news can be sustained still remains a question. Regardless, the bulls seem to have control as the Dow searches for Dow 13k.
Asian stocks continued their rally overnight on good economic data and earnings. The Yen continued to weaken which is helping Japanese exporters recover.
The non-stop Greek hope roller-coaster is continuing this morning as investors hope the EU does the ‘right’ thing. Judging by their is still not a deal, investors should treat any rumors of movement simply as that, rumors. Plenty of times the world has been burned by the unnamed official saying they are within hours.
In commodities, oil continues its slow march higher. Nymex crude futures are currently up 49 cents to $102.80.
On the forex market, the EURUSD continues to edge higher. This morning the pair is up .40% to $1.3183.
Stocks to watch today include Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN), Suntech Power Holdings Co (NYSE:STP), Vivus, Inc. (NASDAQ:VVUS), Applied Materials, Inc. (NASDAQ:AMAT), Gilead Sciences, Inc. (NASDAQ:GILD), Neflix, Inc. (NASDAQ:NFLX) and General Mills, Inc. (NYSE:GIS)
Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) is up 18.74% in pre market trading at $10.39. ACHN shares are rallying today after its main competitor, Gilead, reported that patients in its hepatitis C trail experienced viral relapse within four weeks. ACHN shares had been down in recent weeks from $12 to below $9. The company has a market cap of 610.25 million.
Suntech Power Holdings Co. (NYSE:STP) is up 11.57% in pre market trading at $3.76. STP announced preliminary fourth quarter results. Suntech exceeded shipment guidance for the fourth quarter. The company was expecting a 20% dip in shipments from the previous quarter, but is seeing only a 10% dip now. The company has a market cap of 608.46 million.
Vivus, Inc. (NASDAQ:VVUS) is up 2.86% in pre market trading at $11.50. VVUS shares are recovering some this morning after falling 10% yesterday. The drop yesterday may have occured because of comments by an FDA representative at an investor conference. The company has a market cap of 933.70 million.
Applied Materials, Inc. (NASDAQ:AMAT) is up 5.60% in pre market trading at $13.95. AMAT shares are up this morning after the company announced its quarterly results yesterday. AMAT reported adjusted income of $0.18 per share, analysts were expecting $0.12 per share. Revenue came in at $2.19 billion, beating estimates of $1.97 billion. The company has a market cap of 17.25 billion.
Gilead Sciences, Inc. (NASDAQ:GILD) is down 18.12% in pre market trading at $44.88. GILD shares are plummeting this morning after drug trials indicate patients relapse after hepatitis C treatment. Shares are down on extremely large volume with over 5 million shares traded in pre market, about half its daily average volume. The company has a market cap of 41.28 billion.
Netflix, Inc. (NASDAQ:NFLX) is up 0.32% in pre market trading at $122.30. NFLX shares have rallied more than $50 a share since the start of the year. Netflix is evolving from a movie-rental company into one that will offer its own TV shows and movies. This started earlier this month when it premiered “Lilyhammer.” The company has a market cap of 6.75 billion.
General Mills, Inc. (NYSE:GIS) is down 3.34% in pre market trading at $38.45. GIS shares are dipping after the company cut 2012 outlook due to weak sales. General Mills is forecasting profits of $2.53 to $2.55 a share now instead of $2.59 to $2.61 a share. The company has a market cap of 25.64 billion.