Investors should get ready ready for a steady diet of Europe this morning after the double elections wrapped up yesterday. While the French result was expected, the Greek parliamentary elections were a total route for the pro-bailout parties. They failed to win enough seats to form a coalition, so gridlock in the Greek government is expected.
This could put the entire bailout at risk and the Euro as a consequence. France selecting a socialist president is almost assuredly going to open a rift with Germany. Currently Dow futures are down 49 points. Nasdaq and S&P futures are down 11 and 5 points respectively.
Domestic economic data is nearly nonexistent today with just consumer credit data set for release at 3pm EST.
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Commodities are following the broader market lower today. Oil prices have lost their hold on $100 per barrel as Nymex crude futures are down another 77 cents to $97.72. Gold prices are also modestly lower, down $7.10 to $1,638 per ounce.
On the earnings front both Tyson Foods Inc and Frontier Communications reported this morning. Tyson was boosted by chicken and pork sales, while Frontier saw their first quarter revenues plummet by 51%.
Stocks to Watch
GTSI Corp. (NASDAQ:GTSI) is up 46.95% in pre market trading at $7.70. GTSI has traded only 700 shares this morning and averages 10 thousand shares a day on average. Unicom Systems announced this morning they will acquire GTSI Corp for $7.75 per share. The company has a market cap of 50.68 million.
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is up 55.39% this morning at $58.12. VRTX has traded 422 thousand shares this morning and trades 2.04 million shares a day on average. VRTX shares are rallying today on news from its latest study showing its two-drug Cystic Fibrosis therapy improves lung function in patients. The company has a market cap of 7.89 billion.
Micron Technology Inc. (NASDAQ:MU) is up 1.53% in pre market trading at $6.65. MU has traded nearly 80 thousand shares so far today and trades 33.5 million shares a day on average. Micron announced this morning its first fully functional DDR4 DRAM module. Reuters is also reporting the company has won exclusive rights to bid on Elpida. The company has a market cap of 6.48 billion.
Yahoo! Inc. (NASDAQ:YHOO) is up 1.32% in pre market trading at $15.35. YHOO has traded 18.2 thousand shares this morning and trades 17 million shares a day on average. Some investors are calling for Yahoo’s CEO, Scott Thompson, to be fired over alleged padding of his resume. YHOO shares have dropped about 2.5% in the past five days. The company has a market cap of 18.58 billion.
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Frontier Communications Corporation (NASDAQ:FTR) is up 1.03% in pre market trading at $3.93. FTR has traded 68 thousand shares so far today and trades 17.2 million shares a day on average. Frontier Communications is set to release first quarter earnings before market open today. The company has a market cap of 3.87 billion.
Zynga, Inc. (NASDAQ:ZNGA) is down 0.96% this morning at $8.25. ZNGA has traded 141 thousand shares so far today and trades 14 million shares a day on average. ZNGA shares are down more than 30% over the past month. ZNGA could see an increase in volume though as Facebook’s IPO nears. The company has a market cap of 5.90 billion.
EMCORE Corporation (NASDAQ:EMKR) is up nearly 9% in pre market trading at $4.77. EMKR has traded over 20 thousand shares this morning and trades 238 thousands hares a day on average. EMKR shares dropped more than $0.60 on Friday following second quarter earnings results. The company has a market cap of 104.73 million.