Wall Street is looking for some facebook likes as the IPO for the social network giant looms. Many are hoping the IPO will snap the losing streak that has sent the markets tumbling in the wake of EU woes. One analysts with Charles Schwab tried to add a patriotic component to the IPO saying it was a dream of a company that became a reality. Probably a bit over the top but expect interest in the stock to be at a fever pitch today.
Europe’s woes are continuing today, but to a lesser extent. Shares of Spanish banks are rebounding after they asked the government to reinstate the short selling ban on domestic institutions. History has shown this to be a temporary reprieve and then the stocks inevitably head lower. Greek elections still loom large so while we may get a break today with facebook, the problems are still there and will persist.
Currently the three major US indices are essentially flat. The Dow is up 15, the Nasdaq 2 and the S&P is adding 2 points.
Hot Stocks
Pacific Sunwear of California Inc. (NASDAQ:PSUN) is up 16.95% this morning at $1.39. PSUN has traded 496 thousand shares this morning, already above its daily average of 494 thousand shares. PSUN shares are rallying following first quarter results yesterday. Pacific Sunwear posted and adjusted loss of $0.20 per share compared to estimates of $0.29 loss per share. The company has a market cap of 89.85 million.
Rosetta Genomics, Ltd. (NASDAQ:ROSG) is up 13.67% today at $4.49. ROSG has traded 460 thousand shares so far today, 3 times its daily average volume. ROSG shares are bouncing back today after falling yesterday on news of stock offering.
Brown Shoe Co. Inc. (NYSE:BWS) is up 13.59% in early trading at $9.98. BWS has traded 524 thousand shares so far today, above its average volume of 429 thousand shares. BWS shares are rallying on better than expected first quarter results. Brown Shoe beat EPS estimates by $0.14 and also beat on revenue. Guidance was also above consensus. The company has a market cap of 412.96 million.
Foot Locker, Inc. (NYSE:FL) is up 9.82% today at $30.76. FL has traded 2.3 million shares so far today, 200 thousand shares a day on average. FL shares are up on first quarter beat. Foot Locker reported first quarter EPS of $0.83, higher than estimates of $0.74. Revenue came in at $1.58 billion versus analysts’ estimates of $1.55 billion. The company has a market cap of 4.68 billion.
Salesforce.com, Inc. (NYSE:CRM) is up 9.99% this morning at $147.16. CRM has traded 3.5 million shares so far today, well above its daily average of 2.5 million shares. CRM reported quarterly profits of $0.37 per share, beating estimates by $0.03. The company has a market cap of 19.96 billion.
KIT Digital, Inc. (NASDAQ:KITD) is up 7.14% today at $3.75. KITD has traded 808 thousand shares so far today and trades 1.5 million shares a day on average. KITD shares are up some today after releasing first quarter results yesterday. KITD shares have been down as much as $1 a share in recent days. The company has a market cap of 176.01 million.
About Danny Fisher
