It is safe to say that an Apple a day will keep investors ignoring anything else. Durable goods dropped 4.2%. But people bought iPads and iPhones in droves. The stock is soaring 10% in premarket trading after a major consensus beat after the close yesterday. Dow futures are currently up 25 points. The Nasdaq and S&P futures are both higher, each adding 55 and 9 points respectively.
The bigger-than-expected drop in durable goods this morning is being blamed on commercial aircraft orders.
Europe was dealt another blow this morning when the UK unexpectedly slipped back into recession. This is the first double dip for the country since the 1970s and shows that the country and the European continent has a ways to go before they reach sustainable growth.
German Chancellor Merkel also blasted the French socialist candidate over his push to end austerity. Should make for an interesting relationship should Hollande prevail over Sarkozy on May 6.
Outside of durable goods, investors will be eying the FOMC statement at 12:30pm EST. While rates are expected to remain unchanged, a more hawkish stance is possible out of the Fed. Also their statement could express worries about growth stability going forward. If both happen, they could add a downside risk to the market.
Commodities are essentially flat this morning. Nymex crude futures are up fractionally, while gold price futures are essentially even.
Stocks to Watch
Kindred Healthcare, Inc. (NYSE:KND) is up 15.66% in pre market trading at $9.60. KND shares are rallying today as Jefferies upgrades the stock to buy. KND shares have rallied $0.70 a share this week. The company has a market cap of 432.55 million.
Codexis, Inc. (NASDAQ:CDXS) is up 7.71% this morning at $4.05. CDXS has traded 102 thousand shares already in pre market and trades 242 thousand shares a day on average. CDXS shares are bouncing today as the FDA approves the company’s new enzyme-making process. The company has a market cap of 135.73 million.
Apple Inc. (NASDAQ:AAPL) is up 10.19% this morning at $617.52. AAPL has traded nearly 800 thousand shares already today and trades 24.1 million shares a day on average. Apple posted a huge earnings beat yesterday and is single handedly causing stock futures to rise this morning. Apple’s quarterly profit nearly doubled as iPhone sales jumped. The company has a market cap of 522.39 billion.
TriQuint Semiconductor, Inc. (NASDAQ:TQNT) is up 10.72% in pre market trading at $5.68. TQNT has traded 30 thousand shares so far today and trades 5.5 million shares a day on average. TQNT shares are looking to bounce back today as the stock has fallen $0.60 a share over the past week. The company has a market cap of 852.82 million.
Sprint Nextel Corp. (NYSE:S) is up 6.07% this morning at $2.62. S has traded 8.1 million shares already today and trades 50.2 million shares on average. S shares are up today as iPhone sales gave them strong revenue despite posting a wider quarterly loss. The company has a market cap of 7.40 billion.
Corning Inc. (NYSE:GLW) is up 5.24% in early trading at $14.05. GLW has traded 244 thousand shares this morning and trades 19.2 million shares a day on average. GLW shares are up as the company just posted its latest quarterly earnings. EPS came in at $0.30 per share, beating estimates by $0.02. Revenue also beat with $1.92 billion versus $1.87 billion. The company has a market cap of 20.27 billion.
Nokia Corporation (NYSE:NOK) is up 2.20% in pre market trading at $3.71. NOK has traded 120 thousand shares already today and trades 37.9 million shares a day on average. NOK shares are trying to turn around after falling nearly 50% in the past month. The company has a market cap of 13.47 billion.