With the bullish run nearly constant, it seems investors are willing to sit on the sidelines today and wait to see where the next catalyst will come from. Dow futures are currently down 19 points to 13,144. Nasdaq 100 futures are up 5.25 to 2,714. S&P 500 futures are following the Dow, down 2 points to 1,396.50.
Apple Inc. (NASDAQ:AAPL) is helping the Nasdaq break the negative trend with investors waiting to see what the company will announce today. Their conference call is expected to go over their decision making process with the $100 billion in cash they have on hand.
Outside of the AAPL call there is very little economic data investors can look at. This may create an atmosphere where they sit on the sidelines and the market trades range-bound. Analysts agree, however, that unless the 13k mark is breached to the downside, the positive trend will continue.
One item that will be in focus will be the Fed speeches. Regional Governors are expected to talk beginning at 8:35am EST. The New York Fed chief is expected to give the first ins a slew of speeches this week. Investors will be looking for signs of a possible resumption of QE or other easing programs.
Commodities are modestly lower this morning. Gold prices are down just over $2 to $1,653 per ounce.
Nymex crude futures are bucking the trend, up 24 cents to pass the $107 per barrel mark.
Stocks to watch today include American Eagle Outfitters (NYSE:AEO), Apple Inc (NASDAQ:AAPL), Domino’s Pizza, Inc. (NYSE:DPZ), Frontline Ltd. (NYSE:FRO), eBay Inc. (NASDAQ:EBAY), Sprint Nextel Corporation (NYSE:S) and Dunkin Brands Group Inc. (NASDAQ:DNKN).
American Eagle Outfitters, Inc. (NYSE:AEO) is down nearly 2% in pre market trading at $16.12. AEO stock saw a slight pull back on Friday after the stock jumped about $2 a share over the past two weeks. American Eagle stock trades 4.6 million shares a day on average. The company has a market cap of 3.18 billion.
Apple Inc. (NASDAQ:AAPL) is up 2.50% in pre market trading at $600.00. AAPL has traded over 350 thousand shares so far today and trades 17.1 million shares a day on average. Investors are eagerly awaiting news from Apple this morning. The company is scheduled to hold a press conference at 9am to discuss its plans for the $100 billion in cash it has. Many investors believe Apple may start paying a dividend. Apple’s price target was also raised to $750 at Wedbush. The company has a market cap of 545.97 billion.
Domino’s Pizza Inc. (NYSE:DPZ) is up 5.28% in pre market trading at $42.07. DPZ shares are higher today after it completed its recapitalization and declared a dividend of $3 a share. DPZ trades 736 thousand shares a day on average. The company has a market cap of 2.31 billion.
Frontline Ltd. (NYSE:FRO) is down 3.01% in pre market trading at $7.42. FRO has traded 22 thousand shares so far this morning and trades 1.9 million shares a day on average. FRO shares have jumped more than $2 in the past week and could see a pull back this week. The company has a market cap of 595.61 million.
eBay Inc. (NASDAQ:EBAY) is down 2.23% in pre market trading at $36.85. EBAY shares were downgraded by Citigroup today to neutral from buy. This comes as eBay stock nears Citigroup’s price target of $39. EBAY trades 10.5 million shares a day on average. The company has a market cap of 48.50 billion.
Sprint Nextel Corporation (NYSE:S) is down 4.84% in pre market trading at $2.75. S has traded traded 200 thousand shares already today and trades 43.6 million shares a day on average. Sprint shares are down this morning after Bernstein downgraded the stock to underperform from market perform. Bernsiten believes the risk of bankruptcy for Sprint is rising but came short of predicting one. The company has a market cap of 8.68 billion.
Dunkin’ Brands Group, Inc. (NASDAQ:DNKN) is down 1.91% in pre market trading at $31.30. DNKN shares fell this morning on news of a secondary offering of 22 million shares. DNKN trades 817 thousand shares a day on average. The company has a market cap of 3.83 billion.
About Danny Fisher
