Europe’s woes continued to keep a lid on Wall Street early Wednesday as speculation over a Spanish bailout runs rampant. The release of the ADP numbers saw private payrolls gain 162k jobs, though previous months gains were revised lower. This leads into the all important NFP numbers set for release on Friday.
The better than expected ADP numbers are leading to a modest spike in futures with the Dow futures up 20, the Nasdaq up 9 and the S&P adding just over 2.
Other domestic data traders are watching for this morning includes the ISM survey of business confidence in the service sector. The reading is expected to hold steady at 53.7. Some analysts are hoping for a surprise to the upside, similar to ISM reading earlier this week.
Internationally, the data was decidedly gloomy. Europe continues to be mired in what is now called their inevitable recession. the final EU composite PMI for September fell again. In China, the non-manufacturing purchasing manager’s index barely held on to an expansion, printing a 53.7. This was down from 56.3 in August. Consumer sentiment in the country also remains weak as China’s situation looks increasingly precarious.
In commodities, oil prices continued to slip with crude-oil futures down 91 cents to 90.98 per barrel. Gold prices kept heading higher this morning with futures adding seven dollars an ounce to $1782.
Stocks to Watch
Family Dollar Stores Inc. (NYSE:FDO) is up 2.95% in pre market trading at $67.95. FDO has traded 5 thousand shares this morning and trades 1.4 million shares a day on average. FDO shares are up today after it met Wall Street forecasts for profits and sales for its latest quarter. Sales were up 10.8% with same-store sales up 5.4%. Profit came in at $0.75/share before charge. The company has a market cap of 7.71 billion.
MetroPCS Communications, Inc. (NYSE:PCS) is up 1.25% in pre market trading at $13.75. PCS has traded 1.1 million shares so far today and trades 7.6 million shares a day on average. Reports are out this morning that Deutsche Telekom’s board has approved a plan to combine T-Mobile USA and MetroPCS. The company has a market cap of 4.93 billion.
Sarepta Therapeutics, Inc. (NASDAQ:SRPT) is up 115.74% in pre market trading at $32.39. SPRT is rallying on heavy pre market volume with over a million shares traded already today. The stock averages 1.6 million shares a day. SRPT shares are up big following eteplirsen drug trial results. The company’s drug trial results met its endpoint in its latest phase study. The company has a market cap of 339.12 million.
Vodafone Group Public Limited (NASDAQ:VOD) is up slightly in pre market trading at $28.50. VOD has traded 330 thousand shares this morning and trades 5.9 million shares a day on average. The company has a market cap of 140.99 billion.
Nokia Corporation (NYSE:NOK) is unchanged this morning at $2.62. NOK has traded 805 thousand shares so far in pre market and trades 51.3 million shares a day on average. Nokia announced this morning it plans to sell its headquarters in Finland as part of its cost-cutting program, but said it will maintain its corporate base in the country. The company has a market cap of 9.72 billion.
Amarin Corporation (NASDAQ:AMRN) is unchanged this morning at $12.35. AMRN has seen some decent pre market volume with over 30 thousand shares traded. AMRN typically trades 6.2 million shares a day on average. AMRN shares have dipped about 15% over the past month. The company has as market cap of 1.83 billion.