Investors are cautiously waiting the ISM numbers this morning as they gear up for Friday’s NFP numbers. Essentially the softer the number could be a boost for equities because they will expect the Fed to ride to the rescue via QE3 or another type of stimulus. Currently Dow futures are up 11 points. The Nasdaq and S&P are essentially flat, both up fractionally.
One piece of good news for investors is the fact that most of Europe And Asia is closed today outside of London in observance of May Day. This is making for a quiet trading environment on the global markets.
Consensus expectations for the ISM data slated for release today is for a slight slip to 53.3 from 53.4. Economic data has been disappointing as of late so any big miss could send stocks south. It would also boost the confidence of investors that believe the Fed will ride to the rescue. The only problem is the next FOMC meeting is 6 weeks away.
Earnings season will continue to give the market direction with major companies still to report. Pfizer reported this morning and was a mixed bag. The main concern was that the blue-chip drugmaker slashed its 2012 financial outlook.
Commodities are a mixed bag this morning. Oil prices are slipping slightly, with Nymex crude futures down 7 cents to $104.80. Gold prices are enjoying a bit of a rally on renewed QE hopes. Right now gold futures are up $7.10 to $1671.30.
Stocks to Watch
PLX Technology Inc. (NASDAQ:PLXT) is up 64.57% in pre market trading at $6.55. PLX shares are rallying as Integrated Device buys the company in $330 million deal. PLXT has traded 88 thousand shares so far today and trades 151 thousand shares a day on average. The company has a market cap of 178.03 million.
Imperial Sugar Company (NASDAQ:IPSU) is up 55.80% in pre market trading at $6.31. IPSU has traded 332 thousand shares already today and trades 911 thousand shares a day on average. IPSU shares are bouncing big today on news that Louis Dreyfus will take the company private in $78 million deal. The company has a market cap of 49.49 million.
Integrated Device Technology, Inc. (NASDAQ:IDTI) is down 11.29% in pre market trading at $6.01. IDTI has traded about 12 thousand shares so far this morning and averages 1.7 million shares a day. Integrated Device announced it will acquire PLX Tech for $330 million. The company has a market cap of 957.93 million.
Sirius XM Radio Inc. (NASDAQ:SIRI) is up 2.44% in pre market trading at $2.31. Sirius announced first quarter results earlier today and saw profits and revenue jump due to a price increase earlier this year. EPS for the first quarter came in at $0.02, meeting Wall Street expectations. The company has a market cap of 8.47 billion.
Veeco Instruments Inc. (NASDAQ:VECO) is up 13.02% today at $34.12. VECO has traded about 8 thousand shares so far today and averages 1.1 million shares a day. VECO shares are bouncing after the company’s first quarter results came in above expectations. First quarter adjusted EPS came in at $0.49, beating estimates of $0.19. Revenue was $139.9 million, beating estimates of $126 million. The company has a market cap of 1.17 billion.
P.F. Chang’s China Bistro, Inc. (NASDAQ:PFCB) is up 30.18% in pre market trading at $51.65. PFCB has traded 1.02 million shares this morning, more than double its daily average. P.F. Chang announced it will be going private in $1.09 billion deal with Centerbridge Partners. The company has a market cap of 839.48 million.
Yingli Green Energy Holding Co. Ltd. (NYSE:YGE) is up 7.14% in pre market trading at $3.90. YGE has traded 54 thousand shares so far today and trades 3.9 million shares a day on average. The company has a market cap of 563.36 million.
About Danny Fisher
