Stock Futures Look For Direction After Stress Tests. Stocks to Watch: CLWR, SIRI, RF, ZNGA, BAC, AMZN, NOK

Stock Futures

The lack of any meaningful economic data set for release today has investors searching for direction. Yesterday’s firm break of 13k on the Dow has traders wondering what the next steps are. Will the bullish move continue? Dow futures are currently up 10 points to 13,119. Nasdaq 100 futures are down a point to 2,593. The S&P 500 futures are also slightly negative, off fractionally to 1,390.

The release of the stress tests last night has some analysts thinking it will prove to be a downside catalyst for the market. With no other data, investors may just hone in on that data. 4 out of the 19 big banks failed the test, including Citi and Metlife.

Earnings season has also dried up so there is nothing to look forward to on that front to keep the push higher.

Europe responded to the sharp rally in the US with one of their own. The banking heavy Stoxx 600 Europe Index is up .62% this morning.

Commodities like precious metals are taking it on the chin this morning. With the Fed not giving any cues as to when the next round of easing might be, risk averse investments like Gold started to tank. Gold prices are currently down over $41 to $1652.80 per ounce.

Oil prices are also lower on that day, down 33 cents to $106.33. Oil seems to be firmly entrenched above the $100 per barrel mark. One has to wonder when this will show up in consumer confidence numbers and retail sales. The labor market and middle class is still reeling so this could halt any future recovery. This could in turn be the catalyst needed for further stimulus.

Stocks to watch today include Clearwire Corporation (NASDAQ:CLWR), Sirius XM Radio Inc. (NASDAQ:SIRI), Regions Financial Corporation (NYSE:RF), Zynga Inc. (NASDAQ:ZNGA), Bank of America Corporation (NYSE:BAC), Amazon.com, Inc. (NASDAQ:AMZN) and Nokia Corporation (NYSE:NOK).

Clearwire Corporation (NASDAQ:CLWR) is up 4.21% in pre market trading at $2.14. CLWR trades about 11.2 million shares a day on average. Clearwire and Cricket announced long-term wholesale 4G LTE agreement this morning. Clearwire also won a contract to provide network for Leap’s 4G service this morning. The company has a market cap of 967.74 million.

Sirius XM Radio Inc. (NASDAQ:SIRI) is unchanged in pre market trading at $2.29. SIRI has traded 77 thousand shares so far this morning and trades 52.7 million shares a day on average. SIRI shares have started to fall in the past few days after hitting a high of over $2.34 last Friday. The company has a market cap of 8.60 billion.

Regions Financial Corporation (NYSE:RF) is up 5.71% in pre market trading at $6.11. RF has traded over a million shares so far in pre market and trades just over 19 million shares a day on average. Regions announced yesterday it will sell $900 million in stock to help pay back the money it received from TARP in 2008. The company has a market cap of 7.28 billion.

Zynga Inc. (NASDAQ:ZNGA) is up about 1% in pre market trading at $13.50. Zynga shares fell late yesterday after reports came out that Zynga was planning a secondary stock offer. That news was confirmed this morning as certain Zynga shareholders will sell up to $400 million in shares. ZNGA trades 12.7 million shares a day on average. The company has a market cap of 9.72 billion.

Bank of America Corporation (NYSE:BAC) is up 2.83% in pre market trading at $8.73. BAC has traded over 7 million shares this morning and trades 272 million shares a day on average. Bank of America shares have jumped more than $0.60 since late yesterday after the bank passed the Fed’s stress test. The company has a market cap of 91.12 billion.

Amazon.com, Inc. (NASDAQ:AMZN) is down 0.39% in pre market trading at $183.87. AMZN trades just over 6 million shares a day on average. AMZN had dipped more than $2 yesterday, but finished the day close to even as the market rally helped send the stock higher in the afternoon. The company has a market cap of 84 billion.

Nokia Corporation (NYSE:NOK) is down 0.59% in pre market trading at $5.02. NOK has traded over 100 thousand shares so far this morning and trades 30.8 million shares a day on average. NOK shares have fallen about $0.80 a share since late February. The company has a market cap of 18.74 billion.

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About Danny Fisher

Danny is the old hat at Active Investor. One of the been around the block a few times traders, his main focus is on overall market conditions. Be it some new merger talk or Washington being Washington, you can expect Danny will be on top of it.

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