Stock Futures Negative on European Woes, Stocks to Watch

Wall Street signEuropean issues are looking to cause another negative start the the trading day domestically. Analysts are trying to figure if yesterday’s sharp sell-off is a sign of a bigger correction or just another opportunity for investors to buy a dip. Dow futures are currently down 36 points to 12,969. Nasdaq and S&P 500 futures are both off slightly, down 3 and 4 points respectively.

Jobless claims should help temper some of the European doldrums. Claims fell to 357k this week. The rolling 4-week average dropped 4k to to 361k. While job growth is not necessarily picking up steam, there hasn’t been a bump in the road either. The unemployment figures are slated for release tomorrow which is a market holiday.

In Europe, Spanish and Italian bond yields continue rise giving fuel to the fears that the EU is still unable to contain their sovereign debt crisis. France also saw a small jump in borrowing costs as it held a bond auction this morning. Thankfully it went off without a hitch, unlike yesterday’s poorly received Spanish auction.

Commodities are rebounding somewhat this morning after they followed the broader market lower yesterday. Nymex crude futures are up 31 cents to 101.78. Gold prices are also rebounding some, up over $13 to $1,627 per ounce.

Stocks to watch today include Recon Technology, Ltd. (NASDAQ:RCON), Polycom Inc. (NASDAQ:PLCM), Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI), Ruby Tuesday, Inc. (NYSE:RT), Hovnanian Enterprises, Inc. (NYSE:HOV), Sirius XM Radio Inc. (NASDAQ:SIRI) and Allos Therapeutics, Inc. (NASDAQ:ALTH).

Recon Technology, Ltd. (NASDAQ:RCON) is up 3.19% in pre market trading at $3.23. RCON shares jumped more than 50% yesterday and is starting Thursday up again. RCON traded saw big volume yesterday with 1.5 million shares traded, 7 times its daily average. The company has a market cap of 12.37 million.

Polycom, Inc. (NASDAQ:PLCM) is down 16.66% in pre market trading at $15.16. PLCM has traded 14 thousand shares this morning and trades 2.6 million shares a day on average. PLCM shares are down this morning after the company lowered its first quarter outlook. The company has a market cap of 3.23 billion.

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) is down 11.79% in pre market trading at $10.77. SPPI has traded 74 thousand shares so far today and trades 1.6 million shares a day on average. Spectrum shares are down this morning after the company’s bladder cancer drug fails trial. Spectrum also announced they will buy Allos Therapeutics for $206 million. The company has a market cap of 718.97 million.

Ruby Tuesday, Inc. (NYSE:RT) is down 12.27% in pre market trading at $7.79. Ruby Tuesday announced plans to close around 25 of its stores after they failed to perform. These closings will come by June. RT trades 502 thousand shares a day on average. The company has a market cap of 556.19 million.

Hovnanian Enterprises Inc. (NYSE:HOV) is down 4.65% in pre market trading at $2.05. HOV shares continue to fall after announcing a 25 million share offering at $2.00 per share. HOV has traded 146 thousand shares so far this morning and trades 3.6 million shares a day on average. The company has a market cap of 213.01 million.

Sirius XM Radio Inc. (NASDAQ:SIRI) is down 0.87% this morning at $2.27. SIRI trades 57.7 million shares a day on average. SIRI shares have fallen about $0.15 in recent days after the stock jumped $0.20 late last week and early this week. The company has a market cap of 8.60 billion.

Allos Therapeutics, Inc. (NASDAQ:ALTH) is up 27.27% in pre market trading at $1.82. Allos has traded 18 million shares this morning, way above its daily average of 428 thousand shares. ALTH shares are rallying this morning after Spectrum said it would acquire the company for $206 million. The company has a market cap of 152.95 million.

Enjoy this post? Please share...
About Kyle Pinder

Kyle Pinder has has over five years trading and research experience in the large cap space. While still in grad school, Kyle trades daily and keep Active Investor up to date with the latest breaking news coming out of Wall Street and Washington.

Speak Your Mind

*

Real Time Web Analytics