Jobless claims were little changed from last week, dropping 2k to 351k (this was due to a revision that had last week’s number going from 351k to 353k). This shows that the labor market continues to strengthen.
Personal income also rose, up .3% after a.5% rise in December. Consumer spending, while worse that expectations, moved .2% higher.
Right now the Dow seems to be stuck around the 13k level. Most analysts agree that for fresh buyers to come in, there needs to be a decisive break. If it continues to trade around this range with no break, the worry is that a correction could be in store and short-bias traders would emerge in force.
Fed Chairman Ben Bernanke’s testimony yesterday also dampened spirits on the street. He implied that the only way further stimulus would occur is if there was a sharp downturn in the economy. With the current data flow coming out, it pretty much means no QE3 in the short-term.
Oil prices are continuing their rise this morning. Nymex crude futures are currently up 40 cents to $107.47 per barrel. This one of the chief things to watch going into the Spring. If oil continues to get out of hand pricing, expect the gains on the economy to disappear as consumers pullback.
After gold’s absolute drubbing yesterday, the metal is bouncing back somewhat in morning trading. It is currently up $4.60 to $1715.00 per ounce.
Stocks to watch today include Fusion-io Inc. (NYSE:FIO), Vivus, Inc. (NASDAQ:VVUS), Frontline Ltd. (NYSE:FRO), National Bank of Greece (NYSE:NBG), Finisar Corporation (NASDAQ:FNSR), Research In Motion Limited (NASDAQ:RIMM) and James River Coal Company (NASDAQ:JRCC).
Fusion-io, Inc. (NYSE:FIO) is up 3.85% in pre market trading at $28.35. FIO shares have jumped more than $5 a share over the past month. The stock trades about 2.7 million shares a day on average. The company has a market cap of 2.46 billion.
Vivus, Inc. (NASDAQ:VVUS) is up 4.09% in pre market trading at $23.42. VVUS shares continue to trend higher as on news that a FDA panel backed their obesity drug. The stock is up even after reported a loss on Tuesday of $0.13 per share in the fourth quarter. Analysts were expecting a loss of $0.12 per share. Vivus also announced a public offering of 9 million shares at $22.50 per share. The company has a market cap of 2.00 billion.
Frontline Ltd. (NYSE:FRO) is up 3.36% in pre market trading at $5.54. FRO shares are trying to bounce back in pre market after the stock has fallen from $6 to $5.36 in the past two trading days. FRO trades just over 2 million shares a day on average. The company has a market cap of 417.32 million. NBG shares have been whipsawing over the past month due to uncertainty about the European debt crisis. The company has a market cap of 14.77 billion.
National Bank of Greece (NYSE:NBG) is up 4.18% in pre market trading at $3.24. NBG shares have been whipsawing over the past month due to uncertainty about the European debt crisis. NBG trades 1.2 million shares a day on average. The company has a market cap of 14.77 billion.
Finisar Corporation (NASDAQ:FNSR) is down 9.81% in pre market trading at $18.30. FNSR shares are tumbling following third quarter results. Third quarter EPS came in at $0.09 per share, well below estimates of $0.22 per share. Guidance for the fourth quarter is below expectations. The company expects EPS of $0.18-0.22 per share, below estimates of $0.25 per share. Revenue is also below estimates. The company has a market cap of 1.84 billion.
Research In Motion Limited (NASDAQ:RIMM) is down 3.42% in pre market trading at $13.68. RIMM shares have fallen nearly $3 per share over the past month. RIMM trades 23.3 million shares a day on average. The company has a market cap of 7.30 billion.
James River Coal Company (NASDAQ:JRCC) is up 8.55% in pre market trading at $6.22. James River Coal announced fourth quarter results earlier this morning. The company reported a net loss of $28.5 million or $0.82 per share. The company has a market cap of 198.83 million.
About Danny Fisher
