European worries are hitting the US futures this morning after news broke that the pro-bailout parties in Greece could not form a coalition government. The focus now shifts towards the leftist parties who are decidedly anti-bailout. Most observers doubt they will be able to form a new government, which could lead to new elections in June. All the uncertainty has domestic futures edging lower this morning. Dow futures are down 72 points, Nasdaq futures are off 16 and the S&P 500 futures are down just over 6 points.
International markets were mixed overnight as investors take a wait and see approach to the French and Greek results. The lack of any domestic economic data will have the market trading sideways according to most analysts. US markets could also be susceptible to knee-jerk reactions on news out of the EU.
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A measure of small business optimisms posted its best post-recession number this morning. The NFIB reported that its index rose by 2 points to 94.5. It was helped along by an 11 point increase in earnings trends.
Commodities are following the broader market lower this morning. Oil prices are dropping again as Nymex crude futures are off a dollar to $96.94 per barrel. Gold prices are following suit, down over $23 to $1616 per ounce.
Stocks to Watch
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) is up 6.99% in pre market trading at $2.94. ARNA shares continue their slow march higher ahead of the company’s FDA decision vote on May 10. ARNA is up about 8% over the past five days. The company has a market cap of 496.40 million.
Nokia Corporation (NYSE:NOK) is up slightly this morning at $3.23. Nokia stock appears to have bottomed out around the $3.25 mark after falling nearly 40% over the past month following a bumpy launch of its Lumia 900. NOK has traded 107 thousand shares so far today and trades 37.08 million shares a day on average.
GTX Inc. (NASDAQ:GTXI) is up 12.58% in pre market trading at $3.49. GTX is set to release first quarter results before market open today. The company also recently announced the removal of full clinical hold by FDA for Capesaris. GTXI stock rallied from a low of $2.90 yesterday to $3.10 before jumping this morning. The company has a market cap of 194.69 million.
Dendreon Corp. (NASDAQ:DNDN) is down 13.52% in pre market trading at $10.11. DNDN shares are taking a hit today as Dendreon reported a first quarter loss and what analysts are describing as ‘modest growth’ for its only marketed product, Provenge. The company reported a loss of $103.9 million or $0.70 per share late yesterday. Total revenue came in at $82 million. Analysts were expecting a loss of $0.67 per share on revenue of $81.7 million.
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MAKO Surgical Corp. (NASDAQ:MAKO) is down 29.47% in early trading at $29.20. MAKO shares tumble today as company lowers sales forecast following slow first quarter. MAKO has traded 82 thousand shares so far today and averages 790 thousand shares a day on average. The company has a market cap of 1.76 billion.
Krispy Kreme Doughnuts, Inc. (NYSE:KKD) is down 8.44% this morning at $6.40. KKD has traded 12 thousand shares so far today and averages 645 thousand shares daily. KKD shares had mostly flat over the past month, but has seen a bit of a downtrend over the past week or so as it falls about $1 a share. The company has a market cap of 476 million.
Electronic Arts Inc. (NASDAQ:EA) is down 4.23% in pre market trading at $14.49. EA posted a beat on earnings yesterday, but shares are falling as forecasts fall short. Also worrying is EA’s big title “Star Wars: The Old Republic” lost 400,000 subscribers in the fourth quarter. The company has a market cap of 5.01 billion.
Synacor, Inc. (NASDAQ:SYNC) is down 6.95% this morning at $12.19. SYNC has traded 30 thousand shares this morning and trades 597 thousand shares a day on average. SYNC shares have jumped nearly 60% over the past five days despite trading lower in pre market. The company has a market cap of 217.50 million.
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