Deja vu on the market again this morning. The concern? Europe. Just when you thought it was safe to go back outside another sovereign debt issue creeps up. This time around it is Spain. Plus mix in some Chinese growth concerns and you have the right mix for a volatile day on the street. Dow futures are negative this morning down 30 points to 13,023. Nasdaq 100 futures are down just over 6 points to 2,761. The S&P 500 futures are rounding out the pre-market volatility, down slightly to 1,396.50.
The big economic data point out this morning is jobless claims. A print of 359k is being spun as a decline by the BLS because of an upward revision of last week’s numbers. What an awesome tool to have. This week’s numbers are great because I could not add correctly last week, so those were actually worse. Beginning to wonder if they have ever had to revise the number downward.
Spanish and European officials are denying the reports that EU officials have been urging their Spanish counterparts to start the process of seeking a bailout from the IMF and ECB. Of course if this story sounds familiar, it is because you just watched the trilogy in Greece. Spain’s austerity drive has already prompted a country-wide strike and will likely lead to further political turmoil in the country.
Sliding growth in China also has investors concerned. The constant misses on their manufacturing numbers have increased the fear of a hard landing in the country. Plus investors think the slowdown is tied to Europe so that has them girding for more EU misery.
Commodities continue to e extremely volatile this morning. Gold prices essentially flat after whipsawing between positive and negative territory.
Oil prices are down this morning on growth fears. But everyone knows that if Iran shifts in their chair wrong they can shoot right back. Nymex crude futures are down just under 50 cents to $104.86.
Stocks to watch today include Galena Biopharma Inc. (NASDAQ:GALE), Best Buy Co., Inc. (NYSE:BBY), Illumina, Inc. (NASDAQ:ILMN), Zynga Inc. (NASDAQ:ZNGA), Chelsea Therapeutics International Ltd. (NASDAQ:CHTP), Collective Brands Inc. (NYSE:PSS) and Total SA (NYSE:TOT).
Galena Biopharma, Inc. (NASDAQ:GALE) is up 20% in pre market trading at $2.38. GALE has traded 69 thousand shares this morning and trades 4.13 million shares a day on average. GALE shares are looking to bounce back today after the stock has been in a significant downtrend over the past week. The company has a market cap of 85.97 million.
Best Buy Co. Inc. (NYSE:BBY) is up 3.98% in pre market trading at $27.70. BBY has traded 127 thousand shares already this morning and trades 5.5 million shares a day on average. Best Buy reported fourth quarter earnings of $2.47 per share, beating estimates of $2.16 per share. Revenue came in below estimates at $16.63 billion, analysts were expecting 17.2 billion. Best Buy also announced a three year cost cutting plan that will see 50 stores close in fiscal 2013 and reduce its back office workforce by 400. The company also announced it will open 100 mobile stand-alone stores. The company has a market cap of 9.33 billion.
Ilumina Inc. (NASDAQ:ILMN) is up 3.25% in pre market trading at $49.88. ILMN has traded 1.94 million shares this morning and trades 3.1 million shares a day on average. ILMN shares are up this morning on news that Roche raised its hostile bid for the company to $6.7 billion. The company has a market cap of 6.10 billion.
Zynga, Inc. (NASDAQ:ZNGA) is unchanged in pre market trading at $12.24. ZNGA’s volume has been heavy though with 957 thousand shares traded so far. The stock trades 9.72 million shares a day on average. Zynga announced this morning they are pricing their secondary offering at $12 per share. The company has a market cap of 8.88 billion.
Chelsea Therapeutics International Ltd. (NASDAQ:CHTP) is down 26.18% in pre market trading at $2.69. CHTP has traded 410 thousand shares so far this morning and trades 3.22 million shares a day on average. CHTP shares are plummeting this morning after the FDA requested the company provide more information about trials of its Nothera Capsules, a treatment for Parkinson’s disease. The company has a market cap of 246.10 million.
Collective Brands, Inc. (NYSE:PSS) is up 8.79% in pre market trading at $20.06. PSS has traded 70 thousand shares in pre market trading and trades 1.5 million shares a day on average. PSS shares have rallied more than $2 a share from its low of $17.80 yesterday. The company has a market cap of 1.12 billion.
Total SA (NYSE:TOT) is down 2.62% in pre market trading at $49.80. TOT has traded 362 thousand shares this morning and trades 3.2 million shares a day on average. TOT shares continue lower today as a natural gas leak on a North Sea platform could end up costing the company billions in damage. The company has a market cap of 115.28 billion.