After a six session losing streak, stock futures are rebounding this morning on jobless claims numbers and the lack of bad headlines out of Europe. Spain’s bond pressure eased a day after they nationalized their fourth-largest lender. The country is expected to unveil a plan today that would requirement banks to shore up their capital reserves to protect against their own housing collapse.
Dow futures are currently up 43 points. Nasdaq and S&P futures are following the index higher, both up 10 and 9 points respectively.
The big economic data point for US markets today is jobless claims. Printing at 367k it is mostly in line with expectations. Last week’s number was revised up to 368k, so that accounts for the 1k drop in claims. The 4 week rolling average dropped 5k to 379k.
In Europe, the markets are stabilizing after a week of turbulent trading. Most analysts think Greece is heading for a fresh round of elections in June, as none of the parties can find enough seats to form a ruling coalition. This puts the next bailout payment in jeopardy as EU countries may be unwilling to continue their support to a country without a functioning national government.
In commodities oil prices are rebounding on the macro data. After slipping below the $00 per barrel mark, Nymex crude futures are up 33 cents to $97.14.
Stocks to Watch
Cisco Systems, Inc. (NASDAQ:CSCO) is down 8.04% in pre market trading at $17.27. CSCO has traded 2.5 million shares this morning and averages 39.3 million shares a day. CSCO shares are dipping this morning due to a lower profit outlook. Cisco expects second quarter profits to be $0.44 to $0.46 per share, analysts were expecting $0.49 per share. The company has a market cap of 101.15 billion.
Avon Products Inc. (NYSE:AVP) is up 1.62% in pre market trading at $21.98. AVP has traded 2.66 million shares so far today and trades 10.25 million shares a day on average. Coty increased its bid for the company to $24.75 and as Buffett’s Berkshire Hathaway joins Coty. The company has a market cap of 9.33 billion.
Alcatel-Lucent, S.A. (NYSE:ALU) is up 4% in pre market trading at $1.56. ALU has traded 639 thousand shares so far today and trades 27 million shares a day on average. ALU shares have been in a down trend over the past 3 months as it has fallen more than 30%. The company has a market cap of 3.32 billion.
Tesla Motors, Inc. (NASDAQ:TSLA) is up 8.12% in pre market trading at $32.50. TSLA has traded 16 thousand shares this morning and trades 1.16 million shares a day on average. TSLA shares are up today as Tesla Motors announced it will be delivering its Model S sedan early. The company has a market cap of 3.14 billion.
Universal Display Corp. (NASDAQ:PANL) is down 13.46% in pre market trading at $33.89. PANL has traded 41 thousand shares so far today and trades 921 thousand shares a day on average. PANL shares are tumbling this morning after posting a surprise first quarter loss. Revenue was $12.6 million for the first quarter with a loss of $1.2 million, or $0.3 a share. Wall Street was expecting revenue of $16.4 million on profits of $0.04 a share.
Renren Inc. (NYSE:RENN) is up 4.30% in pre market trading at $6.07. RENN has traded 60 thousand shares so far today and trades 9.8 million shares a day on average. RENN shares have fallen 12% over the past five days. The company has a market cap of 2.29 billion.
Central European Distribution Corp. (NASDAQ:CEDC) is up 3% in pre market trading at $4.845. CEDC trades just over a million shares a day on average. CEDC shares are up slightly as Central European announces first quarter results. Net income rose for the first quarter, but the company posted a wider loss on adjusted basis. Revenue also dropped. The company has a market cap of 341.45 million.
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