Investors hoping to extend yesterday’s sharp rally woke up disappointed Tuesday morning with the major indices in negative territory. Dow futures are down 13 points to 13,87. Nasdaq 100 futures are trimming 3 points to 2,774. The S&P 500 futures are rounding out the losses, down 2 points to 1,413.
Bernanke’s comments yesterday regarding his lack of trust in the labor markets continuing their growth helped bolster the rally. This was due to him saying that further stimulus is needed. It was a signal to some that QE3 could be just around the corner.
On the economic data calendar, two important reports are slated to be released this morning. The Case Shiller home price index is due out at 9am EST, while consumer confidence numbers are due out at 10am EST. Both will be watched closely for misses like previous data points over the past couple of weeks.
Commodities are a mixed bag this morning. Nymex crude futures are dipping on economic growth concerns. Oil prices are down 13 cents to $106.90.
The Bernanke speech has been a boon to gold prices. The metal is up $2.40 per ounce to 1,688.00
Stocks to watch today include ISTA Pharmaceuticals, Inc. (NASDAQ:ISTA), Arena Pharmaceuticals, Inc. (NASDAQ:ARNA), E Commerce China Dangdang Inc. (NYSE:DANG), Jaguar Mining Inc. (NYSE:JAG), MAP Pharmaceuticals Inc. (NASDAQ:MAPP), Heckmann Corporation (NYSE:HEK) and Dollar General Corp. (NYSE:DG).
ISTA Pharmaceuticals, Inc. (NASDAQ:ISTA) is up 7.76% in pre market trading at $9.03. ISTA has traded 2.25 million shares already this morning, way above its daily average of 371 thousand shares. ISTA Pharmaceuticals announced this morning issuance of U.S. patent for Prolensa. The company has a market cap of 350.05 million.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) is up 2.33% in pre market trading at $3.08. ARNA has traded 170 thousand shares this morning and trades 5.6 million shares a day on average. On May 10, an FDA panel is set to review the company’s obesity drug, Lorcaserin. ARNA has rallied more than $1 a share in the past week. The company has a market cap of 543.07 million.
E-Commerce China Dangdang Inc. (NYSE:DANG) is up 4.83% in pre market trading at $7.82. DANG has traded 25 thousand shares this morning and trades 2.6 million shares a day on average. Dangdang was upgraded at Oppenheimer this morning to outperform from perform. The company has a market cap of 592.32 million.
Jaguar Mining Inc. (NYSE:JAG) is up 6.18% in pre market trading at $5.50. JAG trades 1.2 million shares a day on average. JAG shares have jumped nearly $0.60 a share in the past few days. The company has a market cap of 437.24 million.
MAP Pharmaceuticals, Inc. (NASDAQ:MAPP) is down 18.26% in pre market trading at $14.02. MAPP has traded 712 thousand shares already this morning, more than double its daily average. MAPP shares are plummeting this morning after the FDA rejected its migraine drug. The company has a market cap of 522.72 million.
Heckmann Corporation (NYSE:HEK) is down 3.05% in pre market trading at $4.45. HEK has traded 53 thousand shares this morning and trades 3.5 million shares a day on average. Heckmann announced yesterday that it plans to offer $250 million senior notes due 2018. The company has a market cap of 581.67 million.
Dollar General Corporation (NYSE:DG) is down 1.93% in pre market trading at $46.53. DG has traded 43 thousand shares this morning and trades 1.6 million shares a day on average. Dollar General announced it will sell 25 million shares in a secondary public offering. Certain stockholders are putting the shares up for sale and Dollar General will not receive any proceeds. The company has a market cap of of 15.98 billion.
About Danny Fisher
