Stock Futures Up Following Yesterday’s Rally, Stocks to Watch: SIRI, ILMN, RIMM, CTIC, NOK, BAC

Stocks are set to open higher this morning following yesterday’s rally thanks to better than expected manufacturing data. The market was in full rally mode much of yesterday, but did give back a decent amount of its gains after Ben Bernanke expressed his concerns about economic growth in the U.S. European economic problems also continue to weigh heavily on investors with Spain’s economic health being the main concern. Spain saw its unemployment jump again last month and some European officials are saying Spain could ask for a bailout as soon as this weekend.

Futures are showing the major stock averages opening about 0.5% higher today with Dow futures up 49 points, Nasdaq up 11 points and the S&P 500 up 7 points.

Stocks to Watch

Sirius XM Radio Inc. (NASDAQ:SIRI) is up about 3% in pre market trading at $2.64. SIRI is seeing heavy pre market trading with over a million shares traded already today and averages 61 million shares a day on average. SIRI shares are up about $0.20 a share since last Wednesday. The company has a market cap of 9.83 billion.

Illumina Inc. (NASDAQ:ILMN) is up 5.41% in pre market trading at $51.64. ILMN has traded 562 thousand shares already today and trades 1.2 million shares a day on average. ILMN shares are have jumped $4 a share in the past couple of days. Ilumina is set to announce their latest earnings on October 22. The company has a market cap of 6.03 billion.

Research In Motion Limited (NASDAQ:RIMM) is down slightly in pre market at $7.83. RIMM has traded 70 thousand shares this morning and trades 23.3 million shares a day on average. RIMM shares are up more than 25% over the past five days after the company posted surprisingly good earnings. The company has a market cap of 4.12 billion.

Cell Therapeutics, Inc. (NASDAQ:CTIC) is up 22.87% in pre market trading at $2.74. CTIC has traded 175 thousand shares already this morning and trades 1.2 million shares a day on average. CTIC shares are up today after its drug, Opaxiotm, receives orphan drug designation. The company has a market cap of 94.85 million.

Nokia Corporation (NYSE:NOK) is up 0.72% in pre market trading at $2.78. NOK has traded 1.7 million shares so far today and trades 54.7 million shares a day on average. Nokia announced a deal yesterday that will make its maps and location services available to Oracle customers. The company has a market cap of 10.24 billion.

Bank of America Corporation (NYSE:BAC) is up 1.23% in pre market trading at $9.07. BAC has traded 830 thousand shares this morning and trades 131.6 million shares a day on average. BAC shares have traded between $8.80 and $9.20 over the past five days. The company has a market cap of 95.56 billion.

About Rachel Brook

Rachel Brook is an up and coming financial writer focusing on commodity price inflation and how the overall market reacts to the price swings. She also covers emerging markets in Africa and SE Asia.

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