Investors are shrugging off the lackluster earning report from Alcoa and the decidedly negative one out of AMD to turn bullish this morning. Right now, investors are trying to figure out the balancing act of how to digest earnings against the backdrop of a possible renewed downturn in the economy. Sign Up For Free Stock Alerts
A current snapshot of the futures has the Dow up 43, the Nasdaq 8 and the S&P 500 just over 3 points.
The European saga of bailouts and more bailouts continued this morning as the EU agreed to to loosen Spain’s deficit targets and to provide the first tranche of of money to the country’s ailing financial sector. THis helped send the 10-year yield of Spanish bonds sharply lower.
Domestically the data calendar remains light. Earnings season is in full swing again so most of the headlines will emerge out of that. Some analysts are expecting a tricky month for investors. This is due to the lowered expectations and forecasts put forward last season. The question remains, was the bar lowered enough?
Commodities are a mixed bag this morning with oil slipping lower and gold higher. Nymex futures are down 41 cents to $85.62 per barrel. Gold futures are modestly higher, up just ovr $5 per ounce. The metal is closing back in on the $1600 level.
Stocks to Watch
Advanced Micro Devices, Inc. (NYSE:AMD) is down 8.72% in pre market trading at $5.13. AMD has traded nearly 2 million shares already this morning and averages 15.8 million shares a day. AMD shares are tumbling as the company lowers its second quarter outlook and says it expects an 11% sequential drop in second quarter earnings. The company has a market cap of 3.94 billion.
Armour Residential REIT, Inc. (NYSE:ARR) is down 2.55% this morning at $7.25. ARR has traded 495 thousand shares so far today and trades 3.8 million shares a day on average. ARR shares are down today after the company announces a public offering of 40 million shares. The company has a market cap of 1.32 billion.
Nokia Corporation (NYSE:NOK) is down 2.17% this morning at $1.80. NOK has traded 173 thousand shares so far today and trades 42.9 million shares a day on average. NOK shares are down more than $0.30 a share over the past week. The company has a market cap of 6.83 billion.
Sirius XM Radio Inc. (NASDAQ:SIRI) is up 0.24% in pre market trading at $2.08. SIRI has traded 118 thousand shares this morning and trades 50.6 million shares a day on average. SIRI shares are up more than 10% this week as Sirius raises its 2012 subscriber growth target. The company has a market cap of 7.89 billion.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) is up 1.22% this morning at $11.60. ARNA has traded 70 thousand share this morning and trades 23.9 million shares a day on average. ARNA shares have rallied more than $2 a share since last Monday. The company has a market cap of 2.09 billion. Sign Up For Free Stock Alerts
Alcatel-Lucent, S.A. (NYSE:ALU) is up 4.03% in pre market trading at $1.55. ALU has traded 70 thousand shares so far today and trades 19.3 million shares a day on average. ALU shares have been down as much as $0.20 a share over the past week. The company has a market cap of 3.38 billion.