Even Wal Mart’s strong quarter is struggling to prop up the market thanks to news out of the EU. The continual soap opera from Europe now has possible bank runs spreading to Spain after already hitting Greece. Moody’s has already threatened to downgrade a host of Spanish banks in the coming days. This will only add to the pressure the EU is facing. Dow futures are currently down 10 points. Nasdaq and S&P futures are both slightly negative, down 5 and 2 points respectively.
Jobless claims remained unchanged from last week. After being revised higher from 367k, this week’s print is at 370k. The four week average fell to 375k. Analysts had been expecting a drop to 365k.
In Europe, markets are down across the board as contagion fears ramp up. Many analysts say that the EU has to move decisively to shore up confidence in both Spain and Italy. Greece still remains without a functioning national government as it hurtles towards another election sometime in June. The anti-bailout leftist parties are picking up steam in the polls, so the crisis could become even more heated in the coming weeks.
Commodities remained mixed with oil futures drifting lower, while gold prices rebounded higher.
Stocks to Watch
Vodafone Group plc (NASDAQ:VOD) is down 2.46% this morning at $26.12. VOD has traded 162 thousand shares so far today and trades 6.64 million shares a day on average. VOD shares have dipped about $1.50 a share over the past week. The company has a market cap of 136.93 billion.
Rosetta Genomics, Ltd. (NASDAQ:ROSG) is down 14.83% today at $4.25. ROSG has traded 111 thousand shares so far today, above its daily average of 53 thousand shares. Rosetta announced an offering of 632,057 shares yesterday at $3.50 per share.
Millennial Media, Inc. (NYSE:MM) is up 4.55% this morning at $11.96. MM has traded 1,200 shares today and trades 641 thousand shares a day on average. MM shares have dropped more than $3 a share in the past week after the company posted a wider first quarter loss. The company has a market cap of 870.43 million.
Dendreon Corporation (NASDAQ:DNDN) is down 8.12% in pre market trading trading at $7.92. DNDN has traded nearly 20 thousand shares today and trades 18 thousand shares a day on average. DNDN share are down more than $2 a share this week. The company has a market cap of 1.27 billion.
Alcatel-Lucent, S.A. (NYSE:ALU) is up 0.69% in pre market trading at $1.46. ALU has traded 42 thousand shares this morning and trades 24.7 million shares a day on average. ALU has shares are down about $0.10 a share on the week. The company has a market cap of 3.29 billion.
Nokia Corporation (NYSE:NOK) is up 0.36% in pre market trading at $2.81. NOK has traded 61 thousand shares this morning and averages 39.5 million shares a day. NOK shares have fallen $0.40 a share this week. The company has a market cap of 10.39 billion.
E-Commerce China Dangdang Inc. (NYSE:DANG) is down 3.87% in pre market trading at $7.20. DANG has traded 12 thousand shares this morning and trades 3.2 million shares a day on average. DANG shares are down after missing revenue for the first quarter. The company also posted lower than expected guidance. The company has a market cap of 616.32 million.