Stock Futures Point Lower on ADP Data. Stocks to Watch: PLX, MNKD, RENN, NOK, CHRS, GNW

Stock FuturesInvestors are digesting the release of the ADP report for private sector job numbers. Stock futures gave up their early gains after the Markit purchasing index fell more than expected. This was due to fears that the EU recession would deepen in the second quarter. Dow futures are currently down 31 points. Nasdaq and S&P futures are also modestly negative, down 7 and nearly 4 points.

The ADP report showed that the private sector added 119k jobs last month. This is down from 200k level the month previous. If you extrapolate it out and compare the NFP with ADP we may be heading for a disappointment come Friday.

Europe continues to provide the headwinds for the global economy. The EU statistics agency, Eurostat, released unemployment numbers for the EU as whole. It showed unemployment jumping to 10.9%, the highest since the inception of the Euro. AS of now, most major EU markets are trading flat to slightly negative.

Domestically the main-event is still to come economic data wise. All eyes will be on Friday’s NFP report. Consensus expectations is for a print of 163k jobs created, up from 120k. Don’t be surprised if you start seeing major investment firms slash their estimates either today or tomorrow to account for weakness in the weekly jobless claims numbers.

Commodities are following the broader market lower this morning. Oil futures are off slightly, with Nymex crude futures down 35 cents to $105.81. Gold prices are also down slightly, off $9.50 per ounce to $1,652.90.

Interested in the latest happenings in the penny stock market? Check out [Read more...]

Insiders Trading Report for March 29

Traders at the NYSEYesterday’s whipsawing action on the domestic markets may be a sign of a slow down looming. Europe is looking like it wants to turn its sovereign debt crisis into a never ending mini-series. The Dow managed to recover all of its losses on the day and closed up 19 points. The Nasdaq and S&P remained in negative territory, dropping 10 and 2 points respectively.

Jobless data yesterday was massaged by revisions to make it appear as a drop in claims. The print from the week previous was revised upwards to 364k. Created a better looking headline of a 5k drop in claims. Will be interesting to see when earnings season starts anew in the coming weeks, plus the late April Fed meeting. [Read more...]

Hot Stocks to Watch: DEER, RHT, PRSS, ARNA, CHRS, AET, MCP, CI

Wall Street signEurope is coming back into focus today, and not in a good way. Rumors were swirling in Spain that EU officials had been urging their Spanish counterparts to start the process of a bailout from the IMF and ECB. Coupled with a strike due to a renewed austerity push, you had the makings of a down day across the continent.

Italian markets also took a beating on the day, down over 3% on the day. Growth fears are returning in force across the continent and due to the Chinese data and US macro data doing little to allay fears. EU sentiment indexes also declined unexpectedly which helped lead the sell-off.

Domestically the major indices are negative today. Currently, the Dow is down nearly 70 points to 13,075. The Nasdaq and S&P500 are both down 31 and 12 points respectively. [Read more...]

Stock Gainers In Midday Trading For Dec. 1

Dex One Corporation (NYSE:DEXO) is up 25.95% in midday trading at $1.65. DEXO has traded 1.7 million shares so far today, nearly a million more than its daily average of 958 thousand shares. DEXO has been in a big uptrend the past five trading sessions moving from less than $0.80 to as high as $1.80. The company has a current market cap of 82.38 million.

Magma Design Automation Inc. (NASDAQ:LAVA) is up 24.74% at $7.14. LAVA has traded 39.3 million shares so far today, way above its daily average of 766 thousand shares. Synopsys (NASDAQ:SNPS) said it has agreed to buy Magma Design for $7.35 a share. The company has a current market cap of 488.73 million.

GMX Resources Inc. (NYSE:GMXR) is up 19.70% today at $1.58. GMXR has traded 1.5 million shares so far today and has already traded what it usually trades in a day. GMX Resources announced it will sell an overriding royalty interest in certain long-lived producing assets in Haynesville Bossier for $50 million. The company has a current market cap of 90.04 million.

Texas Industrials Inc. (NYSE:TXI) is up 17.45% at $29.75 in midday trading today. TXI has traded 3 million shares so far today, 10 times its daily average. TXI spiked right around the noon hour and jumped as high as $35.84. The company has a current market cap of 827.17 million.

Charming Shoppes Inc. (NASDAQ:CHRS) is up 13.14% today at $4.39. CHRS has traded 7.2 million shares so far today, more than 3 times its daily average. CHRS stock is up today after the company plans to sell Fashion Bug operations and conduct a strategic review. The company has a current market cap of 511.23 million.

Transcept Pharmaceuticals, Inc. (NASDAQ:TSPT) is up 15.78% at $8.07 in midday trading today. TSPT has traded 2.2 million shares so far today, nearly 4 times its daily average.Transcept Pharmaceuticals announced today Purdue’s exercise of option to commercialize Intermezzo in the U.S. The company has a current market cap of 108.44 million.

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