Stock Futures Sell Off As European Concerns Weigh. Stocks to Watch: DMD, SODA, ARNA, PSTI, DVAX, STEC, SYNC

penny stocksEurope continues to dominate the the psyche of the global investors. The political turmoil in Greece is bringing up the question of whether or not they will leave the Euro and return to the drachma. Dow futures are currently down 89 points. Nasdaq and S&P futures are down 21 and 11 points respectively.

Domestically, the economic data calendar remains light today with just wholesale inventories slated for release at 10am EST. This will leave the US markets susceptible to knee-jerk reactions on any headlines that emerge from Europe.

Most observers think there will be a new round of elections in June as neither side seems to have enough to seats to form a ruling coalition. The leader of the Radical Left has already come out and said that the Greek debt agreement s were null, hence the market reaction over the past few days. It shows the people on the ground are tired of being dictated to by the IMF and ECB.

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Greece does have fiscal deadlines approaching on whether or not they continue to receive bailout funds. Without a ruling government, one has to wonder the status of the funds and whether or not Greece can meet their fiscal obligations set forth under the agreements. Doubtful at best.

Commodities are enduring the same sell off that the broader market is. Gold prices lost their grip on $1600 per ounce overnight, while oil continues to fall over concerns over growth. Oil is actually good news for consumers as it will lessen the pain at the pump somewhat.

All in all expect a repeat of yesterday in regards to market action. Unless the headlines out of Europe really start getting surprising. [Read more...]

Stock Futures Red As Europe Hits Turbulence. Stocks to Watch: ARNA, NOK, GTXI, DNDN, MAKO, KKD, EA, SYNC

Stock FuturesEuropean worries are hitting the US futures this morning after news broke that the pro-bailout parties in Greece could not form a coalition government. The focus now shifts towards the leftist parties who are decidedly anti-bailout. Most observers doubt they will be able to form a new government, which could lead to new elections in June. All the uncertainty has domestic futures edging lower this morning. Dow futures are down 72 points, Nasdaq futures are off 16 and the S&P 500 futures are down just over 6 points.

International markets were mixed overnight as investors take a wait and see approach to the French and Greek results. The lack of any domestic economic data will have the market trading sideways according to most analysts. US markets could also be susceptible to knee-jerk reactions on news out of the EU.

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A measure of small business optimisms posted its best post-recession number this morning. The NFIB reported that its index rose by 2 points to 94.5. It was helped along by an 11 point increase in earnings trends.

Commodities are following the broader market lower this morning. Oil prices are dropping again as Nymex crude futures are off a dollar to $96.94 per barrel. Gold prices are following suit, down over $23 to $1616 per ounce. [Read more...]

KGJI, IO, PVA, SYNC, CELL, DUSA Are Rallying This Morning

Wall StreetKingold Jewelry, Inc. (NASDAQ:KGJI) is up 19.22% today at $1.99. KGJI has traded 858 thousand shares so far today, well above its daily average of 172 thousand shares. Kingold Jewelry announced today that it will issue its first quarter results on May 9 after market close and will hold a conference call the following morning. The company has a market cap of 106.21 million.

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ION Geophysical Corporation (NYSE:IO) is up 19.67% this morning at $7.54. IO has traded 3.8 million shares so far today, more than double its daily average. ION announced first quarter results today and beat EPS estimates by $0.01 and also beat on revenue. Revenue came in at $111.7 million and net income was $0.05 per share. The company has a market cap of 1.17 billion. [Read more...]

Hot Stocks in Afternoon Trading: SYNC, IMI, YPF, PWAV, GLUU, WPI

Wall Street signSynacor, Inc. (NASDAQ:SYNC) is up 15.76% today at $7.05. SYNC has traded 744 thousand shares so far today, well above its daily average of 124 thousand shares. Stifel Nicolaus initiated coverage on Synacor today and gave it a buy rating. The company has a market cap of 20.99 million.

Intermolecular, Inc. (NASDAQ:IMI) is up 13.03% this afternoon at $6.16. IMI has traded 474 thousand shares so fa today, 4 times its average volume. IMI shares are up nearly $1 a share in the past week. The company has a market cap of 132.34 million. [Read more...]

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