In the long-running Greek saga it seems we are back to optimism today. Investors are hopeful that Greece will strike a deal over its debt today. This would give the country access to the second round of bailout funds. Dow futures are up 21 points to 12,852. The Nasdaq 100 futures are adding 4.25 points, and the S&P 500 is rounding out the positive moves, up one point to 1,345.
The Greek Prime Minister is schedule to meet with coalition leaders on Wednesday. It is hoped that this will clear the way for passage of new measures to secure bailout funds. Without the bailout funds, Greece is almost certainly heading for default in March. The ECB gave ground earlier, agreeing to swap its Greek holding s for less than face value.
At this point, market moves are being dictated by Greece. Any deal should continue the market rally in the short-term. A default would increase the worry about contagion. Of course the bailout does create a sense of moral hazard, because there are other countries that will be in line to get bailed out next. See Portugal.
Prospects for a Greek bailout and a temporary resolution to the crisis is sending both the Asian and European markets higher.
Domestically, earnings season continues today. Shares of Time Warner Inc are up over 3% in pre-market trading after the company topped expectations. They also announced a stock buy-back program and increased their dividend by 11%.
Shares of Walt Disney Co. are down slightly this morning after the company had a slight miss in their first quarter. Revenues came in at 10.78 billion versus expectations 11.19 billion.
Stocks to watch today include Kodiak Oil & Gas Corp (NYSE:KOG), Avid Technology Inc. (NASDAQ:AVID), Sprint Nextel Corporation (NYSE:S), Central European Distribution Corp. (NASDAQ:CEDC), Renren Inc. (NYSE:RENN), Amazon.com, Inc. (NASDAQ:AMZN) and Virgin Media Inc. (NASDAQ:VMED)
Kodiak Oil & Gas Corp (NYSE:KOG) is up 1.78% in pre market trading at $9.13. KOG typically trades 6.5 million shares a day on average. Kodiak reported yesterday that they assumed its sixth operated rig and all of KOG’s rigs are drilling on wells in North Dakota. The company has a market cap of 1.88 billion.
Avid Technology, Inc. (NASDAQ:AVID) is up 16.63% in pre market trading at $11.64. AVID shares are jumping this morning after the company reported good quarterly results yesterday. Avid Technology beat EPS estimates by $0.23 a share and also beat revenue estimates. The company has a market cap of 385.28 million.
Sprint Nextel Corporation (NYSE:S) is up 2.86% in pre market trading at $2.52. Sprint posted a net loss this morning for the previous quarter, but saw revenue gain from the iPhone. The CEO also said he sees the iPhone bring significant value over the long term. The company has a market cap of 7.34 billion.
Central European Distribution Corp. (NASDAQ:CEDC) is up 7.91% in pre market trading at $6.00. CEDC shares are up 50% in the past week following news that Russian Standard will increase stake in the company. The company has a market cap of 403.06 million.
Renren Inc. (NYSE:RENN) is up 3.63% in pre market trading at $5.23. RENN shares have seen a lot of volatility lately due to the Facebook IPO news. RENN jumped more than 50% last month, but has since fallen some and has been whipsawing between $5 and $5.50 every day. The company has a market cap of 2.05 billion.
Amazon.com, Inc. (NASDAQ:AMZN) is up 0.48% in pre market trading at $185.07. AMZN shares are up about $15 a share since last Wednesday. Amazon and Viacom are close to a web video deal according to reports yesterday. The company has a market cap of 83.82 billion.
Virgin Media Inc. (NASDAQ:VMED) is up 3.83% in pre market trading at $25.21. VMED shares are up after the company reported fourth quarter results. TiVo and broadband helped boost Virgin Media in the fourth quarter. The company also saw a rise in customers. The company has a market cap of 7.31 billion.
