After being up up nearly 100 points after an ECB announcement, the Dow futures are currently up 9 points to 12,040. Nasdaq futures are flat, while S&P futures are down half a point to 1235.50. The major driver holding the markets down is Oracle missing analysts expectations.
The ECB came out out overnight and announced the participation rate in its funding program. Over 500 banks participated to the tune of $641 billion. This far exceeded the numbers Reuters had come up with earlier. It showed a deeper liquidity that previously realized.
The announcement was a catch 22. It showed that liquidity needs were more than being met, but it exposed that a greater number of banks were having short term liquidity issues.
As the market winds down going into the Christmas holiday the economic data calendar is becoming sparse. Today’s major data is existing home sales and is expected at 10am EST. This is on the heels of better than expected housing starts data yesterday.
Commodity prices continued to rally after their drubbing last week. Gold is up $9 to 1$1626. Crude oil is adding 44 cents to $97.69.
On the currency front, the dollar index continues to be a choppy trade. The DXY is up right now .1% to 79.90.
Stocks to watch today include Delphi Financial Group, Inc. (NYSE:DFG), Oracle Corporation (NASDAQ:ORCL), Research In Motion (NASDAQ:RIMM), Endocyte, Inc. (NASDAQ:ECYT), Inhibitex, Inc. (NASDAQ:INHX), Nike, Inc. (NYSE:NKE) and Apple Inc. (NASDAQ:AAPL)
Delphi Financial Group, Inc. (NYSE:DFG) is up 72.63% in pre market trading at $43.90. DFG has traded one thousand shares so far this morning and averages 261 thousand shares a day. Tokio Marine Holdings and Delphi Financial Group announced today that Tokio Marine Holdings will acquire all outstanding shares of Delphi Financial Group for $2.7 billion. Delphi has a market cap of 1.39 billion.
Oracle Corporation (NASDAQ:ORCL) is down 8.91% in pre market trading at $26.57. ORCL has traded 29 thousand shares so far in pre market and trades 26.11 million shares a day on average. Earnings for the company fell short for the first time in 10 years. Oracle posted an EPS of $0.54, while analysts were expecting $0.57. The company has a market cap of 147.15 billion.
Research In Motion (NASDAQ:RIMM) is up 7.83% in pre market trading at $13.50. RIMM has traded 375 thousand shares so far today and trades 21.96 million shares a day on average. News that Microsoft and Nokia had thought about acquiring the company in recent months is sending stocks up this morning. The status of these talks unclear. Research In Motion has a market cap of 6.56 billion.
Endocyte, Inc. (NASDAQ:ECYT) is up 4.43% in pre market trading at $3.30. ECYT trades 676 thousand shares a day on average. Endocyte has a market cap of 112.93 million.
Inhibitex, Inc. (NASDAQ:INHX) is up 0.67% in pre market trading at $10.59. INHX trades 4.12 million shares a day on average. INHX stock has recovered somewhat after having a massive sell off last Friday. The company has a market cap of 823.65 million.
Nike, Inc. (NYSE:NKE) is up 1.71% in pre market trading at $95.23. NKE has trades 2.38 million shaers a day on average. Nike shares are up early after the company announced earnings. Nike saw profits rise for the third straight quarter. Nike has a market cap of 43.41 billion.
Apple Inc. (NASDAQ:AAPL) is down slightly in pre market trading at $393.93. AAPL trades 13.94 million shares a day on average. AAPL stock jumped more than $13 a share yesterday after the market wide rally saw the Dow gain more than 300 points. Apple has a market cap of 368 billion.