Stock Futures Retreat on China and Europe Worries, Stocks to Watch

Stock FuturesDeja vu on the market again this morning. The concern? Europe. Just when you thought it was safe to go back outside another sovereign debt issue creeps up. This time around it is Spain. Plus mix in some Chinese growth concerns and you have the right mix for a volatile day on the street. Dow futures are negative this morning down 30 points to 13,023. Nasdaq 100 futures are down just over 6 points to 2,761. The S&P 500 futures are rounding out the pre-market volatility, down slightly to 1,396.50.

The big economic data point out this morning is jobless claims. A print of 359k is being spun as a decline by the BLS because of an upward revision of last week’s numbers. What an awesome tool to have. This week’s numbers are great because I could not add correctly last week, so those were actually worse. Beginning to wonder if they have ever had to revise the number downward.

Spanish and European officials are denying the reports that EU officials have been urging their Spanish counterparts to start the process of seeking a bailout from the IMF and ECB. Of course if this story sounds familiar, it is because you just watched the trilogy in Greece. Spain’s austerity drive has already prompted a country-wide strike and will likely lead to further political turmoil in the country.

Sliding growth in China also has investors concerned. The constant misses on their manufacturing numbers have increased the fear of a hard landing in the country. Plus investors think the slowdown is tied to Europe so that has them girding for more EU misery.

Commodities continue to e extremely volatile this morning. Gold prices essentially flat after whipsawing between positive and negative territory. [Read more...]

Biggest Losers as Market Continues Lower: FRO, OSG, ALU, CHS, PSS, PWRD

Stocks continue lower today after the U.S. GDP was revised lower to 2% from 2.5%. The crisis in Europe continues as well as investors fear a collapse if the ECB doesn’t act sooner. At 11:00am EST the Dow is down 83 points, the Nasdaq is down 18 points and the S&P is down 8 points.

Frontline Ltd. (NYSE:FRO) is down 42.39% at $2.99 this morning. FRO has traded 8.1 million shares so far today, well above its daily average of 2.4 million shares. The company is in talks to overhaul their finances. FRO has dipped the past two days from over $5.50 to less than $3. The company has a current market cap of 234.35 million.

Overseas Shipholding Group Inc. (NYSE:OSG) is down 17.72% at $10.35 this morning. OSG continued its drop from yesterday, dropping more than $3 in two days. OSG has traded 1.4 million shares so far today, double its average volume The company has a current market cap of 318.71 million.

Alcatel-Lucent, S.A. (NYSE:ALU) is down 13.71% today at $1.61. ALU has been dropping pretty much all month long after hitting a November high of around $2.76. The stock has traded 17.5 million shares so far today, 7 million shares short of its daily average. The company has a current market cap of 3.47 billion.

Chico’s FAS Inc. (NYSE:CHS) is down 16.88% at $9.65 this morning. The stock is down after the company announced their third quarter results this morning. Quarter three EPS was at $0.18 with analysts expecting $0.20. Shares of CHS are hitting a new 52-week low right now with over 6.2 million shares traded. The company has a current market cap of 1.67 billion.

Collective Brands, Inc. (NYSE:PSS) is down 14.16% at $11.76 this morning. PSS is down after analysts lowered price targets for the stock from $18 to $16. PSS has traded 5.5 million shares so far today, more than double its daily average. The company has a current market cap of 722.88 million.

Perfect World Co., Ltd. (NASDAQ:PWRD) is down 12.13% at $10.00 in morning trading. PWRD released quarterly earnings that were below analysts expectations. The company’s revenue climbed 22% to $111.2 million. Its EPS was $0.53 though, well short of the $0.67 analysts were expecting. PWRD has traded 1.4 million shares so far today, 600 thousand more than its daily average. The company has a current market cap of 496.81 million.

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