Stock Futures Maintain Slump After Claims, Stocks to Watch: MRK, SVU, ALU, GNOM, TOT, ORCL

Wall StreetNot even a solid jobless claim report could shake the blues pervading wall street this morning. Jobless claims fell to their lowest level in 4 years last week, 350k, but are expected to tick up next week due to seasonal factors. Futures are down mainly because the FOMC minutes gave little evidence that QE3 is right around the corner.

A quick snapshot of the futures has the Dow down 78, the Nasdaq 18 and the S&P nearly 10.

Asian markets were hammered overnight as investors were more risk averse as it looks like the Fed is waiting for deterioration in the markets to move forward with any additional stimulus. Sign Up For Free Stock Alerts

Commodities were also taking a dive this morning with oil and gold both down. Nymex crude futures are down $1.10 to just over $84 per barrel. Gold futures are off $17 to $1558.70 per ounce. [Read more...]

Total Spokesman Confirms Flare on North Sea Platform Is Out

Breaking newsA flare near Total’s Elgin drilling platform, which has been leaking natural gas for six days, went out. The company’s chief executive, Christophe de Margerie, reported this news on his twitter account and was confirmed shortly after by the company’s spokesman.

The flare was lit as part of the company’s response to a major gas leak at the Elgin drilling platform off the coast of Scotland. Some engineers warned that the rig could become “an explosion waiting to happen,” but the company downplayed the risk of an explosion. [Read more...]

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...]

6 NYSE Stocks in Negative Territory: DHT, SKX, TOT, LGF, STM, INVN

Floor of the New York Stock ExchangeDHT Holdings, Inc. (NYSE:DHT) is down 9.63% today at $1.0393. DHT has traded 1.9 million shares so far today, 200 thousand shares more than its daily average. DHT shares are down today after the stock jumped about $0.20 over the past week. The company has a market cap of 67.03 million.

Skechers U.S.A., Inc. (NYSE:SKX) is down 6.88% in midday trading at $13.32. SKX is seeing above average volume today with 881 thousand shares traded. The stock trades 867 thousand shares a day on average. Skechers is down today after receiving an underperfom rating by Wedbush. The company has a market cap of 667.68 million. [Read more...]

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