NYSE:WDC

US Futures Being Dragged Down By Europe. Stocks to Watch: PLCM, WDC, VMW, BAC, AAPL, YHOO, VZ

With major earnings coming out today, Wall Street is being dominated again by uncertainty coming out of Europe. The lack of any meaningful bond-swap deal in Greece is sending the futures lower. Dow futures are down 46 points to 12, 606. Nasdaq futures are shedding nearly 9 points, and the S&P 500 is down 6.50 points to 1,304.50.

Greece continues to march to towards a default deadline in March. The lack of any deal by then could force the nation into default as a series of bods mature in the month. A demand by private creditors for a 4% coupon on any new bonds was soundly rejected by EU officials as too high. The sent the banking-heavy Stoxx 600 index down nearly a percent, and is pressuring US futures as we near the open.

Domestically all eyes will be on the FOMC meeting today. With economic data improving, some analysts believe it will tie the Fed’s hands when it comes to a new round of QE. Other analysts point out that with CPI moderating, it could give them cover to extend the stimulus program.

In earnings, McDonald’s and Johnson and Johnson are slated to report today. McDonald’s is expected to post a fourth-quarter profit of $1.30 a share on sales of $6.81 billion. Johnson and Johnson is expected to post fourth-quarter earnings of $1.09 per share on $16.28 billion in revenue.

In Asia, shares of the main Indian stock market soared after their central bank cut banking reserve requirements. This was done to ease the burgeoning liquidity crisis in the country. Japan was boosted by energy producers, while the Chinese New Year kept markets closed in China.

Gold prices are being kept in check by the strength of the dollar today. After a near constant run-up since the start of 2012, gold prices are down just over $10 to $1665.50.

Oil futures continue to have little reaction to the Iranian oil embargo instituted yesterday. Most of this is due to the fact it does not start for six months and Europe left themselves a sizable escape hatch. Nymex futures are down 31 cents to $99.26.

Stocks to watch today include Polycom Inc. (NASDAQ:PLCM), Western Digital Company (NYSE:WDC), VMware Inc. (NYSE:VMW), Bank of America Corporation (NYSE:BAC), Apple Inc. (NASDAQ:AAPL), Yahoo Inc. (NASDAQ:YHOO) and Verizon Communications Inc. (NYSE:VZ)

Polycom, Inc. (NASDAQ:PLCM) is up 12.38% in pre market trading at $20.75. PLCM shares are jumping this morning after the company released its fourth quarter earnings yesterday. Polycom saw fourth quarter profit rise 50%. Its adjusted earnings came in at $0.41 per share, beating analysts’ estimates of $0.29 per share. For the first quarter, Polycom is expecting revenue to decline 2% because of its efforts to ‘realign’ its North American sales force. The company has a market cap of 3.26 billion.

Western Digital Corporation (NYSE:WDC) is up 4.75% in pre market trading at $36.33. WDC shares are rising following second quarter results from the company. Western Digital saw adjusted EPS of $1.51, beating estimates of $0.71. The company expects third quarter EPS to be around $1.15-$1.45 with analysts estimating $0.91. The company has a market cap of 8.11 billion.

VMware, Inc. (NYSE:VMW) is up 4.19% in pre market trading at $89.60. VMW stock is rallying after the company reported sales and profit that beat Wall Street estimates. Revenue increased by 27% from a year ago to $1.06 billion and posted a profit of $0.62 per share. Analysts were expecting $0.60 per share in profit. The company has a market cap of 36.31 billion.

Bank of America Corp. (NYSE:BAC) is down 1.79% in pre market trading at $7.12. BAC shares are slipping as the entire market is set to open lower due to uncertainty in Europe. BAC typically trades 271.7 million shares a day on average. The company has a market cap of 76.39 billion.

Apple Inc. (NASDAQ:AAPL) is down 0.40% in pre market trading at $425.72. AAPL is set to report quarterly results after the closing bell today. AAPL trades 12.5 million shares a day on average. The stock has been trading between a range of $420 and $430 for about a week now as investors wait for their quarter results to come in. The company has a market cap of 397.24 billion.

Yahoo Inc. (NASDAQ:YHOO) is trading slightly down in pre market trading at $15.65. YHOO trades 21.7 million shares a day on average. YHOO will announced their latest quarterly results later today and analysts are expecting to see EPS of $0.24 with revenue at $1.19 billion. The company has a market cap of 19.45 billion.

Verizon Communications Inc. (NYSE:VZ) is down 1.95% in pre market trading at $37.65. VZ shares are taking a hit today after Verizon posted a $2 billion fourth quarter loss on pension adjustment. Verizon EPS came in at $0.52 per share with analysts expecting $0.53 per share. Revenue increased 7.7% from a year ago to $28.4 billion. The company has a market cap of 108.71 billion.

After Hours Winners and Losers: PLCM, VMW, WDC, IDCC, CSX, GEL

Polycom, Inc. (NASDAQ:PLCM) is up 8.47% in after hours trading at $19.98. PLCM shares are popping after the company announced fourth quarter results. The company’s adjusted EPS came in at $0.41, beating estimates of $0.29. Revenue for the fourth quarter was $407 million versus $401.2 analysts were expecting. The company has a market cap of 3.26 billion.

VMware, Inc. (NYSE:VMW) is up 5.16% in after hours at $90.44. VMW shares are jumping after the company announced fourth quarter profits climbed 67%. VMware’s revenue jumped up 27% from a year ago. For the first quarter, VMware is expecting revenue of $1.015 billion to $1.04 billion. Wall Street’s estimates are at $1.02 billion. For the entire year of 2012, the company is expecting revenue of $4.475 billion to $4.6 billion, up more than 20% from its previous consensus. The company has a market cap of 36.31 billion.

Western Digital Corporation (NYSE:WDC) is up 4.67% in after hours at $36.33. Western Digital’s fiscal second quarter revenue beat expectations. Adjusted EPS came in at $1.51, more than double Wall Street estimates of $0.71. Revenue came in at $2 billion, beating expectations of $1.84 billion. The company has a market cap of 8.11 billion.

InterDigital, Inc. (NASDAQ:IDCC) is down 15.84% in after hours trading at $37.41. IDCC shares are tanking after the company announced that it no longer expects to find a buyer. Investors were expecting a big deal for the company and have not reacted kindly to this news. The company has a market cap of 2.02 billion.

CSX Corporation (NYSE:CSX) is down 2.16% in after hours at $22.20. CSX saw fourth quarter profits rise 6%. Net income came in just under estimates at $0.43 a share. Analysts were expecting $0.44 a share. CSX Corp also announced it had replaced its COO. The company has a market cap of 23.82 billion.

Genesis Energy (NYSE:GEL) is down 3.47% in after hours trading at $27.80. GEL shares are falling after the company announced 2.25 million common unit secondary offering. The company has a market cap of 2.07 billion.

NYSE Winners In Early Trading: LSI, WDC, ARO, RAD, NOK, MON

LSI Corporation (NYSE:LSI) is up 5.79% this morning at $6.57. LSI has traded 5.1 million shares so far today and trades 8.4 million shares on average a day. LSI is up today after Wedbush analysts Betsy Van Hees raised her rating on the stock to outperform from neutral. Van Hees believes LSI will benefit from Seagate’s better than expected sales and from its own recent acquisition of SandForce. The company has a market cap of 3.74 billion.

Western Digital Corporation (NYSE:WDC) is up 4.54% in early trading at $32.71. WDC has traded 2.7 million shares this morning and trades 5.2 million shares a day on average. WDC jumped this morning thanks to rival Seagate’s preliminary quarterly results. The company has a market cap of 7.69 billion.

Aeropostale, Inc. (NYSE:ARO) is up 4.38% today at $15.96. ARO has traded 1.2 million shares in early trading and averages 3 million shares daily. ARO shares are up despite the company reporting a 10% drop in holiday sales at stores open at least a year. Aeropostale expects a profit of $0.35 to $0.38 per share in its fiscal fourth quarter and is in line with analysts expectations. The company has a market cap of 1.30 billion.

Rite Aid Corp. (NYSE:RAD) is up 3.60% this morning at $1.2950. RAD is up on above average volume with 10.1 million shares traded, 3 million more than it trades everyday on average. Rite Aid is up today after December revenue rose by 3.6%. The company has a market cap of 1.15 billion.

Nokia Corporation (NYSE:NOK) is up 4.23% today at $5.2950. NOK is up on large volume with 27.9 million shares this morning and averages 28.8 million shares a day on average. NOK is up today after Credit Suisse analyst upgraded the stock to outperform from underperform. The company has a market cap of 19.61 billion.

Monsanto Co. (NYSE:MON) is up 5.46% this morning at $76.62. MON has traded 3.7 million shares so far today and trades 4 million shares a day on average. Monsanto is up today as first quarter profit jumps on Latin American seed sales. The company has a market cap of 40.84 billion.

Intel Cuts Revenue Outlook By $1 Billion

Intel Corp. (NASDAQ:INTC) cut its sales outlook today causing the stock to fall 5.24% at $23.70. Intel expects sales of $13.7, give or take $300 million, in the fourth quarter. The company’s previous outlook was $14.7 billion, give or take $500 million.

Intel expects PC sales to rise in the fourth quarter, but “the worldwide PC supply chain is reducing inventories and microprocessor purchases as a result of hard disk drive supply shortages.”

“The company expects hard disk drive supply shortages to continue into the first quarter, followed by a rebuilding of microprocessor inventories as supplies of hard disk drives recover during the first half of 2012,” Intel said in a statement.

Other PC chip and PC makers were down today including Advanced Micro Devices (NYSE:AMD) down 5.14%, Dell Inc. (NASDAQ:DELL) down 3.42% and Hewlett-Packard (NYSE:HPQ).

Intel didn’t say how there hard drive shortage occurred, but the massive flooding in Thailand heavily impacted hard drive makers. The flooding caused one of the biggest hard drive makers Western Digital Corp. (NYSE:WDC) to shut down operations temporarily.

Intel expects their hard disk shortage to last into the first quarter, but should recover during the first half of 2012.

Biggest Early Morning Stock Gainers for Dec. 2

Stocks are rallying today big time following jobs report. Only 120,000 jobs were created last month, but the unemployment rate fell 0.4% to 8.6%. The total amount of people without a job fell to 13.3 million.

“Overall, the continued modest employment gains reflect an economy that plods along at an uninspiring pace,” Kathy Bostjancic, director of macroeconomic analysis at The Conference Board, said in a statement. “These modest job gains are still not enough to propel economic growth to a sustainable 2 percent-plus growth path.”

Right now the major indexes are all rallying nearly 1% with the Dow up 101 points, the Nasdaq is up 25 points and the S&P is up 12 points. Let’s take a look at some stocks that are following the overall market higher this morning.

Mitel Networks Corp. (NASDAQ:MITL) is up 32.48% at $3.63 in early trading. Mitel released second quarter fiscal 2012 results yesterday and beat estimates. Revenue was $168.8 million compared to $161.1 million in the same quarter a year ago. The company’s EPS beat estimates by $0.07. MITL has traded 396 thousand shares so far today, way above its daily average of just 31 thousand shares. Mitel Networks has a current market cap of 194.56 million.

Navios Maritime Holdings Inc. (NYSE:NM) is up 20.29% at $4.09 this morning. NM has traded 1.2 million shares so far today, more than double its daily average of 530 thousand shares. NM is up more than $0.70 this week. The company has a current market cap of 426.06 million.

Zumiez, Inc. (NASDAQ:ZUMZ) is up 17.37% at $27.43 this morning. ZUMZ has traded 795 thousand shares so far today, nearly double its daily average of 428 thousand shares. Zumiez is up today after the company reported third quarter results Thursday. Net income jumped nearly 15% as the company earned $14.1 million, or $0.45 per share. That’s up from $12.3 million or $0.40 from the same quarter last year. ZUMZ has a current market cap of 853.60 million.

Western Digital Corp. (NYSE:WDC) is up 12.38% at $32.87 this morning. WDC has traded 3.9 million shares so far today, about 800 thousand shares short of its daily average which it will have no problem passing. WDC is up today after the company announced it would beat its prior forecast for revenue thanks to progress in the repair of its facilities in Thailand that suffered damage from recent floods. Western Digital has a current market cap of 7.72 billion.

Rubicon Minerals Corporation (AMEX:RBY) is up 10.96% at $4.05 in early trading. RBY has traded 2 million shares so far today, nearly three times its daily average volume. RBY is selling off a bit right now after gaping open at $4.26. The company has a current market cap of 977.01 million.

Old Republic International Corp. (NYSE:ORI) is up 11.40% today at $8.99. ORI has traded 2.3 million shares so far and is already about to eclipse its daily average volume. ORI has been trending higher all week from below $7.60 to nearly $9 a share. The company has a current market cap of 2.32 billion.

NYSE Stocks Finishing Strong: JAG, QUAD, EK, WDC, DANG

The market sell off is intensifying this afternoon as each of the major indexes are down more than 1% with ten minutes left in the trading day.

Here’s 5 NYSE stocks finishing the day well into the green.

Jaguar Mining Inc. (NYSE:JAG) is up 45.08% today at $7.82. JAG is up today after Shandong Gold offered to buy the company for $1 billion. JAG has traded 11 million shares today, more than 5 times its daily average volume. The company has a current market cap of 660.92 million.

Quad/Graphics, Inc. (NYSE:QUAD) is up 12.49% at $14.41. QUAD is bouncing back today after dipping hard the past 4 days. The stock was trading above $17 on last Thursday and hit a low of around $12 yesterday. QUAD has traded nearly 500 thousand shares today, more than double its daily average. The company has a current market cap of 681.05 million.

Eastman Kodak Co. (NYSE:EK) is up 8.62% today at $1.26. Eastman Kodak has rose nearly $0.20 in the past two days. EK has traded 8.5 million shares today, about half its usual trading volume. The company has a current market cap of 337.44 million.

Western Digital Corp. (NYSE:WDC) is up 7.03% today at $26.81. Shares of WDC jumped today after news that the Western Digital may acquire Hitachi’s hard drive business if it wins EU regulatory approval. WDC has traded 9.4 million shares today, nearly double its usual trading volume. The company has a current market value of 6.27 billion.

E-Commerce China Dangdang Inc. (NYSE:DANG) is up 3.93% today. DANG stock rose today despite posting a quarterly loss of $11 million, but the company’s guidance was better than expected. DANG has traded 6.5 million shares today, well above its daily average of 2.1 million shares. The company has a current market cap of 447.18 million.

Real Time Web Analytics