Pre-Market Round-Up for November 10, 2009
AVANIR Pharmaceuticals (AVNR), Zhongpin Inc. (HOGS), and China Natural Gas, Inc. (CHNG) are three story stocks to watch as the market is set to open lower.
Story Stocks to Watch
- AVANIR Pharmaceuticals [[AVNR]] – Shares of the chronic disease focused pharmaceutical company rose sharply higher in pre-market trading after it announced positive efficacy, safety and tolerability results from its 12-week open-label extension phase of the confirmatory Phase III STAR trial evaluating the investigational drug Zeniva in the treatment of patients with pseudobulbar affect (PBA).
- Zhongpin Inc. [[HOGS]] – Shares of the Chinese pork company rose sharply higher in pre-market trading after it issued a clarification for its full year 2009 guidance. The company’s Chief Financial Officer clarified the fact that earlier estimates provided were conservative figures, and that actual fourth quarter results could benefit from potentially higher pork prices in China.
- China Natural Gas, Inc. [[CHNG]] – Shares of the Chinese natural gas distributor moved sharply higher in pre-market trading after it reaffirmed its full year 2009 guidance. The company expects revenues to grow 15-20% to a range of $78-83 million. Meanwhile, it expects net income to grow 15-22% to between $17.5-18.5 million. Potential demand growth and price increases are seen as key revenue drivers.
Market Preview
U.S. markets are set to open lower after a spectacular run on Monday to fresh 52-week highs. Many experts have urged caution as the economy is still in recovery mode, but a lower dollar has helped to push markets higher the last few trading days. Dow Jones futures are trading down 23 points, S&P 500 futures are trading down 2.9 points, and Nasdaq futures are down 2.25 points.
Investors will be watching several events today, although the week has been rather quiet. ICSC-Goldman will release their store sales report, while the Redbook will also be released. Meanwhile, equity settlements and the 5-year TIPS settlement prices will be watched in the bond markets. And finally, President Obama will have two speeches throughout the day.
Commodity prices moved lower after advancing on Monday. Crude oil is trading down 18 cents at $79.25 a barrel after Hurricane Ida was downgraded. Meanwhile, gold contracts on the Nymex are trading down $2.70 from Monday’s record close, while copper was trading 3 cents lower at $2.94 per pound after a similarly impressive close.
Overseas markets largely extended their rallies, particularly in the Asian sessions. In Europe, Britain’s FTSE 100 rose 0.02%, Germany’s DAX rose 0.06%, and France’s CAC 40 dropped 0.1%. In Asia, Hong Kong’s Hang Seng rose 0.27%, Japan’s Nikkei 225 rose 0.63%, and China’s Shanghai Index rose 0.1% during today’s session.
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