Wednesday, November 11th, 2009
Pre-Market Round-Up for November 11, 2009
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Melco Crown Entertainment Ltd. (MPEL), RF Micro Devices, Inc. (RFMD), and Randgold Resources Ltd. (GOLD) are three story stocks to watch as the markets are set to open higher.
Story Stocks to Watch
- Melco Crown Entertainment Ltd. [[MPEL]] – Shares of the casino gaming and entertainment company rose sharply higher in premarket trading after CNBC’s Tim Seymour suggested going long on the stock during the Fast Money program. Meanwhile, the company also announced that it would release its earnings on Tuesday, November 17, 2009 and hold a conference call on the same day at 8:30AM Eastern Time.
- RF Micro Devices, Inc. [[RFMD]] – Shares of the RF technologies company rose sharply higher in premarket trading after it announced shipments of RF3931 unmatched power transistors would be made to multiple high power amplifier manufacturers. The RF3931 is the company’s first GaN product to achieve full product qualification, a process through which RF products are released by RFMD for mass production.
- Randgold Resources Ltd. [[GOLD]] – Shares of the iconic gold company rose sharply higher in premarket trading after it swung to a profit in the third quarter. The company reported net income of $11.32 million, as gold sales rose 32% to $103.5 million on higher average gold prices and a 17% increase in gold production. And while some analysts suggest this is unsustainable, the price of gold continues to move higher.
Market Preview
U.S. markets are set to open higher after Federal Reserve indications that it will keep interest rates low for an extended period of time. Recently, stocks have traded sharply higher as a result of low interest rates and the sliding dollar. Dow Jones futures are trading up 50 points, S&P 500 futures are trading up 7 points, and Nasdaq futures are trading up 12 points.
Investors will be looking towards Equity Settlements and Weekly Bill Settlement reports on Wednesday, ahead of a busy economic session on Thursday that includes Jobless Claims figures. Meanwhile, investors were encouraged earlier this week with news that Macy’s recorded a smaller loss in its third quarter than it did a year ago – a positive sign for consumers.
Crude oil prices advanced overnight as Chinese crude imports rose to a record high and the dollar weakened. China’s net oil imports were almost 19 million tons, or 4.5 million barrels a day, which is the second-highest on record, according to Beijing-based customs. Meanwhile, gold prices have also rallied $12.90 to $1,115.40 per ounce.
Overseas markets extended their gains as well during the U.S. overnight. In Europe, Britain’s FTSE 100 rose 1.01%, Germany’s DAX rose 1.22%, and France’s CAC 40 rose 1.05%. In Asia, Hong Kong’s Hang Seng rose 1.61%, Japan’s Nikkei 225 rose 0.01%, and China’s Shanghai Index dropped 0.11%.
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-- Written by David Breen
