Friday, November 13th, 2009
Pre-Market Round-Up for November 13, 2009
Free Special Report: Top Value Stocks for Q2 2010
Cypress Semiconductor Corporation (CY), Telestone Technologies Corporation (TSTC), and Blockbuster Inc. (BBI) are three story stocks to watch as the market is set to open higher.
Story Stocks to Watch
- Cypress Semiconductor Corporation [[CY]] – Shares of the semiconductor company rose higher in premarket trading after CNBC’s Jim Cramer recommended the stock on his Mad Money program. The hedge fund manager believes that the stock remains very cheap after having a remarkable run, and encouraged investors to look at the papers from its analyst day to get a better idea of why the stock is a bargain at these levels.
- Telestone Technologies Corporation (TSTC) – Shares of the wireless communication coverage solutions provider moved sharply higher in premarket trading after reporting strong third quarter results. The company’s net income increased 281.8% to $4.2 million, or $0.41 per share, on revenues that jumped 124.7% to $18.9 million. Meanwhile, the company reaffirmed guidance of $70 million for the full year of 2009.
- Blockbuster Inc. [[BBI]] – Shares of the troubled movie rental chain dropped sharply during premarket trading after reporting a lackluster third quarter. The company saw its revenues drop 21 percent to $910.5 million due to a 14 percent decline in same-store sales due to its temporary shift in focus to manage the business for liquidity in the macroeconomic environments, but operations will be in focus now.
Market Preview
U.S. markets are set to open higher amid a positive earnings report from Walt Disney and ahead of several key economic reports. The Dow Jones moved up 14 points, the S&P 500 moved up 2.1 points, and the Nasdaq moved up 2.5 points so far in the session. The move follows a negative day on Thursday due to falling energy prices.
Investors will be looking towards the trade gap and import data and consumer confidence data to guide trading. Trade gap and import data in particular will be watched closely by forex traders. Meanwhile, several economic reports in Europe showed that their economy finally exited the recession in the third quarter, albeit at a slower pace than many analysts expected.
The dollar moved down marginally during the overnight session by about 0.1%, but remained above 52-week lows that were reached earlier this week. Crude oil prices increased 68 cents to $77.52 per barrel so far on Friday in line with the weaker dollar and eurozone recovery. Meanwhile, the dollar also helped gold prices steady above $1,100 per ounce on Friday.
Overseas markets were rather mixed during the overnight session. In Europe, Britain’s FTSE rose 0.21%, France’s CAC dropped 0.33%, and Germany’s DAX increased 0.04%. In Asia, Hong Kong’s Hang Seng increased 0.7%, Japan’s Nikkei dropped 0.3%, and China’s Shanghai index rose 0.46%.
Written by David Breen
