Tuesday, November 24th, 2009
Pre-Market Round-Up for November 24, 2009
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Agilysys, Inc. (AGYS), Origin Agritech Ltd. (SEED), and Zagg Inc. (ZAGG) are three stocks to watch as the market is set to open slightly lower.
Story Stocks to Watch
- Agilysys, Inc. (AGYS) – Shares of the information technology solutions provider moved higher in premarket trading after MAK Capital Fund LP and Paloma International LP, which collectively own about 19.2% of the stock, filed a preliminary proxy statement with the SEC to increase their stake to between 20% and 33%. The funds attributed the move to increase their investment to a long-term confidence in the company.
- Origin Agritech Ltd. (SEED) – Shares of the Chinese seed company are set to extend Monday’s rally that came as the result of the approval of its genetically modified phytase corn. The transgenic corn is the China’s first to receive the Bio-safety Certificate from the Ministry of Agriculture. Phytase is currently used as an additive in animal feed to breakdown phytic acid in corn, which holds 60% of the phosphorous.
- Zagg Inc. (ZAGG) – Shares of the consumer electronics accessories provider moved up in premarket trading after the company expanded its European presence with T-Mobile Germany. As the exclusive dealer for the Apple iPhone in Germany, T-Mobile will carry the invisibleSHIELD design for the iPhone in each of their 800 company locations. The move marks a significant step in the effects to expand in Europe and Asia.
Market Preview
U.S. markets are set to open slightly lower on a day when investors are expending a number of key data items. The Dow Jones Industrial Average is trading down 8 points at 10,414, the Nasdaq Composite is trading down 1 point, and the S&P 500 is trading up 2 points.
Investors are looking at a number of economic reports due out during Tuesday’s session. U.S. gross domestic product figures showed that the company expanded at a 2.8% annualized rate in the third quarter. Meanwhile, Goldman Store Sales, Corporate Profits, the S&P Case-Shiller HPI, State Street Investor Confidence, Consumer Confidence and FOMC Minutes are also due out.
Gold prices opened the U.S. session trading up $4.30 to $1,169 per ounce amid continued concern about weakness in the dollar. Meanwhile, crude oil prices dipped to below $77 per barrel as the dollar began moving up early in Tuesday’s session. The price of crude as of late has been priced by the weaker dollar or higher expected inflation despite sluggish demand.
Overseas, Britain’s FTSE 100 moved up 10.5 points, or 0.2%, to 5,366, France’s CAC 40 moved down 5.39 points, or 0.14%, to 3,807.78, and Germany’s DAX moved up 0.91 points, or 0.02%, to 5,802.39. In Asia, Hong Kong’s Hang Seng moved down 348.25 points, or 1.53%, to 22,423.14 and Japan’s Nikkei moved down 96.1 points, or 1.01%, to 9,401.58.
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-- Written by David Breen
