Pre-Market Round-Up for November 30, 2009
Novavax, Inc. (NVAX), Allos Therapeutics, Inc. (ALTH), and Tellabs, Inc. (TLAB) are three story stocks to watch as U.S. markets are set to open up mixed.
Story Stocks to Watch
- Novavax, Inc. (NVAX) – Shares of the clinical-stage biotechnology company rose sharply higher after completing enrollment in its Phase IIa study of seasonal influenza vaccine in older adults. The study is designed to compare the safety, tolerability and immunogenicity of two different doses of its trivalent seasonal influenza VLP vaccine to commercially available trivalent inactive vaccine, TIV (Fluezone).
- Allos Therapeutics, Inc. (ALTH) – Shares of the biopharmaceutical company moved higher in premarket hours after announcing that the U.S. Patent and Trademark Office has issued it a patent for the use of FOLOTYN for the treatment of T-cell lymphoma. The patent was issued to Memorial-Sloan Kettering Cancer Center, SRI International and Southern Research Institute, and Allos holds an exclusive worldwide license from them.
- Tellabs, Inc. (TLAB) – Shares of the communications equipment and service provider moved higher in after-hours trading last session after CNBC’s Jim Cramer recommended the stock on his Mad Money program. The hedge fund manager and T.V. star believes that the stock remains undervalued, and recommended the stock alongside RF Micro Devices Inc. (RFMD) and Ciena Corporation (CIEN).
Market Preview
U.S. markets are set to open mixed amid the negative fallout from Dubai World’s debt crisis and weaker shares across European markets. The Dow Jones Industrial Average moved down 20 points to 10,272, the Nasdaq moved up 1.5 points to 1,760.75, and the S&P 500 moved up 0.30 points to 1,089.80 with about one hour until market open.
Investors will be looking to a number of economic reports to guide today’s trading. Chicago’s PMI is the largest report due out at 9:45 a.m. and is expected to drop from 54.2 to 53.3, but Briefing has forecast an even lower drop to 52.5. Meanwhile, smaller reports like Farm Prices, Motor Vehicle Sales, and Equity Settlements are also due out for the day.
On the commodities front, oil futures rose to near $76 per barrel after fears about Dubai began to subside, while gasoline also gained 2 cents to hit $1.94 per gallon. Meanwhile, gold prices fell 0.4% despite weakness in the dollar as investors opted for a cash position. However, traders expect gold to remain higher in the short-term amid further buying by central banks.
Overseas markets saw European losses and Asian gains during their most recent sessions. In Europe, Britain’s FTSE 100 dropped 42.62 points, or 0.81%, Germany’s DAX dropped 57.17 points, or 1.01%, and France’s CAC 40 dropped 36.32 points, or 0.98%. In Asia, Hong Kong’s Hang Seng jumped 687 points or 3.25% and Japan’s Nikkei jumped 264.03, or 2.91%.
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