Friday, November 6th, 2009
Pre-Market Round-Up for November 6, 2009
Allos Therapeutics, Inc. (ALTH), Skyworks Solutions, Inc. (SWKS), and Crocs, Inc. (CROX) are three story stocks to watch as the market is set to open slightly higher this morning.
Story Stocks to Watch
- Allos Therapeutics, Inc. [[ALTH]] – Shares of the biotechnology firm rose sharply higher in pre-market trading after CNBC’s Jim Cramer recommended the stock on his Mad Money program. The hedge fund manager said that the stock could be an opportunity for investors looking to speculate on the fight against cancer. Investors should look towards the company’s launch of Folotyn on December 5th, he added.
- Skyworks Solutions, Inc. [[SWKS]] – Shares of the mixed signal semiconductor company rose sharply higher in pre-market trading after reporting higher-than-expected results for its fourth quarter. The company earned $56 million, or 32 cents per share, on revenues that dropped 2% to $228.1 million. The company also forecast first quarter earnings of 25 cents per share on revenues of $238-242 million.
- Crocs, Inc. [[CROX]] – Shares of the footwear company dropped sharply in pre-market trading after CNBC’s Jim Cramer suggested that investors hold off on buying Crocs until the company provided more information. The company had risen more than 8% higher during Thursday’s session after reporting higher-than-expected earnings and guidance; however, all the gains are set to be erased based on pre-market prices.
Market Preview
U.S. markets are set to open slightly higher on Friday as investors look towards a significant number of economic reports for guidance. S&P 500 future are trading up 0.9 points, while Nasdaq futures are trading up 3 points, with about an hour left until the opening bell. The higher open would follow a substantial rally to above 10,000 on Thursday.
Investors will be looking towards Nonfarm Payrolls as the biggest driver with the market expecting a drop of 175,000. Meanwhile, the unemployment rate is expected to increase to 9.9%, while hourly earnings are expected to increase 0.1%. Also on the sale, Wholesale inventories are expected to drop 1%, while Consumer Credit expected to contract $10 billion.
The U.S. dollar continued to lose ground against other major currencies overnight. The decline helped to drive up the price of dollar-priced commodities. Crude oil prices climbed up 23 cents to $79.85 overnight. However, gold prices took a breather amid profit-taking after moving up to within reach of $1,100 per ounce, as speculation on India’s purchasing continues.
Overseas markets ended largely higher during their sessions. In Asia, China’s Shanghai index rose 0.28%, Japan’s Nikkei rose 0.74%, and Hong Kong’s Hang Seng rose 1.63%. In Europe, Britain’s FTSE is trading up 0.34%, while France’s CAC is trading up 0.15%.
Written by David Breen
