Tuesday, January 19th, 2010
Watchlist and Market Preview for January 19, 2010
GenVec, Inc. (NASDAQ:GNVC), Ballard Power Systems, Inc. (NASDAQ:BLDP), and Netlist, Inc. (NASDAQ:NLST) are three stocks to watch as the market appears set to open lower.
Stocks to Watch
- GenVec, Inc. (GNVC) – Shares of the biopharmaceutical company rose sharply higher in premarket trading after entering into an agreement with Novartis to discover and develop novel treatments for hearing loss and balance disorders. Preclinical trials suggest that delivery of the atonal gene using the company’s adenovector technology may have the potential to restore hearing and balance function.
- Ballard Power Systems Inc. (BLPD) – Shares of the alternative energy company rose sharply higher in premarket trading after acquiring a controlling interest in Denmark-based Danthern Power, partnering with co-investors Danfoss A/S and Danthern A/S. The company develops clean energy backup power solutions, utilizing Ballard’s hydrogen fuel cell technology, for telecom equipment suppliers.
- Netlist, Inc. (NASDAQ:NLST) – Shares of the high-performance memory subsystem developer rose sharply higher in premarket trading after it was granted two additional patents for its hypercloud technology. The U.S. PTO issued the two patients that are integral to its hypercloud product line, which maximizes server utilization by removing memory capacity and bandwidth bottlenecks.
Market Preview
U.S. markets are set to open lower after Citigroup reported a $7.6 billion quarterly loss. The Dow Jones Industrial Average fell 40 points to 10,523, the Nasdaq fell 3.75 points to 1,866, and the S&P 500 fell 0.6 points to 1,131.70.
Investors will be looking towards the net long-term TIC flows number for November to guide today’s trading; the market expects a reading of $27.5 billion, while economists have predicted $23.8 billion. Meanwhile, the housing market will be in focus tomorrow.
The U.S. dollar fell against the euro and pound, but rose against the yen during the morning hours. However, the move didn’t help commodities, which fell during premarket hours. Crude oil dropped $0.83 to $76.27 per barrel, while natural gas dropped $0.15 to $5.54 per MMBtu. Meanwhile, gold prices also dropped $0.10 to $1,133.60 per ounce.
Overseas markets moved largely lower during their sessions. In Europe, Britain’s FTSE dropped 15.95, or 0.29%, to 5,478.44, Germany’s DAX fell 19.15, or 0.32%, to 5,899.40, and France’s CAC fell 17.38, or 0.44%, to 3,960.08. In Asia, Hong Kong’s Hang Seng rose 217.97, or 1.02%, to 21,677.98 and Japan’s Nikkei fell 90.18, or 0.83%, to 10,764.90.
Written by David Breen
