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Upgrades Could Keep Momentum Going
9:00am (EST)
Futures are trading in a narrow range this morning as we get ready for the upcoming week. There is little economic data due out during the first half of this week and earnings are coming to a crawl so Wall Street will be looking for other cues to give the market direction.
Asian markets surged last night in their first trading session following the upbeat U.S. jobs report but the European markets fell slightly.
The good news, if you are bullish, is that there are a lot of upgrades on stocks this morning that could get the bulls in a buying mood.
Research In Motion (RIMM, $69.50, down $0.48), Yahoo (YHOO, $16.06, up $0.25) and U.S Steel (X, $58.90, up $2.26) all got upgrades and are showing higher bids in pre-market trading.
M&A (mergers and acquisitions) activity continues to pick up… American International Group (AIG, $28.08, up $1.37) is selling one of its major foreign subsidiaries (Alico) to MetLife (MET, $38.92, up $0.81) for $15.5 billion. It is the second major sale for AIG this month as the company tries to get leaner and meaner.
The Entertainment stocks could get a pop after seeing “Alice in Wonderland ” bring in a whopping $116 million in its opening weekend – a record for a 3-D film. We knew Alice would be a hit and the total easily surpassed all other films in release and gave Walt Disney (DIS, $33.22, up $0.65) an even bigger opening than “Avatar.” Imax (IMAX, $13.72, up $0.40) also benefitted as their theaters were packed all weekend long.
Earnings:
Monday: Casey’s General Stores (CASY, $31.86, up $0.21), Kronos Worldwide (KRO, $15.69, down $0.27), ResCare (RSCR, $9.53, up $0.34), TiVo (TIVO, $17.50, up $0.97) and Value Line (VALU, $25.42, up $0.45).
Tuesday: Boston Beer Company (SAM, $50.54, up $0.74), Dick’s Sporting Goods (DKS, $25.19, up $0.83), J. Crew Group (JCG, $45.61, up $1.55), Kroger (KR, $22.74, up $0.05), Overstock.com (OSTK, $13.43, up $0.35) and Tootsie Roll (TR, $28.17, up $0.87).
Wednesday: American Eagle Outfitters (AEO, $16.74, up $0.01), Bon-Ton Stores (BONT, $11.78, up $0.68), Elbit Systems (ESLT, $60.58, up $0.09), Gymboree (GYMB, $45.15, up $0.40), Hot Topic (HOTT, $6.71, up $0.08), Men’s Wearhouse (MW, $25.17, up $0.74) and Vail Resorts VPFG, $15.48, up $0.18).
Thursday: Aeropostale (ARO, $25.56, up $0.56), Goldcorp (GG, $40.37, up $0.80), National Semiconductor (NSM, $14.67, up $0.04), Pall Corp (PLL, $41.32, up $0.68), Piedmont Natural Gas (PNY, $26.74, up $0.35) and Smithfield Foods (SFD, $19.09, down $0.36),
Friday: AnnTaylor Stores (ANN, $18.50, up $0.53), Citi Trends (CTRN, $29.50, up $0.13) and Kirkland’s (KIRK, $18.81, up $0.81),
As we head to press, Dow futures are up 7 points, S&P 500 futures are up a point while the Nasdaq 100 futures are up 2. Current subscribers, check the Members Area for the updates.
Tags: AIG, DIS, met, option picks, option signals, options alerts, RIMM, stock options trading, x, YHOO
This entry was posted on Monday, March 8th, 2010 at 9:01 AM and is filed under Company Commentary, Earnings, Market Analysis, Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.