By Bryan McCormick
U.S. stock index futures have been all over the map since last night. As of this writing they have dropped sharply enough to wipe out most of yesterday's gains, but the volume levels are so light that it is difficult to tell how real this move is.
Asian trading ended mixed. European markets have weakened after an unsatisfying conclusion to the eurozone debt summit, which saw few surprises. The euro has given back most of it gains as a result.
Moody's cut Ireland's debt by 5 steps and warned more actions could be forthcoming. Many see that as a negative vote on the summit's outcome.
In currency markets the euro is just fractionally higher against the dollar. The remainder of the basket, excluding the Swiss franc, is lower against the dollar.
Commodity prices are fractionally lower as the dollar strengthens. Treasury markets are seeing strong inflows, with yields dropping as a result.
In stock-specific news, Oracle (ORCL) beat earnings estimates when it reported after yesterday's close, sending shares up nearly 5 percent this morning. Research In Motion (RIMM) also turned in a stronger earnings report and is up almost 3 percent after extremely volatile action last night.
Take-Two Interactive Software (TTWO) also turned in strong results, with the stock up more than 5 percent in the pre-market.
Shares of InterMune (ITMN) have more than doubled after a European advisory panel issued a positive recommendation for the company's proposed treatment for a rare lung disease. The drug, called Esbriet, was reportedly rejected earlier this year in the United States by the Food and Drug Administration.
Disclosure: None
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