A Peek Into The Market Before The Trading Starts
US stock futures moved up slightly, with investors eagerly awaiting data on house prices and consumer confidence. Futures on the Dow Jones Industrial Average rose 33 points to 10,783. S&P 500 futures added 0.50 points to 1,138.20, while Nasdaq 100 futures gained 7 points to 2,014.
A Peek Into Global Markets
Negative sentiments ruled the European markets today. While STOXX Europe 600 Index has lost 0.10%, London's FTSE 100 Index moved down 0.34%.
Asian markets ended in the negative territory, with Japan's Nikkei Stock Average losing 1.12%, Australia's S&P/ASX 200 moving down 0.11% and China's Shanghai Composite losing 0.63%.
Goldman Sachs recently downgraded Dolby Laboratories (NYSE: DLB) to Sell from Neutral and cut the price target to $50 from $72.
The downgrade comes based on the 4Q is an inflection point for online video consumption and tablets, which obviates the need for standard DVD players and optical drives; an increasing proportion of PC unit growth is emerging markets-driven, where attach rates are lower due to piracy and to lower-end PCs; lower TV and PC unit sales are also expected.
Goldman expects Dolby to beat 4QFY10 estimates, as well as expecting future guidance to be the key focus. FY2011 guidance is expected to be conservative and is unlikely to include consensus within its range. Historically Dolby has been a beat and rise stock and estimates have been materially above consensus.
Key risks to the price target include economic recovery, China moving to digital, and faster Windows 7 upgrades.
DLB closed Monday at $61.92.
- Aceto Corporation (Nasdaq: ACET) earlier today announced that it has received the USDA approval to sell its suppliers companion animal vaccine in the United States. To read the full news, click here.
- Bristol-Myers Squibb Company (NYSE: BMY) announced today that the Hart-Scott-Rodino (HSR) waiting period for its tender offer for ZymoGenetics, Inc. (NASDAQ: ZGEN) has expired. To read the full news, click here.
- Sears Holdings Corporation (Nasdaq: SHLD) announced today that it plans to privately offer $500 million aggregate principal amount of senior secured notes due 2018. To read the full news, click here.
- Walgreen Co (NYSE: WAG) reported better-than-expected results for the fiscal fourth-quarter. To read the full news, click here.
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