A Peek Into The Market Before The Trading Starts

Pre-open movers
US stock futures are signaling lower start on Wall Street today. Futures on the Dow Jones Industrial Average lost 29 points to 11,347.00 and S&P 500 futures fell 5.70 points to 1,217.30. Nasdaq 100 futures dropped 7.25 to 2,177.50.

A Peek Into Global Markets

Negative sentiments ruled the European markets today. While STOXX Europe 600 Index has lost 0.11%, London's FTSE 100 Index moved down 0.35%.

Most of the Asian markets ended in the positive territory, with Japan's Nikkei Stock Average adding 1.11%, Australia's S&P/ASX 200 moving down 0.36% and China's Shanghai Composite gaining 0.96%.

Broker Recommendation
Jefferies & Co. is downgrading The Macerich Company (NYSE: MAC) to Hold from Buy, but is raising its price target to $49 from $46.50. It cites valuation as the reason for the downgrade.

In a note to clients, Jefferies states, "MAC's core strength is redeveloping neglected, worn down regional malls in attractive locations into state of the art Class A malls. While redevelopment plans are in the works, the earnings benefit will not be realized for at least the next 3 - 5 years."

Shares of MAC gained 37 cents yesterday to close at $49.40, a gain of 0.75%.

Breaking news

• Houston, Texas based independent oil and natural gas company ATP Oil & Gas Corporation (Nasdaq: ATPG) on Monday morning released financial results that failed to meet Wall Street expectations. To read the full news, click here.
• Tesco Corp (NASDAQ: TESO) reports its Q3 EPS at $0.08, beating the consensus of $0.06. To read the full news, click here.
• Santa Clara, California based biopharmaceutical company XenoPort, Inc. (Nasdaq: XNPT) released financial results on Monday morning that were in line with Wall Street earnings estimates. To read the full news, click here.
• Indianapolis, Indiana based Republic Airways Holdings, Inc. (Nasdaq: RJET) on Monday morning released financial results. To read the full news, click here.

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