Seeking Alpha
Long/short equity, special situations, momentum, growth
Profile| Send Message| ()  

US futures are up, following Europe's lead. With US jobs numbers due out this morning investors will have an important event to watch as it will most likely give traders a general idea of which way trading will be heading over the next few days when paired with the rest of the economic data due out - depending upon whether news is good or bad.

The economic news due out today includes: Challenger Job Cuts, ADP Employment Change (Consensus 157k), Initial Claims (Consensus 368k), Continuing Claims (Consensus 3250k), GDP - Second Estimate (Consensus 2.0%), GDP Deflator - Second Estimate (Consensus 1.5%), Chicago PMI (Consensus 57.0) and Crude Inventories.

Looking at Asian markets we see markets are lower:

All Ordinaries - down 0.36%

Shanghai Composite - down 0.52%

Nikkei 225 - down 1.05%

NZSE 50 - up 0.20%

Seoul Composite - down 0.08%

In Europe markets are higher:

CAC 40 - up 0.78%

DAX - up 0.14%

FTSE 100 - up 0.62%

OSE - up n 0.63%

Technology

Sirius XM (SIRI) has held in strongly with the recent market volatility. Shares finished down $0.04 (2.07%) yesterday to close at $1.89/share, but it appears that investors had been trying to peg it closer to some upwards resistance levels rather than retest the support it has at the low $1.80s. If futures stay the way they are as we write, and the jobs data does not disappoint, we will probably see Sirius moving back towards resistance. Volume, like many other names, has been lower recently and yesterday was 42.6 million which was about 20% lower than the company's three month average.

Apple (AAPL) had a good day yesterday as shares rose $6.90 (1.21%) to close at $579.17/share on volume of 18.9 million. Once again volume was low here, but much closer to the trailing three months' average. Shares rose on the comments made by CEO Tim Cook and investors speculating about what new and exciting news they would have in the next few weeks. We do know that the company's voice recognition and interaction software, Siri, is going to be reworked to function better and give the user a more complete experience, but other than that investors were given little regarding details.

Biotechnology

Arena Pharmaceuticals (ARNA) had a good day yesterday on high volume. Volume registered at 17.4 million as shares closed at $6.50/share having risen $0.30 (4.84%). Shares have held up pretty well, honestly better than we would have expected especially considering the secondary offering which occurred right after the news from the FDA panel. The shares are within shouting distance of their 52-week high, and with news coming up regarding weight drugs it might time for those looking to play this one to start accumulating positions. Although with the current market activity there really is no rush to do this as we think there will be a few large down days in the market between now and then to add to positions.

Banking

Regions Financial (RF) has taken its beatings with the rest of the financials and appears to be settling down. We were off by a few percent on our thinking of how low this one would go from its high, but better to have been half correct than totally wrong - at least the direction and for the most part the severity of that move were adequately described. Shares finished yesterday at $6.20/share which was off by $0.25 (3.88%). Volume was 14.6 million. Right now we would not be adding to one's current exposure of financial stocks due to the situation in Europe which can best be described as tenuous at best.

Retail

Pep Boys (PBY) does not look to be going private after yesterday and shares fell sharply on the news. On volume of 11.3 million, investors saw shares fall $2.20 (19.84%) to close at $8.89/share. This is not one of the best run auto repair/parts retailers and they really have not been for some time. Many stores are old, unkempt and seemingly little order to the overall store layouts. It is a shame shareholders were not able to cash out, but one can only hope that those who really wanted out were able to sell their shares on the open market and move on to greener pastures.

Source: Today's Market News To Trade On: 5 Stocks Moving On News