A Peek Into The Market Before The Trading Starts

Pre-open movers US stock futures rose on Wednesday, giving some hope to the equity market. Futures on the Dow Jones Industrial Average rose 103 points to 10,109, those on the S&P 500 gained 13.10 points to 1,061 and Nasdaq futures were up 25.75 points to 1,792. August was not a good month, with the Dow down 4.3%, the S&P 500 falling 4.7%, and the Nasdaq losing 6.2% in the month. A Peek Into Global Markets Positive sentiments ruled the European markets today. While STOXX Europe 600 Index has advanced 1.24%, London’s FTSE 100 Index moved up 1.49%. Asian markets showed mix results today, with Japan's Nikkei Stock Average adding 1.17%, Australia's S&P/ASX 200 moving up 1.98% and China's Shanghai Composite losing 0.59%. Broker Recommendation Wells Fargo Securities is out with a research report this morning, where it reiterates its Outperform rating on Magna International Inc. MGA; it lowered its valuation range to $92-$100, from $94-103. The WFS analysts cited a revision to the company’s cash payments to Stronach trust for the Class B shares. They have thus altered estimates slightly for the quarter, leaving the full year intact at $7.10 per shares in 2010 and $8.35 per share in 2011. As for the methodology behind their valuation, the WFS analysts remarked, “Our 12-month valuation range applies an EV-to-EBITDA multiple of 4.5-5.0x to our 2011 EBITDA estimate. Primary risks include substantial revenue exposure to the Big Three in North America (approximately 80-85% of total N.A. revenues), a significant decrease in European vehicle sales, and exposure to high raw material prices (notable steel and resin).” Breaking news

• Shares of Burger King Holdings Inc. BKC surged in early trading on Wednesday, after the Wall Street Journal reported that the company is in talks with buyout firms. To read the full news, click here.
• CPI Aerostructures Inc (CVU) today announced that the U.S. Air Force has released a new order under CPI Aero's C-5 TOP contract for a variety of spoilers valued at approximately $2.2 million. To read the full news, click here.
• Joy Global JOYG reported earnings this morning that beat on the bottom line, but missed on the top line. To read the full news, click here.
• Thomson Reuters TRI today announced that it has acquired Healthcare Data Management, Inc. To read the full news, click here.

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