A Peek Into The Market Before The Trading Starts

Pre-open movers US stock futures recorded gains on Friday, despite Deutsche Bank related concerns weighing on European markets. Investors are awaiting President Obama's news conference to know his thoughts on the state of the economy. Futures on the Dow Jones Industrial Average gained 22.00 points to 10,360. S&P 500 futures added 3.2 points to 1,102.80 and Nasdaq 100 futures rose 4.75 points to 1888. A Peek Into Global Markets Negative sentiments ruled the European markets today. While STOXX Europe 600 Index has fallen 0.18%, London’s FTSE 100 Index moved up 0.08%. Most of the Asian markets ended in the positive territory, with Japan's Nikkei Stock Average gaining 1.55%, Australia's S&P/ASX 200 moving down 0.45% and China's Shanghai Composite gaining 0.26%. Broker Recommendation Piper Jaffray is out with a research report this morning, where it reiterates its Overweight on Pentair Inc. PNR; it has a $47.00 price target on the stock. The PJ analysts said that the company used its recent annual analyst/investor day to highlight initiatives aimed at driving high single digit organic top-line growth. New water treatment products, a solutions-based selling model, and expansion of the global footprint in fast-growth regions were highlighted to reach $4 billion in 2014 revenue. They also noted that gross margin gains are expected to drive op margins up 100 basis points per year to 15%, despite healthy investment in research and development, which would equate to 2014 EPS surpassing $3.50/share. The analysts remarked, “We rate PNR at Overweight with a $47 price target. We believe sales growth in the next 1-2 years will unveil significant earnings leverage, driving valuations higher.” Breaking news

• Facebook users spent more time using the social network than people spent on Google GOOG in August, according to research firm comScore. To read the full news, click here.
• Olli-Pekka Kallasvuo has finally been pushed out as Nokia’s NOK CEO and will leave the company and its board on September 20. To read the full news, click here.
• Oppenheimer released a report on Savient Pharmaceuticals SVNT, saying to expect FDA approval for Krystexxa by the September 14 PDUFA date. To read the full news, click here.
• US Airways LCC today announced a realignment of its operations leadership team to strengthen its planning, analysis and technology expertise. To read the full news, click here.

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