A Peek Into The Market Before The Trading Starts

Pre-open movers US stock futures turned down. Futures on the Dow Jones Industrial Average declined 16 points to 11,163, while S&P 500 futures fell 1.70 points to 1,197. Nasdaq 100 futures rose 1.75 points to 2,135. A Peek Into Global Markets Negative sentiments ruled the European markets today. While the STOXX Europe 600 Index has lost 0.30%, London's FTSE 100 Index moved down 0.55%. Asian markets ended mixed, with Japan's Nikkei Stock Average adding 0.93%, Australia's S&P/ASX 200 moving up 0.30% and China's Shanghai Composite losing 0.15%. Broker Recommendation Citigroup has published a research report on Amkor Technology AMKR and Teradyne, Inc. TER and has upgraded both companies to Buy. In the report, Citigroup writes "We see three key positives driving a potentially very bullish set-up out the other side of the correction: 1) EPS/cash flow should prove more resilient (especially surprising for AMKR) and companies should still make a lot of money resulting in a re-valuation based on higher “cross-cycle” EPS (much like 2004 but likely more dramatic), 2) chipmakers are now faced w/more capital-intensive “shrinks” as the next wafer size (450mm) is years away; and 3) key factors driving back-end test buy-rate compression have run their course. While these are positive for the entire sector, front-end orders still have ~40-50% risk during 1H:11 while the battle in the back-end is much easier to fight given how much orders are already down. Additionally, back-end stocks are no more expensive than front-end relative to trading levels the past few years so risk appears much lower." Citigroup has upgraded Amkor from Sell to Buy and has increased the price target from $6 to $10 and has upgraded Teradyne from Hold to Buy and has increased the price target from $13 to $17. Amkor Technology and Teradyne, Inc. closed Friday at $6.47 and $11.86, respectively. Breaking news

• HiSoft Technology International Limited HSFT reports its Q3 adjusted EPS at $0.21, beating the consensus of $0.18. To read the full news, click here.
• Tech Data Corp TECD reports its Q3 EPS at $1.07, beating the consensus of $0.95. To read the full news, click here.
• Tyson Foods Inc TSN reports fourth quarter EPS of $0.64. To read the full news, click here.
• GEROVA Financial Group, Ltd. GFC today announced it will effect a share consolidation on the basis of one ordinary share for every five ordinary shares of the company, which will become effective today. To read the full news, click here.

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