A Peek Into The Market Before The Trading Starts

Pre-open movers US stock futures are lower, this morning as investors awaited economic data. Futures for the Dow Jones Industrial Average dropped 39 points to 11,000, while those for the S&P 500 lost 5.80 points to 1,181. Futures for the Nasdaq 100 index lost 14.75 points to 2,131. A Peek Into Global Markets Negative sentiments ruled the European markets today. While STOXX Europe 600 Index has lost 0.07%, London's FTSE 100 Index moved down 0.23%. Asian markets ended in the negative territory, with Japan's Nikkei Stock Average dropping 1.87%, Australia's S&P/ASX 200 moving down 0.64% and China's Shanghai Composite dipping 1.62%. Broker Recommendation Piper Jaffray has an Overweight rating and a $48 price target on Altera Corporation ALTR. In a note sent to investors, Piper Jaffray writes, "Our estimates are unchanged post the mid-quarter update. While top and bottom lines did not change we did increase our operating expenses in CY11 as the company plans to invest to accelerate its growth and the annexation of ASIC and ASSP by PLDs. Offsetting higher opex is a slightly higher GM assumption, lower taxes and lower share count. ALTR also updated its long term model, indicating its target op. margin would be 35%-36%, up from the previous model of 32%. While bears will point out that operating margins are roughly 44.5% and likely to fall, we note the following: Altera is conservative and raised the long term operating margin; the company can dial GM to drive top line or profitability and optimize EPS growth; and Altera increased its R&D spending because they see investment opportunities that will likely accelerate growth." Shares of ALTR lost 2 cents yesterday to close at $35.47. Breaking news

• The European Union launched a formal investigation on Google GOOG on Tuesday after several search service engines complained that the company had abused its dominant market position. To read the full news, click here.
• Force Protection Europe, a Force Protection, Inc. FRPT group company, today announced that it has signed a contract with the UK Ministry of Defence to supply an order of 200 Ocelots and an initial spares package for the Light Protected Patrol Vehicle program. To read the full news, click here.
• Trina Solar Limited TSL announced eariler today its financial results for the third quarter ended September 30, 2010. To read the full news, click here.
• Fuel Tech, Inc. FTEK today announced receipt of air pollution control orders totaling $4.0 million. To read the full news, click here.

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