A Peek Into The Market Before The Trading Starts

Pre-open movers US stock futures are higher, this morning as President Barack Obama agreed on a deal with the Republican Party in order to extend tax cuts for the coming two years for all Americans. Futures on the Dow Jones Industrial Average advanced 76 points to 11,429 and S&P 500 futures rose 10.20 points to 1,232. Nasdaq 100 futures gained 18.25 points to 2,209. A Peek Into Global Markets Positive sentiments ruled the European markets today. While STOXX Europe 600 Index has advanced 1.25%, London's FTSE 100 Index moved up 1.24%. Asian markets ended mostly in the positive territory, with Japan's Nikkei Stock Average falling 0.26%, Australia's S&P/ASX 200 moving up 0.77% and China's Shanghai Composite gaining 0.65%. Broker Recommendation Jefferies & Co. has a Buy rating and a $79 price target on Costco COST, as the company is set to report earnings tomorrow. In a note sent to investors, Jefferies writes, "We believe the market is already factoring in good Q1 results, which we think are likely in line absent any unexpected FX benefits. However, over 12 months, we think shares move higher reflecting better discretionary product sales, food re-inflation, potential membership fee increase, and re-acceleration of store growth." Jefferies goes on to say, "Trends through the month of November put week 1 at the strongest gain and week 4 at the softest gain. This in part reflected the timing of coupon book promotions and softer relative promotions in week 4 (week 4 started the Q2 period). We think the same shift of coupons put December's week 1 off to a good start, so we are expecting management to indicate that early Q2 results are in line. Based on our conversations with the company last week, we believe holiday related goods are selling well and inventory should be clean even as management upped its commitment to the space this year." Shares of COST gained 80 cents yesterday to close at $69.19, a gain of 1.2%. Breaking news

• 3M MMM provided its 2011 sales and earnings outlook. The company anticipates sales of $29 billion to $30.5 billion, with organic sales volumes growing 5.5 to 7.5 percent, currency effects adding 1 to 2 percent and acquisitions adding 4 to 6 percent to sales for the year. To read the full news, click here.
• AutoZone, Inc. AZO on Tuesday morning released financial results that beat Wall Street expectations. To read the full news, click here.
• AGL Resources Inc AGL will buy Nicor Inc GAS in a cash and stock deal with an enterprise value of $3.1 billion. To read the full news, click here.
• Layne Christensen Company LAYN released financial results on Tuesday morning that beat Wall Street estimates. To read the full news, click here.

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