Pre-open movers
US stock futures are higher this morning, ahead of the weekly jobless data. Futures for the Dow Jones Industrial Average gained 35 points to 11,403, while those for the S&P 500 surged 5.50 points to 1,224.00. Futures for the Nasdaq 100 index moved up 10.75 points to 2,199.
A Peek Into Global Markets
Positive sentiments ruled the European markets today. While STOXX Europe 600 Index has advanced 0.27%, London's FTSE 100 Index moved up 0.32%.
Asian markets ended mixed, with Japan's Nikkei Stock Average adding 0.52%, Australia's S&P/ASX 200 moving up 0.75% and China's Shanghai Composite losing 1.31%. Indian shares fell sharply, with the BSE Sensex dropping 2.31%.
Broker Recommendation
Piper Jaffray is raising its price target on salesforce.com, inc. CRM to $171 from $136, and is keeping its Overweight rating on the stock.
In a note sent to clients, Piper Jaffray writes, "DreamForce has solidified its credentials as the most amazing spectacle among all conferences, with >30,000 registrations and a bevy of next-generation products
unveiled. The defining trend is what we call "salesforce for the Masses", as the company structures new offerings (Chatter.com, Database.com) that deliver virality in a Freemium model to expand the addressable customer base by an order of magnitude. Dreamforce marks a fundamental turning point for the Platform, and will trigger a different perception in the developer community. Bottom Line: We believe CRM remains the best investment in the powerful Cloud Computing wave. Reiterate OW rating, establishing FY13 estimates, raising target to $171."
Shares of CRM gained $5.34 yesterday to close at $150.58, a gain of 3.7%.
Breaking news
Market News and Data brought to you by Benzinga APIs- Smithfield Foods, Inc. SFD released financial results on Thursday morning that beat Wall Street earnings estimates but missed revenue expectations. To read the full news, click here.
- Titan Machinery Inc. TITN announced on Thursday morning that it easily beat consensus Wall Street estimates. To read the full news, click here.
- lululemon athletica inc. LULU today announced financial results for the third quarter ended October 31, 2010. To read the full news, click here.
- Alere Inc. ALR announced today that its Board of Directors has authorized the initial repurchase of up to $50 million worth of its common or preferred stock from time to time. To read the full news, click here.
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