A Peek Into The Market Before The Trading Starts

Pre-open movers US stock futures are lower this morning as investors are awaiting inflation and manufacturing data. Futures on the Dow Jones Industrial Average dropped 34 points to 11,387 and S&P 500 futures lost 2.60 points to 1,234. Nasdaq 100 futures dipped 7 points to 2,207. A Peek Into Global Markets Negative sentiments ruled the European markets today. While STOXX Europe 600 Index has lost 0.52%, London's FTSE 100 Index moved down 0.33%. Mostly Asian markets ended in the negative territory, with Japan's Nikkei Stock Average losing 0.07%, Australia's S&P/ASX 200 moving up 0.05% and China's Shanghai Composite falling 0.54%. Broker Recommendation Goldman Sachs is downgrading shares of UDR, Inc. UDR to Neutral from Buy, but is maintaining its $52 price target. In a note sent to client Goldman writes, "At the start of the year, we had signaled a growing shift in our investment strategy (“2010 Outlook: Rotation into shorter lease term segments to take greater shape,” January 11, 2010), with our multiyear call to overweight more defensive sectors giving way to a more bullish outlook for shorter lease term segments. We still expect shorter lease term segments to deliver superior operating results in 2011 (“Thank you for renting – A positive multiyear outlook,” October 1, 2010), but the stocks now largely reflect this positive outlook. As a result, we downgrade UDR to Neutral from Buy while maintaining our 12-month price target of $22." Shares of UDR lost 24 cents yesterday to close at $22.67, a loss of 1.05%. Breaking news

• Puda Coal, Inc. PUDA today announced that Shanxi Puda Coal Group Co. Ltd, a 90% subsidiary of Puda Coal, has received approval from the Shanxi Yuncheng Municipal Coal Mine Industry Bureau to commence construction of the designed production expansion of Shanxi Pinglu Dajinhe Coal Industry Co., Ltd. To read the full news, click here.
• Campus Crest Communities, Inc. CCG today announced that its Board declared a quarterly dividend of $0.16 per common share. To read the full news, click here.
• Novartis AG NVS completed the $51 billion takeover of Alcon Inc ACL by reaching a deal to purchase the remaining stake in ACL. To read the full news, click here.
• Praxair, Inc. PX announced that it will take a charge to its earnings in the fourth quarter. The charge is expected to reduce fourth-quarter and full-year 2010 net income and earnings per share by approximately $290 million and 93 cents, respectively. To read the full news, click here.

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