A Peek Into The Market Before The Trading Starts

US stock futures are lower this morning as China lifted its key lending and deposit rates. Futures for the Dow Jones Industrial Average dropped 40 points to 11,482 and those for the S&P 500 index fell 5.70 points to 1,247. Futures for the Nasdaq 100 index dipped 4.75 points to 2,226.

Negative sentiments ruled the European markets today, with auto makers as Volkswagen AG

and Daimler AG

, both dropping by 4%. The STOXX Europe 600 Index has lost 0.83%. Mostly Asian markets ended in the negative territory, with Japan's Nikkei Stock Average adding 0.75%, Australia's S&P/ASX 200 moving down 0.41% and China's Shanghai Composite dipping 1.90%.

Oppenheimer & Co. has an Outperform rating and $14 price target on shares of Alimera Sciences Inc

. In a note sent to clients, Oppenheimer writes, "On 12/23, ALIM received an FDA complete response letter (

), delaying approval of Iluvien for diabetic macular edema (DME). Importantly, the FDA did not request an additional trial, suggesting the agency did not find major inadequacies with the ph.III FAME trials. The agency requested full 36-mo. FAME data, and we believe these results will likely be consistent with the positive 24-mo. results. Based on our discussions with ALIM, we believe the new data analyses, and resolution of outstanding manufacturing issues, should be completed for a late 1Q11 NDA refiling. Although the CRL is a real setback, we would buy ALIM on significant weakness, as we believe Iluvien will likely be approved by 4Q11. Reducing PT to $14 from $16." Shares of ALIM lost $3.22 in after-hours on Thursday to $8.00.

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