A Peek Into The Market Before The Trading Starts

<b>Pre-open movers</b>

US stock futures are higher this morning, as investors are awaiting data on jobless claims and the non-manufacturing sector. Futures on the Dow Jones Industrial Average surged 93 points to 12,139.00 and futures on the S&P 500 stock index climbed 12.50 points to 1,318.30. Nasdaq 100 futures rose 20 points at 2,343.25.

<b>A Peek Into Global Markets</b>

Positive sentiment ruled the European markets today. While STOXX Europe 600 Index has advanced 0.94%, London’s FTSE 100 Index moved up 1.29%.

Most Asian markets ended higher, with Japan's Nikkei Stock Average gaining 0.89%, Australia's S&P/ASX 200 moving up 0.09%, China's Shanghai Composite dropping 0.37% and Indian Sensex gaining 0.23%.

<b>Broker Recommendation</b>

Piper Jaffray is upgrading shares of Cognex Corp.  CGNX to Overweight from Neutral, and is raising its price target to $34.

In a note to clients, Piper Jaffray writes, "CGNX has pulled back 24% since it reported on February 11th. We had been concerned that the company needed to increase opex and street estimates were becoming overly optimistic for CY11. Operating expenses for Q4 increased by 12% over the prior quarter. The company is investing in engineering talent to accelerate new product development and in salespeople in high growth regions, particularly China. We now believe the air has come out of street estimates and the shares have priced in a more realistic outlook for CY11 earnings. Moreover, we believe investments made this year along with the new products already introduced will drive a pick up in growth in CY12. We  upgrade to OW and increase our price target to $34."

Shares of CGNX gained 1 cent yesterday to close at $26.81.
 

<b>Breaking news </b>

<ul>

<li> Citigroup C, the third-largest U.S. bank by assets, is shopping its U.S. consumer-lending unit, a business CEO Vikram Pandit put up for sale earlier this year, and there is apparently no shortage of interested suitors. To read the full news, <a href="http://www.benzinga.com/news/asset-sales/11/03/899169/citis-consumer-lending-unit-attracting-plenty-of-interest">click here. </a></li>

<li>H.J. Heinz Company HNZ today announced that it has agreed to acquire an 80% stake in Coniexpress S.A. Industrias Alimenticias, a leading Brazilian manufacturer of the Quero brand of tomato-based sauces, tomato paste, ketchup, condiments and vegetables. To read the full news, <a href="http://www.benzinga.com/news/11/03/899924/heinz-to-acquire-80-stake-in-a-brazilian-food-company">click here.</a></li>

<li>Big Lots BIG reported its Q4 EPS at $1.46, versus the consensus of $1.38. To read the full news, <a href="http://www.benzinga.com/news/11/03/899680/big-lots-reports-q4-eps-of-1-46">click here.</a></li>

<li>The Buckle, Inc. BKE announced today that comparable store net sales, for stores open at least one year, for the four-week period ended February 26, 2011 increased 2.1 percent from comparable store net sales for the four-week period ended February 27, 2010. To read the full news, <a href="http://www.benzinga.com/news/11/03/899921/th-buckle-february-comparable-store-sales-up-2-1">click here.</a></li>

</ul>

Read more <a href="http://www.benzinga.com/markets">from Benzinga's Markets.</a>