A Peek Into The Market Before The Trading Starts

Pre-open movers US stock futures moved up marginally today, after falling in the previous session. While futures on the Dow Jones Industrial Average gained 42 points to 10,655, those on the S&P 500 added 5.10 points to 1,125. Meanwhile, Nasdaq 100 futures advanced 7.50 points to 1,910. A Peek Into Global Markets Positive sentiments ruled the European markets today, with commodity shares ruling the markets. While STOXX Europe 600 Index has advanced 1.42%, London’s FTSE 100 Index moved up 1.50%. Most Asian markets ended in the positive territory, with Australia's S&P/ASX 200 moving up 0.64% and China's Shanghai Composite gaining 0.53%. Meanwhile, Japan's Nikkei Stock Average fell 0.72%. Broker Recommendation Analyst William C Conroy of Pritchard Equity Research downgrades Tesco Corporation TESO from "buy" to "neutral," while raising his estimates for the company. The target price for TESO has been reduced from $16 to $13. TESO’s 2Q EPS missed the estimates and the consensus by a wide margin. According to Pritchard Equity Research, “The culprit was revenue, which at $85.4 million came in below our estimate of $92.0 million. The shortfall crossed all revenue reporting segments. The impact of breakup in Canada and the drilling moratorium was higher than we expected in Tubular Services, ‘proprietary’ revenue was $2.2 million below our $27.1 million estimate. Q2 2010 ending backlog stood at 22 units and backlog is 26 currently. To read further, click here. Breaking news

• Wells Fargo Securities is raising earnings estimates on a slew of companies this morning. To read the full news, click here.
• Piper Jaffray has its weekly telecom sector industry report out and writes about such companies as American Tower AMT, Verizon VZ, AT&T T and Research in Motion RIMM. To read the full news, click here.
• Tyson Foods TSN reports its Q3 EPS at $0.65, beating the consensus of $0.58. TSN reports its Q3 revenue at $7.44 billion versus the estimates of $7.26 billion. To read the full news, click here.
• The ouster of Mark V Hurd, Hewlett-Packard HPQ chief as the result of his relationship with Ms. Fisher has not only put a sudden and unpleasant end to the one of the great executive runs in recent American business history, but has also cut short a search of stability and pride by HP’s employees. To read the full news, click here.

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