A Peek Into The Market Before The Trading Starts

Pre-open movers US stock index futures fell sharply today, as investor confidence dropped following the downgrade of the economic outlook by the Federal Reserve. While futures on the Dow Jones Industrial Average fell 45.00 to 10,620, those on the S&P 500 lost 16.20 to 1,103.50. Meanwhile, Nasdaq 100 futures moved down 18.50 to 1,896. A Peek Into Global Markets European markets are in the red today, with STOXX Europe 600 Index losing 1.44%, London’s FTSE 100 Index falling 1.62%. Most of the Asian markets ended in the red, with Japan's Nikkei Stock Average falling 2.70% and Australia's S&P/ASX 200 moving down 1.83%. Meanwhile, China's Shanghai Composite gained 0.47%. Broker Recommendation Citi Investment Research is lowering its price target to $18 from $21 and rating to Hold/High Risk Rating on Myriad Genetics Inc MYGN after the company reported earnings after the bell yesterday. In the research note to clients, Citi Investment Research writes, "Company provided FY2011 guidance below our and Street estimates. Revenue guidance for FY2011 was $380-$400M (~8% incr Y/Y), vs. our and consensus estimates of $399M and $409M, respectively. As MYGN took a 7% price incr in April, we believe this will make the majority contribution to the Y/Y incr with increased volume only a minor contribution. EPS guidance for FY2011 was $0.95-$1.00, vs. our prior and consensus estimates of $1.01 and $1.08, respectively. We have updated our model to be in line with mgmt guidance. See note for model changes." Breaking news

• Pritchard Equity Research is reiterating its Buy rating and $18 price target on McDermott International MDR after the company reported strong earnings results yesterday after the bell. To read the full news, click here.
• Computer Sciences CSC reports its Q1 EPS at $0.91, in-line with the consensus of $0.91. To read the full news, click here.
• Macy's M reports its Q2 EPS at $0.35, beating the consensus of $0.29. To read the full news, click here.
• Analysts at JP Morgan reiterate their "neutral" rating on Scotts Miracle-Gro Co SMG, while raising their estimates for the company. The target price for SMG has been raised from $45 to $52. To read the full news, click here.

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