A Peek Into The Market Before The Trading Starts

Pre-open movers US stock futures are lower this morning, as investors are awaiting data on leading indicators. Moody's Investors Service downgraded Ireland's credit rating by five notches. Futures for the Dow Jones Industrial Average fell 12 points to 11,419.00, while those for the S&P 500 lost 2.10 points to 1,236.40. Futures for the Nasdaq 100 moved down 3.50 points to 2,215.75. A Peek Into Global Markets Negative sentiment ruled the European markets today. While STOXX Europe 600 Index has lost 0.54%, London's FTSE 100 Index moved down 0.36%. Mostly Asian markets ended in the negative territory, with Japan's Nikkei Stock Average losing 0.07%, Australia's S&P/ASX 200 moving down 0.32% and China's Shanghai Composite falling 0.15%. Broker Recommendation Citi Investment Research bumped up the price target on Research In Motion Ltd RIMM to $56 from $55, but is keeping its Sell/High Risk rating on shares after it reported earnings. In a note sent to clients, Citi writes, "Acknowledging solid print/guidance, we nonetheless remain Sellers of RIMM w/the Verizon iPhone imminent & competition expected to increase traditional vendors such as LG, Samsung & Sony Ericsson will join Motorola & HTC in aggressively pursuing Android opportunity. We also see potential for increased competition outside of N. America/W. Europe from new entrants into smartphone market such as Acer and Asus & stepped up efforts from Huawei and ZTE. Target prx price now $56 on unch'd 13x target P/E, inline w/S&P 500." Shares of RIMM are up 76 cents in pre-market trading to $60.00, a gain of 1.3%. Breaking news

• ITT Corporation ITT today announced its full-year 2011 earnings forecast in the range of $4.62 to $4.82 per share, representing approximately 7 to 12 percent growth compared with its 2010 adjusted earnings per share guidance midpoint of $4.30. To read the full news, click here.
• Schiff Nutrition International, Inc., WNI, today announced results for the fiscal 2011 second quarter and six months ended November 30, 2010. To read the full news, click here.
• Rockwood Holdings, Inc. ROC announced earlier today that it has reached an agreement to sell its AlphaGary plastic compounding business to Mexichem S.A.B.de C.V. for $300 million in cash. To read the full news, click here.
• Mylan Inc. MYL today confirmed that the company and its subsidiary Mylan Pharmaceuticals Inc. have been sued by Shionogi Pharma Inc. and CIMA LABS INC. in connection with the filing of an Abbreviated New Drug Application with the U.S. Food and Drug Administration for Prednisolone Sodium Phosphate Orally Disintegrating Tablets, 10 mg, 15 mg and 30 mg. To read the full news, click here.

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