Friday, October 24, 2008

Pre Market Trading Gap News

U.S. equity futures are sharply lower and trading limit down this morning with the S&P futures -60 pts, DJIA futures -550 pts and Nasdaq futures -85 pts. The selloff comes after equity averages plunged around the world overnight, with Asian and European equity indices losing between 6-10%. Regular trading for U.S. futures will resume when U.S. exchanges open for trading at 9:30 E.T. To get an idea of pre-mkt trading while the futures are limit down, we’d note the SPY (S&P 500 SPDR) is currently -6.75% at 85.50 and the QQQQ (Nasdaq Powershares) -6.1% at 28.70. Safe haven assets such as govt bonds are bid up, with the US Treasury 30-year bond touching a record low yield of 3.8676% (according to Bloomberg), although Gold is lower, -$19 at $695.70. Crude oil is lower by $3.90 at ~$64 per barrel, with OPEC cutting production by 1.5 mln barrels per day, largely in line with expectations. There are major currency moves taking place as well, with the Japanese Yen up sharply and the British Pound sharply lower; the US dollar is up vs. the euro… The overnight selloff started in Asia and continued in Europe after the UK posted its first negative GDP figure in 16 years, with Q3 GDP dropping 0.5%. U.S. corporate news is relatively light this morning, although it has been reported that GE plans to use the Fed’s new short-term funding facility when it is launched on Monday… Performance among the major foreign markets stacks up as follows: Europe: FTSE (UK) -8.8%, CAC 40 (France) -8.4%, DAX (Germany) -8.6%, OMX (Sweden) -7.8%… Asia: Nikkei (Japan) -9.6%, Hang Seng (Hong Kong) -8.3%, Kospi (South Korea) -10.6%, Shanghai (China) -1.9%.

Gapping up: CLS +15.0%, HNSN +10.6%, SYNA +5.6%, HUN +5.0%, DDUP +4.5%, HITT +3.6%, KMP +2.8%, MPWR +1.6%…

Gapping down: DAI -17.0%, ING -16.1%, BCS -16.0%, HBC -15.4%, AIG -13.8%, SAP -13.2%, BP -13.1%, AEG -13.0%, FCX -12.4%, RDS.A -12.3%, SI -12.3%, NOK -11.7%, PHG -11.6%, MS -11.2%, TOT -11.0%, POT -10.9%, RTP -10.8%, VOD -10.7%, BAC -10.7%, C -9.8%, RIMM -9.1%, GS -8.9%, BHP -8.8%, SNY -8.2%, AZN -7.4%, AAPL -7.4%, MSFT -6.9%, GE -6.4%, WOOF -5.6%, POWI -5.4%, ABB -5.2%, JNPR -3.8%

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