Stocks that are expected to trade actively in the U.S. market on Monday include Sirius XM Radio Inc (NASDAQ:SIRI), CombiMatrix Corporation (NASDAQ:CBMX), Professional Diversity Network Inc (NASDAQ:IPDN), Sonic Corporation (NASDAQ:SONC) and Park Electrochemical Corp. (NYSE:PKE).
U.S.: Dow 16,469.99 (0.17%), S&P 500 1831.37 (-0.03%), NASDAQ 4131.91 (-0.27%)
Europe: FTSE 6723.33 (-0.11%), DAX 9440.14 (0.06%), CAC 40 4245.09 (-0.06%)
Asia Pacific: NIKKEI 15908.88 (-2.35%), HANG SENG 22684.15 (-0.58%), SHANGHAI 2045.71 (-1.80%), KOSPI 1953.28 (0.37%)
Commodities: Oil 94.51 (0.59%), NAT GAS 4.635 (1.42%), Gold 1235.50 (-0.16%), Silver 20.03 (-0.90%), Wheat 6007.75 (0.33%), Corn 425.25 (0.41%).
Currency: EUR/USD 1.3615 (0.21%), GBP/USD 1.6358 (-0.27%), USD/JPY 104.52 (-0.29%).
10 year Treasury bond: 2.981 (-0.021).
Market & Economic Update
U.S. equities down – U.S. stocks were trading lower on Friday following the news that Federal Reserve Chairman Ben Bernanke defended some steps taken by the central bank to enhance the economic recovery. The S&P 500 shed less than a point to end at 1,831.37, leaving it down 0.5% for the week. The Dow Jones Industrial Average increased 28.64 points, or 0.2%, at 16,469.99. Nasdaq Composite dropped 11.16 points, or 0.3%, to 4,131.91 on Friday and lost 0.6% for the week.
European market down – Spanish stocks were the top performer in the flattish European market backed by the rise in the Spanish economy, which in turn popped up the Madrid market after weak Chinese data. The pan-European FTSEurofirst 300 index shed 0.1% to 1,311.08 points in early trading session while the euro zone’s blue-chip Euro STOXX 50 index added by 0.1% to 3,083.33 points.
Asian market down – The Nikkei index dropped more than 2% to end a nine day rally on Monday, its first trading day in 2014, in the wake of foreign hedge funds unwinding their positions in futures and large cap stock such as Softbank and Fast retailing. The Nikkei dropped down 2.4% to 15,908.88 after sliding to 15,864.44, its lowest level since December 25th. The Chine Enterprise Index of the leading companies in Hong Kong declined 1.4%. The Hang Seng Index shed 0.6% to 22,684.2 points, which is also its lowest since November 14th.
Stocks to watch
Sirius XM Holdings Inc. (NASDAQ:SIRI)
Sirius XM Holdings Inc. (NASDAQ:SIRI) stock accelerated 5% to $3.75 on heavy volume following the news that Liberty Media was looking to buy the radio company in a stock swap deal, which would value the company at $3.68 a share, just 3% above its Friday closing price of $3.57. At present, Liberty Media holds a 52% stake in the Sirius.
CombiMatrix Corporation (NASDAQ:CBMX)
Shares of CombiMatrix Corporation (NASDAQ:CBMX) surged 7.5% to $2.73 in moderate volume in late trading Friday after a Securities and Exchange Commission (SEC) filing revealed that Longwood Capital Partners had acquired a 5.1% stake in the microcap molecular diagnostics company.
Professional Diversity Network Inc (NASDAQ:IPDN)
Professional Diversity Network LLC shares shed 26% to close at $3.50 on light volume after hours Friday. A Security Exchange Commission (SEC) filing revealed that the company will no longer resell its posting or recruitment advertising on LinkedIn after March 30th.
Sonic Corporation (NASDAQ:SONC)
Sonic Corporation (NASDAQ:SONC) the fast food company, is expected to post fiscal first quarter earnings of 13 cents per share on revenue of $127.4 million, according to analysts polled by FactSet. In the fourth quarter, revenue for the company came in at $159 million and earnings per share were $0.30. Same-store sales increased approximately 6% overall.
Park Electrochemical Corp. (NYSE:PKE)
Park Electrochemical Corp is expected to report third quarter earnings of 28 cents per share. The board of directors proposed a regular dividend of $0.10 per share payable February 3, 2014 to stockholders of record at the close of business on January 3, 2014.