Stock Futures Up Sharply On Greece Deal, Jobs Report (SBUX, GMCR, CECE, NVAX, STO, BODY, HMIN, PPHM, MCP)
U.S. stocks future extend rally as The U.S. economy added 227,000 jobs in February, marking its three consecutive months of rise of over 200K, for first time since early 2011.
The Dow Jones Industrial Average surged 99 points, to 12,871 The S&P rose 16.25 points to 1,363.25. The Nasdaq Composite surged 34 points to 2,637.
The U.S. economy created 227,000 jobs in February while hiring in January and December was revised up by a combined 61,000, the Labor Department reported Friday, topping Economists’ estimates of 213,000 jobs last month. Jobless rate during the month remained at 8.30%, in-line with estimates.
The U.S. trade deficit widened by 4.3% in January to $52.6 billion, the largest gap since October 2008, the Commerce Department said Friday, ahead of Wall Street economists’ forecast of a deficit of $49.0 billion.
Earlier, stock futures were trading higher through the late night as The Greek government said just over 80% of private-sector debt holders agreed to participate in its bond-swap offer. The Greek finance ministry said it had gotten approval for collective-action clauses, or CACs, which would, if activated, essentially force some bondholders on board, and which could bring the total participation rate to 96%.
. Of the roughly €177 billion of bonds issued by Greece and subject to the offer, it has received tenders for exchange from holders of around €152 billion.
Starbucks Corporation(NASDAQ:SBUX)is set to open higher sharply after the company said that it will launch its own single-cup coffee and espresso drink machine later this year. This is going to be biggest threat to its rival Green Mountain Coffee Roasters Inc.(NASDAQ:GMCR), whose shares slumped over 15% in the pre-open session. Shares of SBUX are up over 3%.
CECO Environmental Corp.(NASDAQ:CECE) climbed over 5% after the company raised its quarterly dividend to roughly 4 cents from about 3 cents.
Quest Software, Inc.(NASDAQ:QSFT) soared 22% after the company reached an acquisition deal with affiliates of Venture Partners, who has agreed to take the private for $23 a share.
Novavax, Inc.(NASDAQ:NVAX) is down 1.50% after the company said that it lost 3 cents on revenue of $5.85 in its fourth quarter, compared to analysts’ estimates of a loss of 4 cents a share on revenue of $7 million.
Statoil ASA(ADR)(NYSE:STO) fell 1.505 after analyst at Goldman Sachs downgraded the stock to Sell on worries about the energy concern taking a hit to earnings due to gas contract renegotiations and its pricey valuation.
Body Central Corp(NASDAQ:BODY) slumped over 8% after the company said that it projects to earn 24-26 cents a share in its first quarter, missing analysts’ target of 39 cents a share.
Peregrine Pharmaceuticals(NASDAQ:PPHM) rose over 2.24% after the company said that initial results from a Phase II trial of its lung cancer treatment came positive.
Home Inns & Hotels Management Inc. (ADR)(NASDAQ:HMIN) climbed in the pre-market session after the company said that it projects to generate revenue of $192.2 to $197.0 million in the first quarter and fiscal 2012 revenue to be $923.9 to $939.0 million, compared to analysts’ target of $185.28 million for the first quarter and $853.33 million for the full year.
Molycorp, Inc.(NYSE:MCP) soared over 7% after the company agreed to buy Neo Material Technologies, a Canadian metal processor, for $1.3 billion.